Discovery director sells R387 million in shares over two days
- The 59-year old Herschel Mayers, co-founder of Discovery Life and previously head of Vitality in the UK, has sold more than R387 million in shares over two days.
- Mayers sold more than R117 million at the end of last year.
- Following a period of sick leave, he assumed non-executive positions.
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Herschel Mayers (59), a director at Discovery, has sold an eye-watering R387.4 million in shares in the company over two days.
In a statement released on the JSE’s news service, the company said that he sold 2.9 million shares on 16 and 17 September, at an average price of between R129.95 and R128.54.
Discovery released its annual results on 16 September, which showed a 94% fall in its headline profit.
The company did not reply to a request for comment on the transaction.
Mayers, an actuary, co-founded Discovery Life in 2000 and in some years earned more than Discovery’s CEO, Adrian Gore.
Since 2015, he was chief executive of the UK insurance business VitalityLife. In November last year, following a period of sick leave, he resigned from his executive position at the company to serve as non-executive director of both Vitality in the UK and Discovery in SA.
At the end of last year, Discovery CEO Adrian Gore was forced to hold a teleconference to address market concerns after Mayers sold more than R117 million in shares in one go, and Gore himself entered into a massive hedging contract (which capped the upside of Discovery’s share price at R160). Discovery's share price is currently trading around R126 - down a third from R190 in 2018.
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