Aspen - Results Of The Aspen General And Scheme Meetings

Aspen - Results Of The Aspen General And Scheme Meetings                        
ASPEN PHARMACARE HOLDINGS LIMITED                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1985/002935/06)                                            
Share code: APN      ISIN: ZAE000023586                                         
("Aspen")                                                                       
RESULTS OF THE ASPEN GENERAL AND SCHEME MEETINGS                                
INTRODUCTION                                                                    
Further to the announcement published on Friday, 6 May 2005, Investec Bank      
Limited is authorised to announce that:                                         
-    at the general meeting held on Monday, 30 May 2005, the requisite majority 
of Aspen shareholders, present and entitled to vote or represented by proxy,    
approved the resolutions necessary to implement, inter alia, the specific issues
for cash of Aspen ordinary shares and Aspen preference shares to Imithi         
Investments (Pty) Limited ("Imithi") and the Industrial Development Corporation 
of South Africa Limited (the "IDC") pursuant to the introduction of additional  
black share ownership in Aspen ("the Imithi transaction"); and                  
-    at the scheme meeting held on Monday, 30 May 2005,  the scheme of          
arrangement ("the scheme") in terms of section 311 of the Companies Act, 1973   
(Act 61 of 1973), as amended, proposed by Aspen between itself, Pharmacare      
Limited ("Pharmacare") and the shareholders of Aspen (other than Pharmacare,    
Ceppwawu Pharmaceuticals Investments (Pty) Limited, Ceppwawu Pharmaceuticals    
Investments 2 (Pty) Limited, Imithi  and the IDC was approved by the requisite  
majority of scheme members; and                                                 
-    application will be made to the High Court of South Africa (Witwatersrand  
Local Division) ("the Court") on Tuesday, 7 June 2005 at 10:00 or as soon       
thereafter as Counsel may be heard for the sanctioning of the scheme. The Court 
is located in the High Court Building, von Brandis Square, corner Pritchard and 
von Brandis Streets, Johannesburg.                                              
CONDITION PRECEDENT                                                             
If the Court sanctions the scheme, the only remaining condition precedent to the
Imithi transaction and the scheme will be the registration by the Registrar of  
Companies of the Order of Court sanctioning the scheme.                         
CHAIRMAN"S REPORT                                                               
Copies of the Chairman"s report on the scheme meeting will be available on      
request from Tuesday, 31 May 2005 during normal business hours from the         
registered offices of Aspen, Building Number 8, Healthcare Park, Woodlands      
Drive, Woodmead, Sandton or from the office of the transfer secretaries,        
Computershare Investor Services 2004 (Proprietary) Limited, Ground Floor, 70    
Marshall Street, Johannesburg.                                                  
FURTHER ANNOUNCEMENT                                                            
A further announcement regarding the outcome of the application to the Court and
final salient dates and times of the Imithi transaction and the scheme will be  
made to shareholders in due course.                                             
Woodmead                                                                        
30 May 2005                                                                     
Investment bank to Aspen         Sponsor to Aspen         Legal advisor to      
'(Investec Corporate Finance')   '(Investec Bank')        Aspen                 
                                                          '(Werksmans Inc.')    
Transaction advisor to Imithi    Legal advisor to Imithi  Funder to Imithi      
'(Andisa Capital')               '(Bowman Gifillan        '(IDC')               
Attorneys')                                    

Reporting accountants and        Independent professional expert                
auditors                         '(EY Corporate Finance (Pty) Limited')         
'(PricewaterhouseCoopers                                                        
Inc.')                                                                          
Date: 30/05/2005 05:19:02 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department