Discovery plans up to $429 mln cash call, H1 earnings up - CNBC Africa

Discovery plans up to $429 mln cash call, H1 earnings up

Earnings

by Reuters 0

Adrian Gore, Discovery CEO. PHOTO: regenesys

This will send its shares down nearly 4 per cent.

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[DATA DSY:Discovery] is offering the new shares at 90 rand each, compared with the 112.38 rand its stock was trading at on the Johannesburg Stock Exchange at 0746 GMT.

(READ MORE: S.Africa's Discovery says has little exposure to failed ABIL)

The insurer, which has operations in Europe and Asia, said its rights issue was underwritten by Rand Merchant Insurance Holdings.

(READ MORE: Discovery buys UK's PruHealth)

Diluted normalised headline earnings for the first six months to the end of December rose 17 per cent to 340.3 cents a share, the company said. Normalised headline earnings exclude certain one-off items.

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