| |
|
2009
R’million |
|
2008
R’million |
| 35. |
CONTINGENT LIABILITIES |
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|
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| |
Additional payments in respect of the Quit worldwide intellectual property rights |
7,7 |
|
7,8 |
| |
Guarantees covering loan and other obligations to third parties |
23,8 |
|
23,2 |
| |
Tax duty contingencies |
17,0 |
|
— |
| |
Put and call options |
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| |
In terms of transactions involving the sale and purchase of businesses, the Group is a party to the following put and call options |
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Brimpharm SA (Pty) Ltd |
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A put option exists in terms of which the other shareholders of Brimpharm SA (Pty) Ltd are entitled to sell the remaining 50% of the Brimpharm SA (Pty) Ltd share capital to Aspen in 2009. The purchase price will be calculated based on a formula. As at 30 June 2009, this put option had not yet been exercised. Aspen has a call option on the same shares that it can exercise with effect from 1 May 2011 using the same formula. |
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Formule Naturelle (Pty) Ltd |
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In terms of the shareholders’ agreement governing the management of Formule Naturelle (Pty) Ltd, Aspen has a put option and, in the event that Aspen does not exercise its option, the acquirer has a call option on the remaining 20% of the shares. The price of both options is based on an adjusted multiple of the earnings before interest, tax, depreciation and amortisation for the 12 months ended 28 February 2009, with a maximum price of R70 million. Aspen has not yet determined whether it will exercise its option. |
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Co-pharma Ltd |
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In terms of the shareholders agreement governing the management of Co-pharma Ltd between 1 June 2009 and 1 December 2010, Aspen has a put option for its 49% holding in the share capital of the company. The options exercise price is a multiple of Co-pharma Ltd’s earnings before interest, tax, depreciation and amortisation, adjusted for debt, as shown in the last audited annual financial statements prior to the exercise of the option, but with a minimum price of GBP2,25 million and maximum price of GBP8 million. After 1 December 2010, the acquirer has the right to require Aspen to sell its 49% holding on the same terms and conditions. Aspen has not yet determined whether it will exercise its option. |
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PharmaLatina |
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Refer to note 37 for details on the put and call options for PharmaLatina. |
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