To view the PDF file, sign up for a MySharenet subscription.

Aspen Pharmacare Holdings Limited - Withdrawal of cautionary announcement

Release Date: 14/12/2004 15:50
Code(s): APN
Wrap Text

Aspen Pharmacare Holdings Limited - Withdrawal of cautionary announcement ASPEN PHARMACARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1985/002935/06) Share code: APN ISIN: ZAE000023586 ("Aspen") Withdrawal of cautionary announcement Aspen shareholders are referred to the cautionary announcements dated 6 May 2004, 24 June 2004, 18 August 2004, 5 October 2004 and 22 November 2004 (collectively "the cautionary announcements") in terms of which Aspen shareholders were advised that discussions in respect of a proposed Black Economic Empowerment transaction ("the proposed transaction") were in progress which, if successfully concluded, could have a material effect on the price of Aspen shares. On 8 December 2004, the Department of Trade and Industry ("the DTI") released draft Codes of Good Practice on Broad Based Black Economic Empowerment ("the Codes") which are statements outlining the key principles underpinning Broad Based Black Economic Empowerment ("BBBEE"). The Codes are open for public comment for a period of sixty days. The purpose of the Codes are to assist and advise both the public and private sectors in the implementation of the objectives of the BBBEE Act, 2003. Private sector enterprises will be obliged to consider the principles set out in the Codes, once finalised, when implementing BEE initiatives. In light of the aforegoing Aspen has suspended negotiations in respect of the proposed transaction pending clarification of the implications of the Codes on the assessment of Aspen"s BBBEE status. Thereafter Aspen will reassess the appropriateness of the proposed transaction in achieving its BBBEE objectives. Accordingly, as the negotiations referred to in the cautionary announcements have been suspended, Aspen shareholders are no longer required to exercise caution when dealing in their Aspen shares on the JSE Securities Exchange South Africa. Aspen remains committed to the principles of BBBEE. Aspen believes that a most effective way to achieve BBBEE ownership is to empower its black staff by promoting an environment where ownership of Aspen shares by employees is encouraged. The Aspen board has approved in principle the establishment of a Black Workers Trust and a Black Managers Share Incentive Trust in pursuit of these objectives. It is anticipated that these initiatives will be finalised in the first quarter of 2005. Sponsor Investec Bank Limited Date: 14/12/2004 03:50:06 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

Share This Story