APN - Aspen - Revision Of Terms Of Aspen`s Investment In Strides` Latin American

APN - Aspen - Revision Of Terms Of Aspen`s Investment In Strides` Latin American
                   Operations                                                   
ASPEN PHARMACARE HOLDINGS LIMITED                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1985/0002935/06                                             
Share code: APN                                                                 
ISIN: ZAE000066692                                                              
("Aspen" or "the Company")                                                      
REVISION OF TERMS OF ASPEN`S INVESTMENT IN STRIDES` LATIN AMERICAN OPERATIONS   
Further to the announcement made on 20 November 2007, Aspen is pleased to       
announce that its wholly owned subsidiary, Aspen Global Incorporated ("Global") 
has agreed revised terms with Strides Arcolab Limited ("Strides"), a            
pharmaceutical company registered in the Republic of India, in respect of       
certain aspects of Global`s acquisition of an interest in Strides` Latin        
American operations ("the Latam Operations").  The revised terms provide for the
acquisition of a further 1% in the Latam Operations with immediate effect as    
well as a revision of the put and call options previously concluded.            
Hereafter this is referred to as "the Transaction".                             
With effect from 1 March 2008, Global acquired a 50% interest in the Latam      
Operations for an initial investment of US$152.5 million.  Global will now      
acquire an additional 1% interest in the Latam Operations via the acquisition of
shares from Strides for US$ 2.8 million.  Global will thereby acquire management
control.  In terms of the agreement Global will also acquire the rights to 100% 
of the profits and dividends of the Latam Operations.                           
In terms of the revised put and call options, Global has the right to acquire,  
and Strides has the right to sell to Global, Strides` remaining 49% interest in 
the Latam Operations based on multiples of the EBITDA for the year ending 30    
June 2009.  The multiples are such that the effective purchase consideration for
the entire share capital of the Latam Operations will amount to 9.32 times the  
EBITDA up to US$11.94 million plus 11.18 times the EBITDA over US$11.94 million.
The maximum total effective consideration remains at US$ 333.5 million and would
be payable if an EBITDA of US$31.8 million is achieved.  The EBITDA is subject  
to adjustment such that it excludes the results of new acquisitions.            
The Transaction will be funded from existing cash resources.                    
Woodmead                                                                        
16 September 2008                                                               
Investment bank and sponsor: Investec Bank Limited                              
Date: 16/09/2008 12:06:02 Supplied by www.sharenet.co.za                     
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