Director of Discovery Limited’s Major Subsidiary Sells Ordinary Shares in On-Market Deal

Discovery Life insurance
  • Stuart Cohen, Chief Financial Officer of Discovery Life Limited, sells 1,481 ordinary shares in an on-market transaction.
  • The sale complies with regulatory requirements and is disclosed to shareholders and noteholders.
  • Each share was sold at R135.60, resulting in a total transaction value of R200,823.60.

In a recent development, Stuart Cohen, the Chief Financial Officer of Discovery Life Limited, a major subsidiary of Discovery Limited, has conducted an on-market sale of securities. The announcement comes in compliance with regulatory requirements and has been disclosed to shareholders and noteholders.

The transaction, which involved the sale of ordinary shares, signifies a noteworthy move by Cohen, who holds a key position within the financial services company. The specifics of the sale, including the number of shares and the total value of the transaction, have been made available to the public.

The disclosed details of the transaction are as follows:

  • Name: Stuart Cohen
  • Company: Discovery Life Limited
  • Office held: Chief Financial Officer
  • Nature of transaction: On-market sale of securities
  • Class of securities: Ordinary shares
  • Nature of interest: Direct beneficial
  • Clearance obtained: Yes
  • Date of transaction: 22 May 2023
  • Number of shares: 1,481
  • Sale price: R135.60 per share
  • Total value of transaction: R200,823.60

While the specific reasons for Stuart Cohen’s decision to sell these shares were not provided, it is common for executives to engage in such transactions for personal or financial purposes, including portfolio diversification or capital-raising for other endeavors.

Discovery Limited is a significant player in the South African financial services sector, offering a diverse range of insurance and investment products to both individuals and businesses. Its major subsidiary, Discovery Life Limited, specializes in providing life insurance solutions to its customers.

The transaction, which occurred on 22 May 2023, involved the sale of each share at a price of R135.60, resulting in a total transaction value of R200,823.60.

By adhering to the JSE Limited Listings Requirements and the Debt Listings Requirements, Discovery Limited emphasizes its commitment to transparency and ensuring that shareholders and noteholders are informed about significant dealings involving directors of its major subsidiaries.

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