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Dealings in securities by a director
DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
Legal Entity Identifier: 378900245A26169C8132
JSE share code: DSY, DSBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond company code: DSYI
("Discovery")
DEALINGS IN SECURITIES BY A DIRECTOR
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited ("JSE") Listings Requirements and paragraphs 6.45
to 6.56 of the JSE Debt and Specialist Securities Listings Requirements, the following information is disclosed.
Shareholders and noteholders are referred to the announcement released on the Stock Exchange News Service
of the JSE on 30 November 2023 which, in turn, referred to a prior announcement, dated 31 May 2019, regarding
hedging transactions entered into by Mr Adrian Gore over a portion of his shareholding in Discovery. These
hedging transactions were related to funding arrangements entered into in order to follow various rights offers
and subscriptions for Discovery shares over time.
The collar arrangement forming part of the hedging transactions, which included call options on the shares, has
now reached maturity. The current Discovery share price at the collar's maturity is higher than the strike price
on the call options, leading to the sale of shares. Importantly, these sales pertain solely to a subset of Mr Gore's
shareholding subject to the collar arrangement, with no additional shares involved.
In addition, shareholders and noteholders are now advised that Mr Gore has entered into replacement hedging
transactions, as disclosed below.
Director : Mr Adrian Gore
Company : Discovery
Office held : Group Chief Executive
Nature of interest : Indirect beneficial
Clearance obtained : Yes
Transaction 1
Date of transaction : 28 November 2024
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 367,174
Selling price per share : R 192.31
Total value of transaction : R 70,611,231.94
Transaction 2
Date of transaction : 3 December 2024
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 340,947
Selling price per share : R 193.58
Total value of transaction : R 66,000,520.26
Transaction 3
Date of transaction : 28 November 2024
Class of securities : Options over Discovery ordinary shares
On market/off market : Off market
Nature of transaction : Purchase of European put options with an average
strike price of ZAR 164.05 per share
Exercise dates : From 17 November 2027 to 14 December 2027
Number of options : 1,250,000
Notional value of transaction in 2027 : R 205,062,500.00
Transaction 4
Date of transaction : 28 November 2024
Class of securities : Options over Discovery ordinary shares
On market/off market : Off market
Nature of transaction : Sale of European call options with an average strike
price of ZAR 277.92 per share
Exercise dates : From 17 November 2027 to 14 December 2027
Number of options : 1,250,000
Notional value of transaction in 2027 : R 347,400,000.00
Sandton
4 December 2024
Equity Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Debt Sponsor
FirstRand Bank Limited
Date: 04-12-2024 02:55:00
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