Discovery Limited

Total Page：16

File Type：pdf, Size：1020Kb

DISCOVERY LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/007789/06) Legal Entity Identifier: 378900245A26169C8132 JSE share code: DSY, DSYBP DSY ISIN: ZAE000022331 DSBP ISIN: ZAE000158564 JSE bond code: DSYI (“Discovery” or “Group”) DIRECTOR RESTRUCTURING AND APPOINTMENTS AT MAJOR SUBSIDIARY In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised of the following leadership changes at Discovery. Vitality UK Group gets single point of accountability, in pursuit of its composite strategy Mr Neville Koopowitz, currently Chief Executive of VitalityHealth and Executive Director of Discovery, will become Chief Executive of the Vitality UK Group with immediate effect. Mr Koopowitz’s new role as Chief Executive of the combined business will create a single point of accountability for delivery of the composite model, as well as a number of Group functions that span across both VitalityHealth and VitalityLife in key areas. Following a period of medical leave, Mr Herschel Mayers, Executive Director of Discovery and Chief Executive of VitalityLife and VitalityInvest in the UK, will move from an Executive Role to a Non-Executive role of Vitality in the UK; and will continue to serve on the Discovery Board, with immediate effect, now as a Non-Executive Director. Restructure of Health Executives to intensify focus and resource allocation to Discovery’s global emerging health insurance initiatives Effective 1 January 2020, Dr Jonathan Broomberg, who has been CEO of Discovery Health (Pty) Limited since 2010, will assume the role of CEO of Vitality Health International (VHI), a new business unit in the Vitality Group International Inc. Dr Broomberg will also act as Global Head of Health Insurance for the Discovery Group. Dr Ryan Noach, current Deputy CEO of Discovery Health (Pty) Limited, will be appointed as CEO of Discovery Health (Pty) Limited. This transition follows an 18 month plan. Given the considerable growth of Ping An Health and the presence of other opportunities with Discovery’s insurance partners and within specific markets, Dr Broomberg will become the CEO of VHI. Its purpose is to coordinate and intensify focus and resource allocation to Discovery’s global emerging health insurance initiatives. The organisation believes the opportunities are significant, given the rapid growth of health insurance in most markets around the world and Discovery’s unique health insurance expertise, assets, and shared-value model; together with its involvement in the preeminent health insurance businesses in South Africa, China and the UK. In his role as Global Head of Health Insurance for the Discovery Group, Dr Broomberg will play a coordinating role across all of the health insurance businesses in the Group, and will lead Discovery’s health regulatory and policy affairs globally, including playing an active role in regulatory issues impacting Discovery Health. Dr Broomberg will remain a Director of Discovery Health (Pty) Limited, and will remain based in Johannesburg. Dr Ryan Noach will be appointed as CEO of Discovery Health (Pty) Limited. Dr Noach joined Discovery Health in 2008, was appointed as COO of Discovery Health in 2009 and subsequently as Deputy CEO in 2014. Dr Noach is a medical practitioner and brings a wealth of healthcare and business experience to his new role, having held various leadership positions across both the provider and payer side of the Healthcare Industry. Sandton 28 November 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) .

Copy Link

Recommended publications

About Vitality
About Vitality At John Hancock, we’re taking a whole new approach to life insurance. Now, you can save money and earn great rewards by simply living a healthy life. In order to do this, we’ve partnered with Vitality, the global leader in integrating wellness benefits with life insurance products. Together, we’re helping transform the life insurance industry. Leading the Way The Vitality Group (TheVitalityGroup.com) is a member of South Africa-based Discovery Limited, a leading international financial services organization. The company has an established mission of building healthier societies throughout the world. With more than 17 years of experience and over 3 million members, Vitality offers a global perspective by partnering with companies in the United States, the United Kingdom, South Africa, China, Singapore, and Australia. Vitality’s innovative and evidence-based approach delivers high levels of engagement, sustained results, and top quality data. They offer an interactive online platform personalized for individual members. It encourages positive, sustained behavior change by offering a combination of knowledge, access to health and well-being partners, and incentives that increase with a participant’s level of engagement. How the Program Works Members start with an online Vitality Health Review (VHR) that identifies their relative risk factors and provides them with a Vitality AgeTM, a scientifically calculated representation of their risk-adjusted age. The VHR and Vitality Age make it easy for members to understand the impact their current behaviors may have on their health. The program then rewards them for living well and making healthy improvements to their lifestyle.
[Show full text]
DISCOVERY LIMITED (Incorporated in the Republic Of
DISCOVERY LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/007789/06) JSE share code: DSY ISIN: ZAE000022331 (“Discovery” or “the Company”) Voluntary announcement regarding Discovery’s proposed increased participation in DiscoveryCard to 74.99% (“the Transaction”) 1. Introduction Discovery shareholders are referred to the announcements released on the Stock Exchange News Service (“SENS”) on 24 February 2015, relating to the unaudited interim results and cash dividend declaration for the six months ended 31 December 2014 and the intention to undertake an underwritten renounceable rights issue to qualifying Discovery shareholders (“Rights Issue”), and to today’s “Rights Issue Finalisation Announcement”. As communicated in these announcements, a portion of the Rights Issue proceeds will be used to fund growth in adjacent financial services markets in South Africa. Discovery has an excellent track record in expanding its behavioural insurance offering both locally and globally. This shared value model is underpinned by Vitality – Discovery’s world‐leading behavioural‐based wellness programme. Vitality provides Discovery with a unique and powerful data asset of wellness, lifestyle and consumer behaviour which offers insight into member risk profiles and enables better underwriting beyond what can be derived from purely financial behaviour. 2. Background to DiscoveryCard The DiscoveryCard was established in 2004 by Discovery and First National Bank (A division of FirstRand Bank Limited) (“FNB”). The establishment of DiscoveryCard was predicated on Discovery’s ability to offer a differentiated, relevant value proposition based on Vitality and Discovery’s behaviour‐linked model, combined with FNB’s credit card and operational expertise. The business model was constructed with Discovery receiving the revenue required to fund the integrated behavioural incentives and Discovery sharing in 20% of the underlying DiscoveryCard profit.
[Show full text]
Milliman Client Report the Part VII Transfer of Non-Profit
Milliman Client Report k The Part VII transfer of non-profit annuity business from The Prudential Assurance Company Limited to Rothesay Life Plc The report of the Independent Expert Prepared by: Nick Dumbreck FIA, CERA January 21, 2019 Milliman Client Report Table of Contents TABLE OF CONTENTS ...................................................................................................................................... 2 1. INTRODUCTION........................................................................................................................................ 5 The Independent Expert .................................................................................................................................. 5 The purpose and scope of my report ............................................................................................................... 5 Qualifications and Disclosures ........................................................................................................................ 6 The parties for whom the report has been prepared ....................................................................................... 6 Limitations ........................................................................................................................................................ 7 Technical Actuarial Standards (“TAS”) ............................................................................................................ 7 The Actuarial Profession Standards (“APS”) ..................................................................................................
[Show full text]
2019 Florida Handbook on Civil Discovery Practice
Florida Conference of Circuit Judges Hon. Angela J. Cowden, Chair Conference of County Court Judges of Florida Hon. David L. Denkin, President Trial Lawyers Section of The Florida Bar Mindy McLaughlin, Chair TLS Discovery Handbook Committee Nick Mizell, Editor and Chair Hon. Elizabeth Rice Hon. Ralph Artigliere John Williams Prof. William Hamilton Rachael Loukonen Weston F. Smith Kim Ashby Joseph “Skooter” Kinman PREFACE In 1994, the Trial Lawyers Section of The Florida Bar, the Conference of Circuit Judges, and the Conference of County Court Judges formed a joint committee to provide a forum for the exchange of ideas on how to improve the day-to-day practice of law for trial lawyers and trial judges. At the committee’s first meeting, it was the overwhelming consensus that “discovery abuse” should be the top priority. The original handbook and the later editions are the result of the continued joint efforts of the Trial Lawyers Section, the Conference of Circuit Judges, and the Conference of County Court Judges. It is intended to be a quick reference for lawyers and judges on many recurring discovery problems. It does not profess to be the dispositive legal authority on any particular issue. It is designed to help busy lawyers and judges quickly access legal authority for the covered topics. The ultimate objective is to help curtail perceived abuses in discovery so that the search for truth is not thwarted by the discovery process itself. The reader should still do his or her own research, to include a review of local administrative orders and rules. The first edition of this handbook was prepared in the fall of 1995.
[Show full text]
Rand Merchant Investment Holdings Limited
RAND MERCHANT INVESTMENT HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2010/005770/06) ISIN: ZAE000210688 JSE ordinary share code: RMI ("RMI") ACQUISITION OF UP TO 29.9% IN UK-BASED AND LISTED SHORT-TERM INSURER 1. Introduction Shareholders of RMI (“RMI Shareholders”) are advised that RMI has entered into definitive agreements to acquire up to 29.9% of the issued share capital of Hastings Group Holdings plc (“Hastings” or the “Group”) (“Acquisition”) at a price per share (depending on the closing dates) between 248 pence and 255 pence, for an aggregate cash consideration (depending on the closing dates) of between approximately GBP487.3 million and GBP499.5 million (“Acquisition Consideration”). RMI will become the single largest shareholder of Hastings post implementation of the Acquisition. This Acquisition is consistent with RMI’s previously articulated strategy that, in addition to its role as an active and value-adding shareholder in its existing portfolio companies, RMI intends to optimise, diversify and modernise its investment portfolio through investments across a broad spectrum of scale and lifecycles of financial services businesses. The Acquisition meets RMI’s objectives of diversifying geographically, adding a significant traditional financial services business alongside its existing portfolio in partnership with a high quality and entrepreneurial management team. 2. Overview of Hastings Hastings began operations in 1997 and the ordinary shares in Hastings were admitted to the Premium listing segment of the Official List of the Financial Conduct Authority of the United Kingdom (“FCA”) and to trading on the Main Market for listed securities of the London Stock Exchange (“LSE”) on 15 October 2015.
[Show full text]
Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT Website At
Remgro Limited | Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT CREATING SHAREHOLDER VALUE SINCE 1948 Originally established in the 1940s by the late Dr Anton Rupert, Remgro’s investment portfolio has evolved substantially and currently includes more than 30 investee companies. MORE INFORMATION This Integrated Annual Report is published as part of a set of reports in respect of the financial year ended 30 June 2019, all of which are available on the Company’s website at www.remgro.com. INVESTOR TOOLS Cross-reference to relevant sections within this report Download from our website: www.remgro.com View more information on our website: www.remgro.com CONTENTS www.remgro.com | Remgro Limited | Integrated Annual Report 2019 1 OVERVIEW 1OF BUSINESS 4 REMGRO’S APPROACH TO REPORTING 7 SALIENT FEATURES 8 GROUP PROFILE REPORTS TO 10 COMPANY HISTORY SHAREHOLDERS 12 OUR BUSINESS MODEL 2 24 CHAIRMAN’S REPORT 14 UNDERSTANDING THE BUSINESS OF AN INVESTMENT HOLDING COMPANY 25 CHIEF EXECUTIVE OFFICER’S REPORT 16 KEY OBJECTIVES AND 32 CHIEF FINANCIAL OFFICER’S REPORT PRINCIPAL INTEGRATED RISKS 40 INVESTMENT REVIEWS 18 DIRECTORATE AND MEMBERS OF COMMITTEES 20 EXECUTIVE MANAGEMENT STRUCTURE 21 SHAREHOLDERS’ DIARY AND COMPANY INFORMATION FINANCIAL 4 REPORT 118 AUDIT AND RISK COMMITTEE REPORT GOVERNANCE AND 121 REPORT OF THE BOARD OF DIRECTORS SUSTAINABILITY 126 REPORT OF THE INDEPENDENT AUDITOR 3 127 SUMMARY FINANCIAL STATEMENTS 66 CORPORATE GOVERNANCE REPORT 79 RISK AND OPPORTUNITIES MANAGEMENT REPORT 86 REMUNERATION REPORT 104 SOCIAL AND ETHICS COMMITTEE REPORT 106 ABRIDGED SUSTAINABLE DEVELOPMENT REPORT ADDITIONAL 5 INFORMATION 146 FIVE-YEAR REVIEW AND SHARE STATISTICS 148 SHAREHOLDERS’ INFORMATION 151 NOTICE TO SHAREHOLDERS ATTACHED FORM OF PROXY Remgro invests in businesses that can deliver superior earnings, cash flow generation and dividends over the long term.
[Show full text]
Download Download
The Journal of Applied Business Research – November/December 2014 Volume 30, Number 6 A Risk-Adjusted Evaluation Of The JSE Top 40 As An International Investment Option André Heymans, North-West University, South Africa Chris van Heerden, North-West University, South Africa ABSTRACT In response to the wealth destruction caused by the 2007/2008 global financial crisis, many developed economies have lowered their interest rates to improve their balance sheets (SARB, 2008-2012). However, in order for investors to sustain expected returns they will have to deviate from the traditional approach of investing in government bonds and consider investing in emerging markets, which are considered as potential drivers of global growth (Deloitte Consulting LLP, 2012). The goal of this paper is to establish the importance of considering South Africa as an emerging market investment opportunity, but also to acknowledge its ability of outperforming several other common emerging markets during the post-financial crisis period. This was done by means of a novel approach to the Omega ratio. The results from this paper confirms this, illustrating that the performance of the JSE Top 40 will compensate for the additional political risk that emerging market investments possess (Anshuman, 2010). Keywords: Emerging Markets; Omega Ratio; Risk-Adjusted Performance; JSE 1. INTRODUCTION here is a large body of literature on the returns characteristics of emerging markets. Many academics points out that investing in emerging markets are beneficial in international portfolios because of their T low correlation with the rest of the developed world (Claessens, Dasgupta & Glen, 1995; Rouwenhorst, 1999), and because emerging market returns seem to be influenced more by local rather than global information variables.
[Show full text]
Investing in Prevention: a National Imperative
JUNE 2014 Investing in Prevention: A National Imperative Key Findings and Recommendations of the Vitality Institute Commission on Health Promotion and the Prevention of Chronic Disease in Working-Age Americans Design: Veneer Studio The Vitality Institute convened a Commission on Health Promotion and the Prevention of Chronic Disease in Working-Age Americans from May 2013 to June 2014. A diverse group of thought leaders and expert practitioners contributed their perspectives and insights through a series of private meetings and public forums. The Commission has generated five recommendations, each of which includes actionable and scalable pathways to achieve the Vision: Health should be embraced as a strategic imperative across sectors and as a core value in society. Funding The work of the Commission is funded by the Vitality Institute, which is supported by Discovery Limited. A portion of the work undertaken by the New York Academy of Sciences was funded by the Robert Wood Johnson Foundation. © 2014 Vitality Institute Content from this report may be reproduced without prior permission provided the following attribution is noted: “© 2014 Vitality Institute” www.thevitalityinstitute.org i The Commission Members WILLIAM ROSENZWEIG, COMMISSION CHAIR JEFFREY LEVI Managing Partner, Physic Ventures LP Executive Director, Trust for America’s Health MANDANA ARABI HEIDI MARGULIS Founding Executive Director, Sackler Institute for Senior Vice President, Public Affairs, Humana Nutrition Science OLIVER MOSES RHONDA CORNUM Senior Managing Director, MTS Health Partners Director, Health Strategy, TechWerks SARBJIT NAHAL SUSAN DENTZER Head, Thematic Investing Strategy, Bank of America Senior Policy Adviser, Robert Wood Johnson Merrill Lynch Foundation JOHN O’BRIEN GINNY EHRLICH Vice President, Public Policy, CareFirst BlueCross Chief Executive Officer, Clinton Health Matters BlueShield Initiative, Bill, Hillary, and Chelsea Clinton Foundation CLARENCE PEARSON AARP Representative to the United Nations EZEKIEL J.
[Show full text]
Discovery Limited (Incorporated in the Republic of South Africa) (Registration Number: 1999/007789/06) Company Tax Reference Number: 9652/003/71/7
Discovery Limited (Incorporated in the Republic of South Africa) (Registration number: 1999/007789/06) Company tax reference number: 9652/003/71/7 JSE share code: DSY ISIN: ZAE000022331 JSE share code: DSBP ISIN: ZAE000158564 Unaudited interim results, cash dividend declaration and trading statement for the six months ended 31 December 2015 Normalised profit from operations R3 015 million up 7% New business annualised premium income R8 435 million up 27% Embedded value R56.5 billion up 24% Transfer secretaries Computershare Investor Services Pty Limited (Registration number: 2004/003647/07) Ground Floor, 70 Marshall Street, Johannesburg 2001, PO Box 61051, Marshalltown 2107 Sponsors Rand Merchant Bank (A division of FirstRand Bank Limited) Secretary and registered office MJ Botha 155 West Street, Sandton 2146 PO Box 786722, Sandton 2146 Tel: (011) 529 2888 Fax: (011) 539 8003 Directors MI Hilkowitz (Chairperson), A Gore* (Chief Executive Officer), HL Bosman, Dr BA Brink, SE de Bruyn Sebotsa, JJ Durand(1), SB Epstein (USA), R Farber* (Financial Director), HD Kallner*, F Khanyile(2), NS Koopowitz*, Dr TV Maphai, HP Mayers*, TT Mboweni, Dr A Ntsaluba*, AL Owen (UK), A Pollard*, JM Robertson*, T Slabbert(3), B Swartzberg*, SV Zilwa *Executive 1 Resigned 13 January 2016 2 Appointed 22 October 2015 3 Resigned 22 October 2015 Interim financial results - prepared by L Capon CA(SA) and L van Jaarsveldt CA(SA) - supervised by R Farber CA(SA), FCMA Embedded value statement - prepared by M Curtis FASSA, FIA - supervised by A Rayner FASSA, FIA Commentary 01 | Group Financial Performance The six-month period ended 31 December 2015 saw a robust financial performance, accompanied by significant investment in new initiatives.
[Show full text]
Directorate and Members of Committees
OVERVIEW OF BUSINESS DIRECTORATE AND MEMBERS OF COMMITTEES NON-EXECUTIVE DIRECTORS J P RUPERT (66) E DE LA H HERTZOG (66) J MALHERBE (60) APPOINTED: 18 August 2000 APPOINTED: 18 August 2000 APPOINTED: 11 October 2006 CHAIRMAN DEPUTY CHAIRMAN DEPUTY CHAIRMAN Directorships: Mr Rupert is the Chairman Directorships: Non-executive Directorships: Compagnie of Compagnie Financière Richemont SA Chairman of Mediclinic International Financière Richemont SA and Reinet and the Chairman of Reinet Investments plc. He obtained a Master of Medicine Investments Manager SA. He qualified Manager SA, the management company degree, a Fellowship of the Faculty of as a Chartered Accountant and of Reinet Investments S.C.A. He studied Anaesthesiologists and a PhD worked with a predecessor firm of economics and company law at the (honoris causa). He is a past Chairman PricewaterhouseCoopers before joining Stellenbosch University and has had an of the Council of Stellenbosch University Rand Merchant Bank Limited in 1985. extensive career in international business, and has served as non-executive He joined the Rembrandt Group banking and finance. After working for Deputy Chairman of Remgro since in 1990 and was appointed as Chase Manhattan Bank and Lazard June 2005. non-executive Co-Deputy Chairman Frères in New York he founded Rand of Remgro in November 2014. Merchant Bank Limited in 1979. In 1985 he joined the Rembrandt Group. He holds honorary doctorates in Law, Economics and Commerce, is the Chancellor of the Stellenbosch University and Chairman of the Peace Parks Foundation. INDEPENDENT NON-EXECUTIVE DIRECTORS S E N DE BRUYN SEBOTSA (44) G T FERREIRA (68) P K HARRIS (66) N P MAGEZA (61) APPOINTED: 16 March 2015 APPOINTED: 4 November 2009 APPOINTED: 28 November 2001 APPOINTED: 4 November 2009 Directorships: Co-founder of Identity LEAD INDEPENDENT DIRECTOR Directorships: Non-executive Director Directorships: Previously the Chief Capital Partners Proprietary Limited in of FirstRand Limited, FirstRand Bank Operations Officer of the Absa Group.
[Show full text]
Acceleration R 2005 C Ompany Eport
Investor & media relations Tel: +32 15 34 29 00 E-mail: [email protected] TICKER MARKET SYMBOL Euronext Brussels > GLPG Euronext Amsterdam > GLPGA AiM London > GLPG Financial calendar 2006 Full year results 2005 March 3, 2006 Annual shareholder meeting April 4, 2006 Half year results 2006 August 4, 2006 2007 Full year results 2006 March 2, 2007 Annual shareholder meeting April 3, 2007 C OMPANY Share price evolution 2005 12 Galapagos R EPORT ING Euro Biotech Index 11 10 Galapagos Headquarters BioFocus UK 2005 Generaal De Wittelaan L11 A3 Chesterford Research Park 9 2800 Mechelen Saffron Walden, Essex, CB10 1XL Belgium United Kingdom 8 Tel: +32 15 34 29 00 Tel: +44 1799 533500 Fax: +32 15 34 29 01 Fax: +44 1799 531495 E-mail: [email protected] E-mail: [email protected] 7 www.glpg.com www.biofocus.com 6 BioFocus Netherlands Careers Archimedesweg 4 Jul 05 Sep 05 Nov 05 May 05 E-mail: [email protected] PO Box 2048, 2301 CA Leiden ACCELERATION www.glpg.com/careers/jobs.htm The Netherlands Tel: +31 71 524 88 00 .be Fax: +31 71 524 88 01 fi Galapagos’ Annual Report 2005, including detailed fi nancial results, is available online at www.glpg.com/investor/fi nancial_reports.htm BioFocus USA 2464 Massachusetts Avenue Cambridge, MA 02140 USA Tel: +1 617 413 1953 © 2006 - Galapagos NV Design & production www.com GALAPAGOS IS ACCELERATING: Our therapeutic pipeline in bone and joint diseases has shown fi rst Proof of Concept and is progressing toward the clinic Our service division BioFocus is becoming a key European player in drug discovery services Our partners obtain rapid results in their drug discovery through collaborating with us Our people progress their careers at Galapagos … AND WE ARE JUST GETTING STARTED TIMELINE 1999 2002 Galapagos established as a Raised € 23.4M in funding from top-tier venture joint venture between Crucell and Tibotec capitalists OUR ACCELERATION AT A GLANCE REVENUES R&D INVESTMENT in € millions in € millions CASH POSITION ON DEC.
[Show full text]
FIRSTRAND BANK LIMITED Euro Medium Term Note
FIRSTRAND BANK LIMITED (Registration Number 1929/001225/06) (incorporated with limited liability in South Africa) U.S.$1,500,000,000 Euro Medium Term Note Programme This Base Prospectus has been approved by the United Kingdom Financial Services Authority (the ‘‘FSA’’), which is the United Kingdom competent authority for the purposes of Directive 2003/71/EC (the ‘‘Prospectus Directive’’) and relevant implementing measures in the United Kingdom, as a base prospectus issued in compliance with Article 5.4 of the Prospectus Directive and relevant implementing measures in the United Kingdom for the purpose of giving information with regard to the issue of notes (‘‘Notes’’) issued under the Euro Medium Term Note Programme (the ‘‘Programme’’) described in this Base Prospectus during the period of twelve months after the date hereof. Applications have been made for such Notes to be admitted during the period of twelve months after the date hereof to listing on the Ofﬁcial List of the FSA and to trading on the gilt edged and ﬁxed interest market of the London Stock Exchange plc which is a regulated market for the purpose of Directive 2004/39/EC (the Markets in Financial Instruments Directive) (the ‘‘London Stock Exchange’’). The Programme also permits Notes to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system or to be admitted to listing, trading and/or quotation by such other or further competent authorities, stock exchanges and/or quotation systems as may be agreed with the Issuer.
[Show full text]