Discovery CEO Adrian Gore adjusts hedging, sells shares

Adrian Gore, group chief executive of Discovery Limited, has entered into new hedging transactions following the maturity of previous collar arrangements. These new transactions, effective December 11, 2025, include the purchase of European put options and the sale of European call options on Discovery ordinary shares. Specifically, 2,800,000 put options were purchased at an average strike price of ZAR 217.35 per share (notional value ZAR 608,581,400.00), and 2,800,000 call options were sold at an average strike price of ZAR 374.07 per share (notional value ZAR 1,047,396,000.00). An additional 600,000 put options were purchased (strike ZAR 205.91, notional value ZAR 123,546,600.00) and 600,000 call options sold (strike ZAR 496.47, notional value ZAR 297,882,000.00), all with exercise dates in January 2032.

The restructuring also involved the sale of 930,000 Discovery ordinary shares on December 18, 2025, as the current share price exceeded the call option strike price in the matured collar arrangement. This transaction, conducted on-market, yielded a total value of ZAR 214,123,163.38, with a volume-weighted average sale price of ZAR 230.24 per share. This sale represents approximately 2% of Gore's shareholding.