Discovery shares slump after it waives dividend and flags possible capital raise
The group’s shares fell 10% after it flagged a possible rights issue to fund its China business
Discovery shares dropped after it waived its dividend due to uncertainty created by the Covid-19 pandemic and flagged a possible capital raise to help fund its Chinese business.
The group also became the first major SA corporate to announce a mandatory Covid-19 vaccination policy for all its staff beginning on January 1 — a change announced in its annual results on Thursday. Discovery said the decision followed lengthy due-diligence on the issue that concluded it had a “clear moral and social obligation" to protect its staff, which was further informed by its core purpose of making people healthier...