SKT Sky Network Television Limited.

[biker]

$2.30 offer!

Guy's let's take this!

A bidding war might start soon after!

Jeez Ogg. It wasn’t actually an offer

[jimdog31]

At least the questions had some teeth unlike the pansy analysts at the investor day

[biker]

What the hell was it? Did I miss hear?

Seems like you heard the question but misheard the answer

[jimdog31]

Sounds like me.

What was the answer?

I just heard offer of 23cents turn down.

Whose got the inside word on the 23c???!! They definitely didnt deny the value.

[biker]

IF the property transacts at market value or above and IF the new box rollout is a game changer and IF broadband uptake rate accelerates, and IF they take out costs as planned, I could see the share price double in 12 months.
Disc. I’m not trying to ramp but I do hold quite a few shares and I’m patient.
IMHO

[jimdog31]

IF the property transacts at market value or above and IF the new box rollout is a game changer and IF broadband uptake rate accelerates, and IF they take out costs as planned, I could see the share price double in 12 months.
Disc. I’m not trying to ramp but I do hold quite a few shares and I’m patient.
IMHO

The cross lease is clearly an issue for development, unless, a condition involves buying next door which could be the reason for a delay

[jimdog31]

Agreed.

Key word there is patient. Which I have non of, hence the dilemma!

Ha, You've held out for 12 months, with multiple countdown timers, your more patient than youre bipolar self lets on:)

[mistaTea]

IF the property transacts at market value or above and IF the new box rollout is a game changer and IF broadband uptake rate accelerates, and IF they take out costs as planned, I could see the share price double in 12 months.
Disc. I’m not trying to ramp but I do hold quite a few shares and I’m patient.
IMHO


Agree with sentiment...a lot of IFs...but they have executed so far, and I am happy to hold forever.

[Baa_Baa]

Agree with sentiment...a lot of IFs...but they have executed so far, and I am happy to hold forever.

Agree as well, the turnaround is progressing nicely, the results so far are very encouraging as are the 1-3 year targets. While I feel for the 'long suffering' shareholders who are unlikely to ever get their money back, those that bought into the turnaround are already well ahead and should do very well in the medium to longer term.

Happy holder with no intention of selling.

[mistaTea]

Good to know that a year or so ago PE approached Sky with an indivative offer at the $2.30+ (post consoidation equivalent) per share range. This was likely before the cap raise when Sky was vulnerable doe to the bonds coming due.

If they had of negotiated the final price would surely have been north of $2.50/share.

Now Sky is much further along their transformation journey (there is actually light at the end of the tunnel) and the Balance Sheet is clean (zero debt). So the business is worth more than it was.

And if the Board felt that the offer made was low ball back then, they must have had the view that Sky was worth $3+/share.

So if any deal was to be done now I suspect it would need to be over $3.50/share to get their attention.

That may seem 'crazy' to some given the low SP...but I am just following the logic...

[mikelee]

I didn't tune in for the AGM. So was there any mention of dividend resuming next year (regardless of property sale)?

[jimdog31]

Good to know that a year or so ago PE approached Sky with an indivative offer at the $2.30+ (post consoidation equivalent) per share range. This was likely before the cap raise when Sky was vulnerable doe to the bonds coming due.

If they had of negotiated the final price would surely have been north of $2.50/share.

Now Sky is much further along their transformation journey (there is actually light at the end of the tunnel) and the Balance Sheet is clean (zero debt). So the business is worth more than it was.

And if the Board felt that the offer made was low ball back then, they must have had the view that Sky was worth $3+/share.

So if any deal was to be done now I suspect it would need to be over $3.50/share to get their attention.

That may seem 'crazy' to some given the low SP...but I am just following the logic...

Dont forget rampant inflation and pricing multiples that have since occured …..

And at that stage they didnt have all the horses tethered in the stable.

They are good to go. The foxtel IPO will set the benchmark.

[mikelee]

Thanks buddy! Hope it'll be worth the wait. :t_up:

[mistaTea]

Peter wanting out at $1.80!

You can't just keep pushing the goal posts.

A $2.30 deal would be standard now. It's a 20% premium on today's price.

If $2.30 was the starting point when the stock was lower, perhaps would could say $2.50 now, which is 30%. You would have to take that.

It's just a question of weather the buyer is still interested. If they are then it should happen. The only thing stopping them is perhaps the property deal, which could be worth a lot of money, hence why they are dealing with that first.

I still think the best way forward is a takeover/deal. Asking $3.50 now is a joke. Even $3 is too high. There's uncertainties out there. You can't ask for too much.

The Foxtel IPO does complicate things. However, I think that's over valued and unlikely to be successful. It's more likely to follow the 2Degree/Vocus path and not list but do a private deal.

I just wish I had a time machine. Go back in time to buy Leonard Road, then forward in time to see merger/takeover deal done.

At the moment Sky is in no mans land.

There is a difference between what offer price may be forthcoming at any given time, and what The Board think Sky is worth. Those two values need not align (and they clearly did not 12 months or so ago, otherwise they would have jumped at the deal).

I am simply pointing out that, if it is correct that they received an indicative offer of 23c/share...and they did not go into negotiations...it must be because the offer was way too low. Bowman made a big fuss about it being "highly conditional and not formal"...but that is a load of cr@p. All indicative offers are conditional etc as the purchaser wants to enter negotiations so they can take a closer look at the books (before settling on a formal offer and price).

So if 23c/share was too low back then to even go into negotiations...I can only assume that the Board must have thought that the business was worth at least 30c/share.

Fast forward to now, the debt has been paid off...we are advanced in our strategy (broadband has rolled out and the new STB is near...), the business is still profitable and generating healthy FCF...

Well, logically...if The Board thought Sky was worth $3/share (30c pre consolidation) back then I would have to assume they think the business is worth even more now.

So I believe an offer of $2.50 per share would also get rejected out of hand if they are being consistent (even though it would be a 30% premium to the current SP - which they said in the meeting they deem very low and "depressed").

[mikelee]

What I don't understand is, if the business is doing well then what's stopping the board from reinstating normal dividend? The one off property sale should have no bearing on regular return to investors and SKY can just do a "special" dividend once the sale is finalised.

[winner69]

Will Sophie get a really huge payout if she orchestrates a takeover?

Otherwise must be a pretty demoralising job just hanging around anf hoping the offer comes soon.

[mistaTea]

What I don't understand is, if the business is doing well then what's stopping the board from reinstating normal dividend? The one off property sale should have no bearing on regular return to investors and SKY can just do a "special" dividend once the sale is finalised.

For business owners of Sky (as opposed to traders), the best scenario is always for the business to be able to reinvest FCF for further growth. If the growth initiatives pan out then "value" is realised in time with a corresponding increase in SP.

We should only want a dividend (or buyback/capital return from the proceeds from the property sale) if management cannot reasonably use the money.

I think Sky still has a number of growth possibilities in front of them that they will need CAPEX for. So they cannot commit to any kind of distribution of funds to shareholders until they are satisfied that they could not make better use of the money with investment opportunities.

For example, I believe Sky Mobile is inevitable. Provided they could strike a good wholesale arrangement with Spark, Vodafone or 2D...I think this is the type of thing that could be a very good investment and I would rather they kept hold of the cash required to make the investment rather than pay it out to me as a dividend (that I have to give a portion of to Cindy anyway...).

If they distribute most of operating cashflow + all of the property proceeds to shareholders I would be disappointed. It would mean they can't find good opportunities for the business and have given up.

[mistaTea]

Seems like this takeover is conditional on MT at least breaking even or making a profit...

Hey come on now, don't do me like that! I am just stating what the Board have done...and what they said at the AGM...

I am not the one wishing for a takeover remember!

But, as an investor, I would assess any and all possibilities on their merits as they are presented to me (regardless of what I have paid, on average, per share).


The market is always right.

LOL!

[mistaTea]

I think the stock will perform better tomorrow or early next week when Ossium and other offshore funds get time to have a good look at the ASM.

Similar thing happened after the FY results.

The trading over the last few days/weeks has been retail and Peter selling.

I can't believe Peter is bailing! I thought he was a long term value guy!

[mistaTea]

NBR article too...

https://www.nbr.co.nz/node/232212

[winner69]

I can't believe Peter is bailing! I thought he was a long term value guy!

No such thing …they are all punters at heart

[mistaTea]

Foxtel narrative is now main stream.

Now Sky just needs the Foxtel valuation.

Foxtel valuation will be crucial for all kinds of reasons.

[mistaTea]

The Foxtel valuation is like the MT valuation - Pie in the Sky!



It helps that I snort coke every morning like Kendall Roy...

[mistaTea]

There was a massive placement with Threat Protect (ASX:TPS). There was a massive placement and he's now a 50% owner.

I assume he's strapped for cash and has hence sold down a bit of his Sky position for a small profit to pay for that placement.

Didn'y you calculate that his average for Sky was $1.90 or so (post consolidation)?

So he just sold 800K shares for $1.85/share.

So he realised a loss?

[jimdog31]

Guys, the stock is down because lame old Peter got margin called and is in deep with the sharks!

Stock should be trading above $2!

The business is on track and there will be a capital return shortly.

Just gotta wait for this property deal to close and then they can turn back to the business and look at merger options.

It's all good as far as I can see.

Things are just taking ages! Other companies are doing deals over zoom! These guys are stuck in the dark ages.

Now that the special resolution is passed they can get things done quicker!

Good work team on the questions. Drill em hard! Next Feb questions will be even harder!

yo Ogg, what was the special resolution passing? i missed that

[mistaTea]

I remember his average being around 17 cents

It's a loss considering the opportunity cost.

Looks like the market stayed irrational longer than Pete could stay solvent...

[jimdog31]

Something about not needing to use paper anymore and instead use online signatures to pass things.

Ie Covid/Zoom related. Good for doing deals over the internet.

great for inking property SPA’s…..

[mistaTea]

https://i.imgur.com/0Rf2l3g.jpg

Netflix button on the remote?


Have to co-exist and make it as easy as possible to access 3rd Party content if they want to be the platform of choice.

They should probably bung a YOUTUBE button on there too like a lot of TV manufacturers do.

[mistaTea]

In my opinion the sharp drop on the 26th October was him selling to cover the underwritten commitment.

Sky would be trading at $2.00 if it wasn't for this.

Mate, you are right.

This is all PK’s doing! And he never even rang me to let me know! Ha!

[mistaTea]

Yep. Drill em' hard like you did to Sophie today!

Yes I really enjoyed drilling Sophie earlier.

[Quantitative Easing]

Spark Sport is the big elephant in the room. It won't go away easily and till then the sky share price will be depressed.

Perhaps Bob Jones could take over sky? two ancient relics of Aotearoa New Zealand would go hand in hand.

[snigmac]

A positive Annual Shareholders' Meeting. My thoughts are that the property deal is a done deal, it is likely that the finer details are being ironed out and we are looking at a settlement date that will be announced prior to February 2022 (so the interim capital plans can be announced - maybe a share buyback to 'reinvest' in the business). I am also liking the idea that Sky will be creating content with the success of Squid Games and etc, if Sky are able to produce anything nearly as successful as Squid Games, this could open up a new income source. I'm not a believer in Skybox but I anticipate it won't be a complete flop. Sky's future will be in growing broadband, Neon and creating and aggregating content (on this alone, Sky will be able to continue to operate into the future).

[nztx]

Mate, you are right.

This is all PK’s doing! And he never even rang me to let me know! Ha!

Don't worry - you're not the only one off the Christmas Contact list :)

[nztx]

In my opinion the sharp drop on the 26th October was him selling to cover the underwritten commitment.

Sky would be trading at $2.00 if it wasn't for this.


You mean to say you didn't want an extra few truckloads to stop this happening ? ;)

[mistaTea]

Apple TV+ will be integrated into Sky Glass too…

https://www.skygroup.sky/en-gb/article/sky-to-bring-apple-tv-to-sky-glass-and-sky-q-customers

This is the way for aggregators now. Sign as many exclusive and co-exclusive deals as they can plus provide a platform that allows customers to consume content from competitors seamlessly.

Become the platform of choice - the aggregator of everything.

[jimdog31]

Macquarie reiterates its $4.40 outperform.

[jimdog31]

UBS been lending the shares to shorters.

https://www.nzx.com/announcements/381788

[snigmac]

I had a look at Shortman , it doesn't appear the SKT is being shorted..

[Sideshow Bob]

I had a look at Shortman , it doesn't appear the SKT is being shorted..

That would be only on the ASX and most of the volume through NZX.

[snigmac]

I think it would be abit of a GameStop moment if Sky is being shorted..

[mistaTea]

https://9to5mac.com/2021/10/28/comcast-apple-tv-plus-xfinity/amp/

Clearly Comcast are forming a close partnership with Apple.

If only Ogg’s dream of a Comcast takeover came true - we could get in on this in NZ.

[nztx]

https://9to5mac.com/2021/10/28/comcast-apple-tv-plus-xfinity/amp/

Clearly Comcast are forming a close partnership with Apple.

If only Ogg’s dream of a Comcast takeover came true - we could get in on this in NZ.


but the journey is only just beginning & you want out of SKT into a larger more turbulent gold fish bowl so soon ? ;)

[LaserEyeKiwi]

https://9to5mac.com/2021/10/28/comcast-apple-tv-plus-xfinity/amp/

Clearly Comcast are forming a close partnership with Apple.

If only Ogg’s dream of a Comcast takeover came true - we could get in on this in NZ.

apple is trying to get Apple TV+ on every platform imaginable, it’s even on its arch rivals platforms (Google, Amazon, Microsoft etc) - it is doing nothing special with Comcast.

[mistaTea]

ASM video is available.

https://players.brightcove.net/6122285394001/default_default/index.html?videoId=6279671751001

My favorite part @ 1:00:11, the $400m offer!

I was mistaken when I said "a year or so ago".

I have since been able to clarify that the 23cps opening offer happened only a few months ago in June.

The PE outfit could still be tempted to buy Sky, but won't approach again until they are confident the Chairman has changed his tune.

Over to you Ogg, if you still want a deal you had better get on Bowman's case :t_up:

I am sharing this info now because I am confident I am not breaking any rules, after all - this happened in the past and is not an ongoing discussion. Just a 'hypothetical' as Bowman stated in the AGM.

[mistaTea]

OK, so it's confirmed that Comcast offered $2.30 for Sky in June. News articles also confirm this:

https://www.stuff.co.nz/business/125593905/sky-tv-takeover-company-appoints-adviser-after-unsolicited-approaches

But Pooman turns down the offer and the stock mysteriously drops as insiders bail out.

Looking to rectify this, Sky decides to consolidate the shares and do a deal with Warner (the competition to Comcast) and sell the entire campus. It some what works as Osmium Partners starts buying the stock and the stock peaks at $2.20! (Very close to takeover price).

However, Blackcrane gets margin called and dumps the stock causing it to crash the price.

The ASM happens, with 'LOL type' questions thrown at board!

Stock continues to be 'in the dogs', as property remains unsold and talk of any takeover is gone! Shareholders now have to wait until Feb for next update. NO BUY BACKS OR DIVY!

Sky's new path is to look to Foxtel who is now a God in Sky's view, as it's doing a huge IPO with a mega valuation!

Where does this leave Ogg?... Holding a sh*tty stock that is supposed to be worth $3 (Morningstar) or $4.30 (Macguire) that no one wants to takeover!! Ogg can't even sell because volume is so low! Ogg is stuck with this rubbish! Sky can't even sell the properties because they don't own 34A Leonard RD!!! (JUST LOL) because Sky bought RugbyPass instead, which was an even bigger dog!

{INSERT CAGE GIF}

Seriously folks. It's a huge mess! Only Comcast can save this from being a total train wreck!

Lessoned learned! Dog stocks are Dog stocks because they're Dog Stocks and will always be Dog Stocks! Note to self: Do not buy Dog stocks!

All absolutely true except it was not Comcast who tried to do a takeover.

It was another PE outfit.

Comcast did try do a partnership/JV with Sky via their own PE vehicle a year or so back. Not long before we did the CR. They were going to pay the bonds off for us as part of the deal I believe.

But Sky didn't want that either - and 'Pooman' decided that a dilutory Cap raise was the best thing for shareholders instead!

So 'Pooman' does have to do something big next year for Sky that gets the SP to absolutely rocket in order to justify rejecting these opportunities.

A substantial capital return backed up with a generous dividend policy could still do it...but the longer he waits, the higher he needs to lift the SP to make up for the opportunity cost of rejecting the deals presented thus far.

[snigmac]

Sky is doing quite well when compared to Air New Zealand and Sky City... The company isn't bleeding $1mill a day and is just undervalued.

Sky is in a strong position, I'm hoping they are fishing for $3+.

[mistaTea]

Seven West Media (in Australia) just bought Prime Media TV GROUP.

https://www.smh.com.au/business/companies/seven-west-media-to-buy-regional-affiliate-prime-for-132m-20211101-p594v3.html

Prime Media stock is up 60% today (PRT-ASX)

JUST LOL.

TAKE NOTE PEPS!!!

THIS IS HOW A TAKEOVER IS DONE!!!!



Sky does need to get a major deal of some kind done now.

The Board should actively be pursuing merger possibilities.

Get the SP up with a divvy and then do a deal.

[mistaTea]

https://players.brightcove.net/6122285394001/default_default/index.html?videoId=6279671751001

@53:55

https://i.imgur.com/fxYyFQo.jpg

Yea he did leave some room for hope…

But I wouldn’t hold my breath.

[thegreatestben]

14 Leonard Road

Sold to private owners.

[mistaTea]

To be fair to 'Pooman'...the insanely low SP has made it more difficult to get any deals done that would pass a shareholder vote.

I know that PK would have been against the 23cps offer...even if it lifted to 27cps final offer. He is very patient, and he is thinking more in the $4/share range as approximating fair value once Sky sell the property and resume dividends.

And with ~5% voting rights, it makes it hard to get any deal done if he is not in favour. Usually takeovers are voted on by way of SOA. So you need at least 50% of eligible shareholders to vote, and then 75% of those that do vote need to be in favour of the deal.

If you had 100% voter turnout, then just to nullify BlackCranes 'NO' vote, you need 15% 'YES' votes.

But, of course, 100% of shareholders don't vote. You would be lucky to get 70%-80% turnout. So to just cancel out a 5% shareholder NO vote you end up needing 20% YES votes or more.

And BlackCrane would not be the only shareholders against a deal that you could easily argue is low ball.

So though I do share the concern around the AGM's being non-events, and things seeming to proceed far too slowly...I don't envy Bowman's position in that regard...trying to maximise shareholder value when the market hates the business so much.

I like all of the things they are investing in - I just wish they would be faster to market. I support the sale of the campus - I just wish it didn't take them 6 months to get a deal done.

But it is also fair to say that there is light at the end of the tunnel (barring any more unforseen events). A buyback and healthy divvy policy should push the SP up to the $2.50- $3/share range. Clearly, a stronger SP puts Sky in a much stronger position to negotiate things like mergers with telcos or Foxtel...or even discuss a takeover possibility with PE etc.

So definitely not all doom and gloom, and I am certainly not selling any shares (mind you, my plan when I bought SKT was just to hold them forever! So probably no surprise there!).

I am optimistic that 2022 will be a strong year for Sky now that a couple of key investments - broadband and new STB - have been made. Just a matter of time before they enter Mobile I reckon - at which point you do have a nice business supported by multiple revenue streams. Makes Sky much more difficult to contend with for the likes of Spark Sport (who I don't personally see being around for much longer - Spark Sport has been an absolute flop).

[Monarch]

I like all of the things they are investing in - I just wish they would be faster to market. I support the sale of the campus - I just wish it didn't take them 6 months to get a deal done.


This is my problem with Sky. Why does it take them so long to do anything and everything, the new STB, the broadband, the property deal. Absolute dinosaur of a company. Still holding... for now.

[mistaTea]

This is my problem with Sky. Why does it take them so long to do anything and everything, the new STB, the broadband, the property deal. Absolute dinosaur of a company. Still holding... for now.

Yeah that’s how I have been feeling the last 6 months or so.

For a business in the fights of its life - these guys are just taking too long.

Making the right moves for the most part…but taking too damn long to execute.

It’s part of the reason the market has not renewed their faith in the business, even though it’s a good little earner.

[mistaTea]

But, as I say, it’s not all doom and gloom. We have waited patiently (well, some of us anyway!) while the business made the investments needed to start to turn things around. Investments including securing the rights to key content, even if on a co-exclusive basis for some.

And those things are looking to start paying off, even if the roll out has been slower than I want.

February is only 4 months away - a blink of an eye.

I think the property will sell this month - and spare capital will be distributed to shareholders in December or Jan. Hopefully they do my idea of a capital return instead of a buyback - I have let Joan Withers know about that and she said she would raise it with the Board. They executed a similar scheme some years ago at AIA when she was Chair.

Then a divvy should be declared in Feb, and that will naturally push the SP up further.

So we shouldn’t be anxious at this stage I don’t think.

[moimoi]

If the new STB is the grand savior why is it taking so long to produce?

Such things must be quite common globally surely or are SKT going through a process of re-inventing the wheel...?

[mistaTea]

If the new STB is the grand savior why is it taking so long to produce?

Such things must be quite common globally surely or are SKT going through a process of re-inventing the wheel...?

Most of the streaming functionality will be OOTB.

I suspect it’s the config to allow satellite transmission plus the TV Guide etc.

But even then, it shouldn’t take this bl00dy long.

[nztx]

I can't get a handle on what's going on with SKT

We have been reassured numerous times that a take-out was imminent (which still hasn't surfaced)
then the focus went on selling the sticks & mortar which seems to have got stuck in the Auckland mud ..

Through all this, the SP seems to have started drafting further south - are the believers starting to doubt
what's supposed to be happening ? ;)

At this rate all could be still sitting in their deck chairs hoping to see some action out in 2030 :)

[Monarch]

SnailSky aside, I think we might see a pretty sizeable boost to neon revenue next reporting date. When we last heard from them Auckland had just entered a lockdown, and they said they were seeing increased interest in Neon that correlated to that. Google trends showed a good increase in neon interest, not so much for the boxes though. Are we to expect any reductions in sports rights costs this time around? That could sweeten things further.

[Shareguy]

Patience Monarch. Good things take time. The property sale is complicated in the fact that there is cross lease and a potential rezoning to consider and of course to find alternative premises. I think we can take comfort in the fact that the board of Sky realised very quickly that premiums would be obtained to sell potentially the lot. The Auckland property market is on fire with records being smashed.

[Alpha]

Patience Monarch. Good things take time. The property sale is complicated in the fact that there is cross lease and a potential rezoning to consider and of course to find alternative premises. I think we can take comfort in the fact that the board of Sky realised very quickly that premiums would be obtained to sell potentially the lot. The Auckland property market is on fire with records being smashed.

Agree while the market is/has been hot for property, commercial does tend to take long. It is not your standard residential fee simple property.

The sale will happen and will go through soon enough and Mista and Co will be happy Millionaires. Which will buy them a nice little 3 bedroom property on the North shore.

[mistaTea]

Agree while the market is/has been hot for property, commercial does tend to take long. It is not your standard residential fee simple property.

The sale will happen and will go through soon enough and Mista and Co will be happy Millionaires. Which will buy them a nice little 3 bedroom property on the North shore.

Yes, that sounds good to me :t_up:

After all of the twists and turns over the last few years, this is definitely not the time to be getting too antsy about things.

Revenue increasing, Earnings stabilised and on path for growth, property sale should be finalised before Xmas which will give the business way more cash than they need to invest, Capital Return and Dividend happening in about 4 months...

Back when Sky was in its prime an investor had to pay around $2.50 for every $1 of revenue the business produced.

Oh how things have changed - right now you only have to pay ~45c for every dollar of revenue produced.

Probably time for the Tea family to do a little top up I think.

[Monarch]

Yes, that sounds good to me :t_up:

After all of the twists and turns over the last few years, this is definitely not the time to be getting too antsy about things.

Revenue increasing, Earnings stabilised and on path for growth, property sale should be finalised before Xmas which will give the business way more cash than they need to invest, Capital Return and Dividend happening in about 4 months...

Back when Sky was in its prime an investor had to pay around $2.50 for every $1 of revenue the business produced.

Oh how things have changed - right now you only have to pay ~45c for every dollar of revenue produced.

Probably time for the Tea family to do a little top up I think.

You must be close to putting out an SPH notice with all these top ups.

[mistaTea]

https://www.nbr.co.nz/story/westpac-announces-a35b-share-buyback

Christ I hope Sky don't do an off market tender process like Westpac are going to do.

Sky would offer a small premium to the SP (which you would expect). But the problem is that, because the SP is so low...I don't think you would get much volume as the offer price would still be low relative to the economics of the business.

So if they offer to buyback at $2/share, for example, I don't think Sky will be rushed off their feet with orders.

Better to just reduce shares on a 7:1 or 6:1 bases and then distribute $x/share (tax free!) from the money we get from the property sale that is not needed for CAPEX.

[mistaTea]

When I reflect on the fact that I own 0.155% of Sky TV...I like to imagine that I am Logan Roy (https://cdn.substack.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:s teep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F c924d781-901e-4306-9d30-fc1c539945a2_480x270.gif)...

[mistaTea]

Sky GO in the UK to be available as an app on Apple TV soon as part of their closer collaboration with Apple.

https://www.express.co.uk/life-style/science-technology/1514278/New-Way-To-Watch-Sky-TV-In-Your-House-Sky-Q-Update-Apple-TV

I think this is long overdue (and I hope SNT follow suit).

I think it becomes a key step in eventually offering Sky GO as a standalone product.

Though, under our current contracts Sky GO can only be offered as a companion app to a 'full subscription' and these are the supported devices (https://help.sky.co.nz/s/article/Which-devices-can-I-watch-Sky-Go-on). So that would need some working out.

But in the meantime, being able to navigate Sky GO on an Apple TV would be much nicer than having to Chromecast.

The new STB will be better than Sky GO by a wide margin...but it would be nice to get to the point where we can offer Sky GO (or something like it) to those who just fundamentally do not want a Sky STB.

[mistaTea]

https://i.imgur.com/6jyTFYR.jpg

Where do I sign?

You could have sold your shares to Osmium for much more…

[mistaTea]

Man, 'Pooman' really did screw Ogg the more I think about it :scared:

This is me putting the case to the aussies on HC (https://hotcopper.com.au/threads/ann-sky-asm-2021-chairmans-and-chief-executives-address.6380690/page-14?post_id=57256395) that Philip needs to damn near double the current SP within the next 12 months in order for us to be better off than the deal they rejected outright earlier this year.

[jimdog31]

Bro, now that Peter is below 5% we need another front man.

Give John a call over at Osmium Partners!

Tell em about the $2.30 deal and how Pooman is no good.

https://i.imgur.com/hxE6MIj.jpg

Has anybody taken them to task over Handles disclosures? This Board needs an absolute rocket.

[jimdog31]

You mean Handley?

Man, 'Pooman' really did screw Handley the more I think about it :scared:

Wild assumptions here, But I'd say both Handley & Stewart were pro takeover - and both got moved to the side. Handley Probably figured it was only a matter of time before the rest of the board came to their senses and started buying on market.

[mistaTea]

Wild assumptions here, But I'd say both Handley & Stewart were pro takeover - and both got moved to the side. Handley Probably figured it was only a matter of time before the rest of the board came to their senses and started buying on market.

They both would have realised that the only way to absolutely secure Sky's future into the distant future would be to join forces with a telco. Taleover or merger.

The Board do seem slow to realise some of these things, so maybe they would be more open to it now should the opportunity arise.

I would think Vodafone could be interested to revisit the 2016 deal again if Sky was 'in play'. They definitely would not want another NZ telco getting their filthy hands on Sky.

For a long time now I have believed that whichever telco manages to eventually bag Sky will go on to become the largest telco in the country within 5 years.

[sb9]

Give John a call over at Osmium Partners!


Seems as though he's busy propping up NZM.

[mistaTea]

Give John a call over at Osmium Partners!



I actually did reach out to John when it was disclosed that he was building a SKT position.

But I got ghosted.

[jimdog31]

Jesus Christ, is that still going up!

I think I'm done. I've had enough of it all!

Who would have thought what a dividend resumption could do to a share price..... Imagine that! Hmmm.

Pooman, give us a little something to wet our beaks would ya?!!!!

[jimdog31]

At this rate we will back in the 16c/1.60 range.

Who wants my shares for a vote of no confidence?

[mistaTea]

At this rate we will back in the 16c/1.60 range.

Who wants my shares for a vote of no confidence?

I just grabbed another 5,000 @$1.85

[mistaTea]

Last $1.84

https://i.imgur.com/fxYyFQo.jpg

Looks like I am sleeping on the couch again...

[mistaTea]

Last $1.84

https://i.imgur.com/fxYyFQo.jpg

On the other hand, my average buy in is now down to $2.59! Oh yeah! (https://media.giphy.com/media/V80llXf734WzK/giphy.gif)

[mistaTea]

Great, we can look forward to hearing you talk about your new takeover valuation of $2.60.

Opening gambit of $2.30/share would have ended up easily at $2.60/$2.70 per share... Over $3 if it generated interest from other parties.

SP higher now, and about to go a lot higher next year when we get capital return and divvy.

I am feeling more Zen then ever really.

The fact that PE have tried to buy Sky for over $400M makes buying shares now sub $350M market cap even more of a no-brainer.

[jimdog31]

Looks like I am sleeping on the couch again...

got a double couch bro? I just bought another 9k at $1.85

[mistaTea]

got a double couch bro? I just bought another 9k at $1.85

I do.

But I get to be Big Spoon...

[mistaTea]

All this, because Martin was asleep at the wheel and bought RugbyPass, which is now worthless.

Just LOL.

And gave away 5% of the business too don't forget...

[jimdog31]

I do.

But I get to be Big Spoon...

I'd expect no less

[sb9]

got a double couch bro? I just bought another 9k at $1.85


Looks like I am sleeping on the couch again...

You guys can probably stay in your own bedrooms with your loved ones :p

[mistaTea]

You guys can probably stay in your own bedrooms with your loved ones :p

missusTea knows where her bread gets buttered.

[mistaTea]

Last $1.84

https://i.imgur.com/fxYyFQo.jpg

Looks like I ended up making a cool $200 profit on those 5,000 shares I bought today :cool:

Dem gainz...

[jimdog31]

Looks like I ended up making a cool $200 profit on those 5,000 shares I bought today :cool:

Dem gainz...

yeh ill take my $360 and get a 5 star hotel instead of your couch bro haha

[jimdog31]

the more I think about how extremly inept this board/management is…… they would have driven past the “for sale” sign in 34a Leonard road for weeks/months, and never once stopped to question if that would be something to explore??

Considering all of their financing/credit lines were underpinned by their property portfolio and they were about to do the death raise to pay the bond?

Did noone in this almost billion dollar company (thats what they think its worth) not even realise their property was cross leased?

what does their audit and risk committee do except drink tea and eat scones?!

[jimdog31]

Jimdog off the lead and let loose!

https://i.imgur.com/0jJKV9g.gif

Of cause you'd miss the for sale sign if you're getting bullied or are hitting on girls all day.

Now that the people policy is in place these types of mistakes won't happen.

Maybe they should have a shareholder policy;

" Treating our shareholders as if they actually own us and have skin in the game, and explore ways in which we can provide value back to shareholders, including but not limited to;

- NOT buying an overpriced app that they then sell for 2% of its price
- NOT continually moving the Capital return program plan from meeting to meeting with no end in sight
- Directors when market is incorrectly valuing shares stump up and put their own money on the table, more often and for amounts that actually matter (Pooman nice to see you invested 10x more into Kathmandu)
- Exploring adjacent properties when they come to market given we supposedly have huge FCF
- Actually engaging with potential bids especially when they are 20% over market price
- When we need capital, get it at a time well in advance of when thats necessary. ANy death raises should result in instant termination of the entire board.

Pooman, you better be reading this cos id say there's a high % of shareholders ready to vote you out.

The only reason I'm still buying is I really cant see how they can cock this up any further. SO for me it cannot get any worse and can only go up from here.

[mistaTea]

The last I heard from Colliers was 3 weeks ago to the day.

He couldn't tell me anything really and confirmed he is under NDA...and has ghosted me ever since, which is fair enough.

But when I asked if the campus had been sold he said "not yet but headed that way".

Well, that was 3 weeks ago. It just baffles me that we have still not been notified about a sale.

[jimdog31]

The last I heard from Colliers was 3 weeks ago to the day.

He couldn't tell me anything really and confirmed he is under NDA...and has ghosted me ever since, which is fair enough.

But when I asked if the campus had been sold he said "not yet but headed that way".

Well, that was 3 weeks ago. It just baffles me that we have still not been notified about a sale.

So its half sold? its sold but with conditions?

There's no such thing IMHO. Either its Sold or it's not!

If it were "headed that way" that would imply a conditional agreement.

They need to come out and give an update even if that's bad news. continuous disclosure applies!

[Quantitative Easing]

Why don't one of you email colliers and pretend like you are interested and try to get the words out of their mouth like it is under contract, available etc...If unsold you can almost call them up and see what the buyer price that the market has put forward.

[jimdog31]

Why don't one of you email colliers and pretend like you are interested and try to get the words out of their mouth like it is under contract, available etc...If unsold you can almost call them up and see what the buyer price that the market has put forward.

I've thought about doing this BUT we shouldn't have to , right? We collectively "own" the asset, so don't you think we have the right to know progress on realizing the value, even if that's "we regret to inform you that we've so far been unable to sell the property"

[jimdog31]

https://i.imgur.com/05FeK81.gif

There's so much more I could add to this list, but really the point just gets labored.

Sophie's "we must do better". Well, Soph, why don't you start with telling us WTF is happening with this property.

[jimdog31]

https://i.imgur.com/QaW5XzR.gif

Bro, tone down the gifs.... we all got banned last time just for replying to a post that had one (if your reading this Vince - for the love of all that's holy have mercy!) . I might seem like I'm off the Richter with my posts this morning, but I still want a place to be able to vent (rationally) my frustrations with what I believe is very poor Boardroom antics.

[mistaTea]

Ogg will be displeased...even these guys are being taken over and most agree that petrol consumption will decrease over time as we transition to hybrids and EV's (which will increase in pace with the new feebate policy).

https://www.nzherald.co.nz/business/takeover-target-z-energy-returns-to-profit-in-april-september-half-year/5KC6HSXDMUNSWLCWBGFOXRN6ZE/

People must REALLY think Sky is terminal if Z can get a takeover and we can't!

Oh hang on, we did!...in June! :t_up:

[mistaTea]

Looks like Bowman is heading overseas, is he leaving Sky?

Just lol

Great detective work son!

I did hear that Bowman had fled lockdown and moved to Europe.

But I thought he was planning to come back next year once restrictions eased.

Looks like that is not the case and he has decided to sell up. He also made that dig at Cindy in his letter…

So I would expect him to resign at some stage. I can’t see him keeping the chairman role and being half a world away.

[Rustycage]

That would be excellent: I’m nominating mistaTea for Chairman


Large tangent: I bought into ATUS a few days, I wonder which s…co out of Altice and Sky will disappoint me more 😂. Also looking at DISCK, I don’t think I can help myself with media/communications s***cos 😂

[mistaTea]

He's gone bro!!

That's why he bought heaps of Katmandu shares and only $50k of Sky.

New CFO is coming next month. Lots of management getting the boot lately, ie Tex.

Buildings are being sold.

Moving to a crammed shoe box office in the CBD.

Something major has to be brewing here. Likely involves Comcast, Foxtel, or private equity.

Investors have had enough!!!

Look at how rich that c*nt is. Living it up…

Yet bought so few sky shares even though he is clearly loaded.

I hope Pooman resigns soon.

[mistaTea]

lol

Call him up bro!

Wake his ass up and blast him!



Blocked the takeover possibility too so he could keep the chairman role which probably just generated enough income to pay his rates bill…

[Rustycage]

Btw how much did s***co consulting get paid to announce “hey SKT you should get another director” 🤦🏻

[mistaTea]

The Board is a shambles.

Were offered a JV deal with Comcast just before the infamous Capital Raise. They rejected that and diluted shareholders instead. Part of the deal included Comcast paying off the bonds for Sky, and they were going to bring their content.

I don't know the details of the offer they made, so can't say whether rejecting the offer was wise. All I know is that it clearly didn't happen.

The in June they receive a $400M opening offer...which would have ended up at $450M+...closer to $500M if other parties jumped in once Sky was in play. Discussed at Board level and then rejected out of hand. Shocking.

They have been trying to sell the campus for, what, 6 months now? No deal, and more dithering. The only way that campus has not sold by now is if the Board are being difficult.

Pooman has his stick fingers all over this. Since he has been Chairman the business has damn near been run into the ground.

Now he is living it up frequenting his favourite English pub...he needs to resign. And soon. Can't expect to be Chairman from Europe.

And then we need a new Chairman who will come in to get a deal done. Vodafone, 2D/Orcon, Foxtel, Comcast...there are many possibilities - but it requires a Board with the capability to exploit the market to get the best deal for shareholders.

I favour a Vodafone deal where we get paid in IFT shares. Let Vodafone use Sky's $100M cash (post property sale) to invest in 5G. Value Sky at $500M (50% above current SP) and give us the equivalent amount of IFT shares. Done deal.

[mistaTea]

That would be excellent: I’m nominating mistaTea for Chairman




I would take the job - give me 6 months and I would have everything sorted for shareholders.

[jimdog31]

He's gone bro!!

That's why he bought heaps of Katmandu shares and only $50k of Sky.

New CFO is coming next month. Lots of management getting the boot lately, ie Tex.

Buildings are being sold.

Moving to a crammed shoe box office in the CBD.

Something major has to be brewing here. Likely involves Comcast, Foxtel, or private equity.

Investors have had enough!!!

Would also explain why they passed that resolution for electronic signatures........

[mistaTea]

Would also explain why they passed that resolution for electronic signatures........

But does that mean he intends to stay on…?

[jimdog31]

But does that mean he intends to stay on…?

To sign off on the building at least

[jimdog31]

The Board is a shambles.

Were offered a JV deal with Comcast just before the infamous Capital Raise. They rejected that and diluted shareholders instead. Part of the deal included Comcast paying off the bonds for Sky, and they were going to bring their content.

I don't know the details of the offer they made, so can't say whether rejecting the offer was wise. All I know is that it clearly didn't happen.

The in June they receive a $400M opening offer...which would have ended up at $450M+...closer to $500M if other parties jumped in once Sky was in play. Discussed at Board level and then rejected out of hand. Shocking.

They have been trying to sell the campus for, what, 6 months now? No deal, and more dithering. The only way that campus has not sold by now is if the Board are being difficult.

Pooman has his stick fingers all over this. Since he has been Chairman the business has damn near been run into the ground.

Now he is living it up frequenting his favourite English pub...he needs to resign. And soon. Can't expect to be Chairman from Europe.

And then we need a new Chairman who will come in to get a deal done. Vodafone, 2D/Orcon, Foxtel, Comcast...there are many possibilities - but it requires a Board with the capability to exploit the market to get the best deal for shareholders.

I favour a Vodafone deal where we get paid in IFT shares. Let Vodafone use Sky's $100M cash (post property sale) to invest in 5G. Value Sky at $500M (50% above current SP) and give us the equivalent amount of IFT shares. Done deal.

The irony of all this is he followed ol martin back home.

It makes his latest statement about buying shares beyond infuriating. He sees no long term prospects for sky

[mistaTea]

To sign off on the building at least

Yes true.

He needs to sign that deal and then bugger off.

[Rustycage]

Alright so what is our move here? Who are we sending strongly worded emails to?

[mistaTea]

Alright so what is our move here? Who are we sending strongly worded emails to?

Joan withers

[airedale]

I once read that you should buy shares in a company where the board is dysfunctional,because the bad news is already priced in.

[jimdog31]

I once read that you should buy shares in a company where the board is dysfunctional,because the bad news is already priced in.


See my earlier post I concur.

[Baa_Baa]

Here's Bowman's closet


Should've gone to Specsavers.

[mistaTea]

Check out this massive gold grandfather clock!

https://i.imgur.com/l1ZOnTL.jpg

He could pawn this and buy another $50k of shares.

I just found out he has already sold a property he owned on waiheke island.

Yep, he ain’t never coming back to NZ.

[jimdog31]

Check out this massive gold grandfather clock!

https://i.imgur.com/l1ZOnTL.jpg

https://i.imgur.com/JyZV0Vi.jpg

He could pawn this and buy another $50k of shares.

You're such a creep bro, but i laughed so hard when i saw this post lol. Ogg PI.

[nztx]

You're such a creep bro, but i laughed so hard when i saw this post lol. Ogg PI.


I didn't realise that our friend got to hang out on Wahicky Island among the monied squatters
or did someone do some rapid cashing up / get an early Christmas bonus ? ;)

[mistaTea]

Post removded.

[mikelee]

the more I think about how extremly inept this board/management is…… they would have driven past the “for sale” sign in 34a Leonard road for weeks/months, and never once stopped to question if that would be something to explore??

Considering all of their financing/credit lines were underpinned by their property portfolio and they were about to do the death raise to pay the bond?

Did noone in this almost billion dollar company (thats what they think its worth) not even realise their property was cross leased?

what does their audit and risk committee do except drink tea and eat scones?!

Maybe someone on the inside did buy the property and is out to screw the shareholders. :p

[jimdog31]

Stock is rising on the back of Bowman's resignation.

https://i.imgur.com/fxYyFQo.jpg

He quickly sold that clock and ploughed in!

[Almost-confused]

Topped up today. Couldn't resist

[mistaTea]

https://amp.ft.com/content/8c9d5222-61c3-11e5-a28b-50226830d644

[mistaTea]

Coles: Why we sacked Bowman

COLES MYER is defending court action by sacked finance director Mr Philip Bowman based on "damaging" remarks allegedly made by his partner at a Toorak dinner party in July, according to documents filed yesterday by the retailer.

In its particulars of defence, filed in the Victorian Supreme Court, Coles alleges that the views expressed by Ms Geraldine de Malet were shared by Mr Bowman, and that both he and Ms de Malet made unauthorised disclosures to other parties.

The document quotes reported claims by Ms de Malet at the Toorak home of Coles CEO Mr Peter Bartels, including:

* That senior members of the "Jewish Fraternity" supported the elevation of Mr Solomon Lew to executive chairman that month;
* That Coles Myer's Tooronga headquarters was a "giggle farm", "a loony house" and "full of geriatrics";
* That corruption existed at all levels at Coles corporate headquarters.

Coles also claims that Ms de Malet later told another person that Mr Bowman would soon replace Mr Bartels as CEO and that Mr Bartels was already seeking legal advice on the matter.

In addition, the document alleges that Mr Bowman "did not seek to disassociate himself from the views expressed by Ms de Malet, but instead said that the views expressed by her were their 'joint views'."

Coles also alleges that, despite several opportunities, Mr Bowman did not substantiate the claims by Ms de Malet nor explain her conduct to Coles' directors, including Mr Lew.

Last week Coles issued its brief defence to Mr Bowman's claim seeking $2.2 million plus damages for wrongful dismissal.

By BILL PHEASANT
Dec 28, 1995 – 11.00am

https://www.afr.com/politics/coles-why-we-sacked-bowman-19951228-k6p0i


PHILIP BOWMAN VINDICATED

He was sacked by Coles Myer and told he might never work again. Now he runs a huge global firm and talks about what's wrong with Australian business.

When Philip Bowman was sacked as Coles Myer finance director in 1995, some of the titans of the Australian business community told him he might never be able to work again. Bowman was the whistleblower on the notorious Yannon deal which had the effect of relieving a company owned by Coles Myer chairman, Solomon Lew, from an expensive underwriting obligation.

Lew denied he knew that Coles Myer had indemnified the purchase by shelf company Yannon Pty Ltd of $25 million worth of Premier Investments preference shares from Rodney Adler's FAI Insurances . This deal eventually cost Coles Myer $18 million.

And it cost Bowman his job.

After a four-year investigation into Yannon, no charges were laid. But by then Bowman had long since moved on: he had left Coles Myer, and he had left Australia. Determined to stay employed and in business, he rebuilt his career in Britain.

Lenore Taylor, LONDON
Jun 7, 2003 – 10.00am

https://www.afr.com/politics/philip-bowman-vindicated-20030607-j72dv

So, just a stand up guy then!

[mistaTea]

So Michael Framptom (HR guy who was also given COO responsibilities) has been sacked.

They have not alerted the media like they did for Tex for whatever reason...and if Sky were ever asked I am sure they would spin a good line.

But I have it from a very reliable source that this guy was way out of his depth. The guy before him (Chaz Savage) had a lazer like focus on the key numbers needed to drive the business...but Mr Human Resources COO-wannabe Frampton was more worried about ticking the diversity score numbers.

Wtf.

I haven't been to the campus in a while but I believe they have painted rainbows all over the f*cking parking lot. Just ripping the ring right out of it now after the alleged sexual misconduct. Alleged being the key word here - I am not aware that anything has been proven.

What is going on at Sky right now, and how management and The Board are slow to release on initiatives that actually will drive shareholder value...all the while running Sky into the ground is just heart breaking.

The fundamentals are there, we should be doing much better than we are - and should have had a deal put together by now.

It is just insane what these guys are doing. They finally woke up and gave Frampton the boot, but Jesus Christ...how could they let things get so bad with this guy before they sent him packing?

All we can hope is they find a replacement COO that actually knows what he is doing.

[mistaTea]

It is also a fact that a formal offer by Private Equity was sent to the Board in June.

The fact that Philip Bowman stood there at the AGM and lied/misrepresented the facts about it is reprehensible. How can he treat his shareholders with such contempt?

It is equally a worry for the Board now that Philip has done this...because they have not come out publicly to correct it. If there were ever an investigation, I think that makes them equally on the hook.

A formal offer was given to The Board - I know that Joan Withers (probably the most shareholder-friendly and certainly has the most experience on The Board) was in favour of pursuing talks. But Philip Bowman overruled her and shut it down.

Then I ask him point blank why he rejected a 23cps offer out of hand without even trying to negotiate, and he decides it is a good idea to make out that no formal offer was given, only a highly conditional "approach" and that I am essentially discussing a hypothetical situation.

Well, I know that this is untrue - nothing hypothetical about a formal offer they received and briefly discussed in a Board meeting.

If the Board are reading any of these posts I think it is in your best interest to come clean before it is too late.

Dodgy Bowman (Pooman seems to be the preferred name now - thanks Ogg!) needs to resign immediately. Not only has he blocked possibilities of deals, but the infamous Capital Raise was his brainchild. He has overseen the destruction of an enormous amount of shareholder wealth over the last two years, continues to destroy shareholder wealth...and now is not even living in the country.

Not acceptable at all. If I don't see his resignation next week I am seriously considering approaching the NZX about the misrepresentation he made.

[winner69]

Hey mistatea - why do you still hold SKT if that is how you feel ..... hardly seems worth the grief it gives you

Sell up and be free of such grief

[mistaTea]

It is also a fact that a formal offer by Private Equity was sent to the Board in June.

The fact that Philip Bowman stood there at the AGM and lied/misrepresented the facts about it is reprehensible. How can he treat his shareholders with such contempt?

It is equally a worry for the Board now that Philip has done this...because they have not come out publicly to correct it. If there were ever an investigation, I think that makes them equally on the hook.

A formal offer was given to The Board - I know that Joan Withers (probably the most shareholder-friendly and certainly has the most experience on The Board) was in favour of pursuing talks. But Philip Bowman overruled her and shut it down.

Then I ask him point blank why he rejected a 23cps offer out of hand without even trying to negotiate, and he decides it is a good idea to make out that no formal offer was given, only a highly conditional "approach" and that I am essentially discussing a hypothetical situation.

Well, I know that this is untrue - nothing hypothetical about a formal offer they received and briefly discussed in a Board meeting.

If the Board are reading any of these posts I think it is in your best interest to come clean before it is too late.

Dodgy Bowman (Pooman seems to be the preferred name now - thanks Ogg!) needs to resign immediately. Not only has he blocked possibilities of deals, but the infamous Capital Raise was his brainchild. He has overseen the destruction of an enormous amount of shareholder wealth over the last two years, continues to destroy shareholder wealth...and now is not even living in the country.

Not acceptable at all. If I don't see his resignation next week I am seriously considering approaching the NZX about the lie he told.



And replacing Pooman with someone like Mike Darcy is not an option either as far as I am concerned.

This clown has been on The Board for 6 years yet has only attended about 8 meetings from what I understand!!!

No thank you.

If the choice was mine, I think Joan Withers needs to take the role - she is by far the most capable person on that Board. I could almost guarantee you that if Joan took over, shareholders would be presented with a favourable deal within 6 months.

I think Keith Smith is Deputy Chairman...not clear from the website. Not too sure about this guy - but Joan would seem to be the best bet.

[mistaTea]

Hey mistatea - why do you still hold SKT if that is how you feel ..... hardly seems worth the grief it gives you

Sell up and be free of such grief

The fundamentals are still there, and I firmly believe my business is undervalued considerably.

I will not sell because my Chairman has told me a porky. But I will share what I know with others, and give him a chance to resign.

PE will still be interested in buying Sky TV.

Just need to remove the obstacles.

[mistaTea]

I love all this drama!

https://i.imgur.com/0jJKV9g.gif


Well there are rules...and lying to shareholders...or misrepresenting the facts of what actually happened is a really serious breach.

[Muse]

It is also a fact that a formal offer by Private Equity was sent to the Board in June.

The fact that Philip Bowman stood there at the AGM and lied about it is reprehensible. How can he treat his shareholders with such contempt?

It is equally a worry for the Board now that Philip has lied...because they have not come out publicly to correct it. If there were ever an investigation, I think that makes them equally on the hook.

A formal offer was given to The Board - I know that Joan Withers (probably the most shareholder-friendly and certainly has the most experience on The Board) was in favour of pursuing talks. But Philip Bowman overruled her and shut it down.

Then I ask him point blank why he rejected a 23cps offer out of hand without even trying to negotiate, and he decides it is a good idea to lie to me and make out that no formal offer was given, only a highly conditional "approach" and that I am essentially discussing a hypothetical situation.

Well, I know that this is untrue - nothing hypothetical about a formal offer they received and briefly discussed in a Board meeting.

If the Board are reading any of these posts I think it is in your best interest to come clean before it is too late.

Dodgy Bowman (Pooman seems to be the preferred name now - thanks Ogg!) needs to resign immediately. Not only has he blocked possibilities of deals, but the infamous Capital Raise was his brainchild. He has overseen the destruction of an enormous amount of shareholder wealth over the last two years, continues to destroy shareholder wealth...and now is not even living in the country.

Not acceptable at all. If I don't see his resignation next week I am seriously considering approaching the NZX about the lie he told.

Do you know which PE it was? Media reported it was a kiwi firm if i recall correctly

[mistaTea]

Do you know which PE it was? Media reported it was a kiwi firm if i recall correctly

Let me come back to you on that - I believe it may have been Atairos as per this article:

https://www.nbr.co.nz/node/231241

But I will need to verify that.

[THEONE]

Hi MistaTea if you could cobble together a group of other investors and speak on their behalf. Maybe they will listen more.

Even on Sharetrader there are allot of like minded investors. You can count me in..

SKy is being run for its management, not for its investors.......They don't want to lose their job, so say no to Takeovers.

This is the same for most listed companies.

[mistaTea]

Hi MistaTea if you could cobble together a group of other investors and speak on their behalf. Maybe they will listen more.

Even on Sharetrader there are allot of like minded investors. You can count me in..

SKy is being run for its management, not for its investors.......They don't want to lose their job, so say no to Takeovers.

This is the same for most listed companies.

Good to know - and with a little luck it won't come to that. Bowman will hopefully do the right thing and resign, we will get Joan in as Chairman and let the rest unfold naturally.

If there is anyone else on the Board more worried about their job than what is best for shareholders we will need to identify them too and hold them to account also.

[RTM]

Good to know - and with a little luck it won't come to that. Bowman will hopefully do the right thing and resign, we will get Joan in as Chairman and let the rest unfold naturally.

If there is anyone else on the Board more worried about their job than what is best for shareholders we will need to identify them too and hold them to account also.

Take care Mr T,,,,Look what happened to Jonu.

[mistaTea]

Take care Mr T,,,,Look what happened to Jonu.

What happened?

[mistaTea]

New Talisman Gold Mines scandal

https://www.sharetrader.co.nz/forumdisplay.php?37-NTL-Holding-area-for-the-FMA


Yeah but Jonu was not Matt Hill?

What happened to Jonu?

[mistaTea]

Dunno exactly, could banned or something for digging too deep.

Well, it's a judgement call about what to share or not to share I guess.

Vince is welcome to ban me if he thinks this info is not in the interest of sharetraders.

[jimdog31]

Well, it's a judgement call about what to share or not to share I guess.

Vince is welcome to ban me if he thinks this info is not in the interest of sharetraders.

Throw my shares behind you brother too. If you dont complain to NZX i will !

[mistaTea]

Throw my shares behind you brother too. If you dont complain to NZX i will !

Amen to that!

[cyclist]

Yeah but Jonu was not Matt Hill?

What happened to Jonu?

Come on you guys. Stop speculating about things you know zero about. Jonu put his hand up for a director position at NTL, and with the support of the shareholders association and plenty of existing shareholders managed to get elected. He's now the chair, and things moving at pace. The old guard largely gone, but plenty of hard work ahead.

(p.s. and hence he is no longer posting)

[mistaTea]

Come on you guys. Stop speculating about things you know zero about. Jonu put his hand up for a director position at NTL, and with the support of the shareholders association and plenty of existing shareholders managed to get elected. He's now the chair, and things moving at pace. The old guard largely gone, but plenty of hard work ahead.

(p.s. and hence he is no longer posting)

That’s what I was able to glean from the NTL thread after RTM mentioned him.

Good on Jonu!

[Muse]

Take care Mr T,,,,Look what happened to Jonu.

He had to run the bloody thing!

Maybe MistaT & Ogg could get elected to the board and tag team the business back towards the light

[jimdog31]

Come on you guys. Stop speculating about things you know zero about. Jonu put his hand up for a director position at NTL, and with the support of the shareholders association and plenty of existing shareholders managed to get elected. He's now the chair, and things moving at pace. The old guard largely gone, but plenty of hard work ahead.

(p.s. and hence he is no longer posting)

Something to aspire to MistaTea... I'd definitely rather have you in there than Pooman.

But keep posting when you do :t_up:

[mistaTea]

He had to run the bloody thing!

Maybe MistaT & Ogg could get elected to the board and tag team the business back towards the light

First things first - Pooman needs to resign.

[Muse]

First things first - Pooman needs to resign.

Who is pooman?

[jimdog31]

Who is pooman?

What rhymes terribly with Bowman?

[Almost-confused]

You have my support. 100k shares

[Muse]

What rhymes terribly with Bowman?
Ah - got it .

[mistaTea]

Let me come back to you on that - I believe it may have been Atairos as per this article:

https://www.nbr.co.nz/node/231241

But I will need to verify that.

I don’t know that it was these guys.

I just referenced that NBR article because it’s the only public record we have that refers to PE.

Maybe they were just in cahoots with Comcast for the JV idea. I really don’t know.

[mistaTea]

Why would a $250 billion dollar global conglomerate need a private equity partner to buy a penny stock company from little old NZ.

The only logical buyer is Comcast (or the soon to be created Warner Bros. Discovery).

Any other buyer would just be a middleman trying to speculate/gamble.

All I know is that the Pooman f*cked us.

[mistaTea]

[/SIZE]Nothing to see here...



Just a coinkydink! He he he.

[mistaTea]

I've been going deeper into the rabbit hole here guys!

https://i.imgur.com/dVy3CaO.gif

Atairos are one of the private equity groups that is involved with NZRU!!

Atairos and Silver Lake have a close relationship

They both invested in the College Football in the USA.
https://www.sportspromedia.com/news/learfield-img-college-investment-endeavor-silver-lake-atairos/

https://i.imgur.com/oT8tO1o.jpeg

Both these private equity groups are working together!!!

Atairos want Sky NZ because they have control of NZRU!!!


You should be a Detective. The stuff you find!

Don’t get lost down the rabbit hole though!

[nztx]

Remember folks, the key to Sky NZ future is securing the 2025 All Blacks renewal contract.

If Atarios is a stake holder in NZRU and it ends up buying SKY NZ it will have a huge market position.

There's no way NZRU will sell to Amazon or DZone when Atarios is backing NZRU.

If Atarios buys SKY NZ it will be buying 1m NZ customers who are all signed up to watch the ABs!!!

It all makes sense now guys!!

PRIVATE EQUITY IS OUT THERE CIRCLING SKY LIKE A SHARK!!!!


Amost a done deal you reckon ? ;)

[jimdog31]

remember this disclosure?

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/SKT/374298/348702.pdf

The timing of that has to be related to this deal/offer.

Whats the latest on the silver lake deal??

I wonder if the move on sky was to force pressure on the all blacks deal? maybe thats why this was “highly conditional” ie it was (or is) conditional on the all blacks/silverlake thing happening?

[winner69]

I think Sophie’s strategy is to sack everybody so she becomes indispensable and keeps her job

All for Sophie ….shareholders not considered

[Monarch]

I think Sophie’s strategy is to sack everybody so she becomes indispensable and keeps her job

All for Sophie ….shareholders not considered

"Cost cutting". Each chief of nothingness they let go is a few hundred thousand extra ebitda for us hungry, sad, bored shareholders.

[nztx]

I think Sophie’s strategy is to sack everybody so she becomes indispensable and keeps her job

All for Sophie ….shareholders not considered


Maybe Ogg could be hoping to fill one of the vacancies ;)

Perhaps they need a new strategist to sell everything a bit faster ? ;)

[mistaTea]

What do the brokerage houses value Sky at now anyway?

I know Morningstar has $3/share…

[Muse]

Just finished watching a Saturday Night Live skit with Kieran Culkin (from succession) on what its like to cancel your cable tv. Pretty much resembles my experience cancelling Sky!!

[Muse]

Monday 8 November:

10:00am: Trading halt
10:05am: Pooman announces resignation
10:15am: Special shareholder meeting convenes
(No need for paperwork as recent constitution amendment allows everything do be done electronically)
10:30am Ogg elected Chairman10:31am: Joan and Jimdog appointed directors
10:32am: Sophie replaced by MistaTea as CEO
10:33am: Details of Atairos offer made public
10:40am: Handley instructed to sell back shares at original purchase price or face further action.
10:45am: Colliers contract terminated
10:50am: Purchase of 34A Leonard Rd commences.
11:00am: Huge Zoom meeting with CEOs of Comcast, Warner, Vodafone, Two Degrees, Vocus, and Foxtel all present.
11:45am: Deal ironed out before lunch.
12:00pm: Break for lunch.
12:30pm: Sale of 34A Leonard Rd goes unconditional
1:00pm: Lawyers finish drafting takeover deal
1:05pm: Takeover deal presented to shareholders via NZX announcement - $5.00 offer excluding properties.
1:30pm: Scheme booklet released.
2:00pm: Shareholders vote on deal
2:15pm: Deal binding
2:30pm: Zoom meeting with CEO of Ocean Healthcare about Sky properties
3:00pm: Unconditional sale of Sky HQ to Oceania Healthcare for $200m.
3:30pm: Funds received from Oceania Healthcare
3:45pm: Trading resumes on NZX for 15mins.
4:00pm: Trading halt (Record date for takeover and property deal)
4:30pm: All funds transferred to shareholders accounts
4:59pm: Sky Network Television liquidated and removed from NZ Companies Website
5:00pm: Huge GIF party on Sharetrader!!


Good 7 hours work!
Given that was a monday you have 4 other companies on the nzx you can attend to for the rest of the week

[mistaTea]

Monday 8 November:

10:00am: Trading halt

10:32am: Sophie replaced by MistaTea as CEO

11:00am: Huge Zoom meeting with CEOs of Comcast, Warner, Vodafone, Two Degrees, Vocus, and Foxtel all present.
11:45am: Deal ironed out before lunch.



Can't wait to start my new role!

And it will be fun to lead the Zoom meeting so that I can thump the table and get a favourable deal done.

All of those parties will have interest in Sky for different reasons.

The Market does not love Sky as a standalone business, and probably never will.

So how about this lot start pulling finger and actively assess M&A opportunities, and then pick the best one.

[mistaTea]

Foxtel is going gangbusters and primed for a huge float at a massive valuation. Newscorp just had their quarter results on Friday. News coverage below:
https://i.imgur.com/Zgd8Eh5.gif
​
https://i.imgur.com/ENd20mv.gif

https://www.afr.com/companies/media-and-marketing/news-corp-delivers-growth-thanks-to-dow-jones-foxtel-20211105-p5968l
https://www.mediaweek.com.au/news-corps-details-drivers-of-most-profitable-quarter-since-2013-company-split/



These guys will probably want to list first to get maximum $$$ from the IPO hype for the current owners.

Then I could see them looking to pick up SNT.

And if Sky has been taken private by PE before then, no skin off Fotel's nose. I am sure the PE owners will be willing to sell SNT to Foxtel in the next year or two for a fast return.

[airedale]

After all that feverish speculation at the weekend only 30,132 shares traded so far today. Is it the calm before the storm?;) Is Sophie cracking the Whip? is Joan doing the numbers for a boardroom coup?

[jimdog31]

What's new??? This thread is nothing but a big circle jerk. I would have thought you knew that by now.

That's right. That's what keeps me going. It takes my mind off the reaming we are taking from the board.

[mistaTea]

After all that feverish speculation at the weekend only 30,132 shares traded so far today.

Mr Market it just waiting for the Poo Man to bow out before the real volumes kick in :cool:

[Balance]

https://www.nbr.co.nz/node/232371

He has left for the UK, put his house in Herne Bay for sale and never come back to NZ.

[mistaTea]

https://www.nbr.co.nz/node/232371

He has left for the UK, put his house in Herne Bay for sale and never come back to NZ.

So dodgy. Just moves to the other side of the world and not so much as a brief mention to shareholders.

It just shows what a bunch of a$$holes this guy thinks we are. And the rest of The Board are complicit in this.

Another example - they sell the APAC streaming of RugbyPass and just sneak it into the Annual Report as a footnote.

The Chairman skirts around the truth about the 23cps takeover offer...tries to make out that no formal offer was given, and that this amounts to a 'hypothetical' situation which is just not the case. A formal offer was presented, it was discussed in a Board meeting and Bowman decided to not pursue talks at all.

The fact that this prick thinks he can live in the UK and "remains as chair and fully committed to serving in that role" is just bizarre. So he will get his Chairman's Directorship fee each year and deliver even less than the F all he delivered since 2019 while he was at least based in the same country as the business.

[jimdog31]

So dodgy. Just moves to the other side of the world and not so much as a brief mention to shareholders.

It just shows what a bunch of a$$holes this guy thinks we are. And the rest of The Board are complicit in this.

Another example - they sell the APAC streaming of RugbyPass and just sneak it into the Annual Report as a footnote.

The Chairman skirts around the truth about the 23cps takeover offer...tries to make out that no formal offer was given, and that this amounts to a 'hypothetical' situation which is just not the case. A formal offer was presented, it was discussed in a Board meeting and Bowman decided to not pursue talks at all.

The fact that this prick thinks he can live in the UK and "remains as chair and fully committed to serving in that role" is just bizarre. So he will get his Chairman's Directorship fee each year and deliver even less than the F all he delivered since 2019 while he was at least based in the same country as the business.

The only thing missing from the article was "Shareholders have also resorted to calling the chair "pooman" and asking for his immediate resignation"

[jimdog31]

The only thing missing from the article was "Shareholders have also resorted to calling the chair "pooman" and asking for his immediate resignation"

Dita, when you read this can you please do a follow up article on this takeover offer? Ask them the hard questions.

[Balance]

First you, now they're taking my posts bro! lol

https://www.sharetrader.co.nz/showthread.php?4216-SKT-Sky-Network-Television-Limited&p=922441&viewfull=1#post922441

Treat it as a compliment!

[mistaTea]

First you, now they're taking my posts bro! lol

https://www.sharetrader.co.nz/showthread.php?4216-SKT-Sky-Network-Television-Limited&p=922441&viewfull=1#post922441

Or maybe someone else…tipped Dita off…

[jimdog31]

What's the article say?

Is here staying in the role overseas?

Just lol.

DARCEY living in the UK too.

MOLONEY living in Nelson.

Jesus Christ, who's driving the ship?

So Sophie isnt even at the office???

[mistaTea]

So Sophie isnt even at the office???

I believe she spends most of her time in Nelson.

Even when the country was at level 1.

[snigmac]

The article indicates that he is currently still committed to the role but does not provide any information in relation to whether he wishes to remain in the role in the future.

Article also mentions that a bunch of people have resigned in the past months.

[mistaTea]

The article indicates that he is currently still committed to the role but does not provide any information in relation to whether he wishes to remain in the role in the future.

Article also mentions that a bunch of people have resigned in the past months.

“Resigned”

[jimdog31]

I believe she spends most of her time in Nelson.

Even when the country was at level 1.

No wonder theres a toxic culture.

This whole remote office thing is a have.

So why do they need an office in downtown Auckland?!

[mistaTea]

"committed to the role"

Literally runs away to the other side of the planet without telling anyone!

https://i.imgur.com/iMBfbPZ.gif

The market value of Sky TV has dropped from about $1B to $330M under his 'watch' while he was living in NZ.

How do they expect anyone to believe that he is going to be just as focussed on Sky now that he has moved to literally the opposite side of the planet. Like, he literally could not have moved any further away from Sky NZ.

If he had a shred of decency he would resign without delay.

[airedale]

After all that feverish speculation at the weekend only 30,132 shares traded so far today. Is it the calm before the storm?;) Is Sophie cracking the Whip? is Joan doing the numbers for a boardroom coup?


Well that stimulated bit of debate. What are the chances of the board members and/or a major shareholder pushing Bowman or encouraging him to jump before he is pushed?

[mistaTea]

Remember this:

https://i.imgur.com/qzFDYZs.gif

Could have just done a copy paste but they couldn't be bothered.

Yep, because they must hold us in contempt. We don't need to know 'pesky little details' like whether our Chairman has absconded.

I mean, if Pooman moving to the UK and keeping the Chairman role was totally legit then why not tell us?

Why do we have to have it confirmed in the media?

[mistaTea]

They need to just come clean and say he's absconded because Sky is being taken over by Comcast after the property is sold.

If they just say that I'll be happy.

Philip Bowman is too incompetent to have a Master Plan like that mate.

[Alpha]

Read the youtube comments not many are positive.

[Entrep]

This has to be the absolute worst board on the NZX, certainly of any "large cap". The value destruction they have inflicted on shareholders while showing them zero respect is unbelievable. From the highly dilutionary cap raise because they were caught with their pants down, to this latest move (what an absolute joke, really), it's beyond belief. They should all be blacklisted.

[Balance]

This has to be the absolute worst board on the NZX, certainly of any "large cap". The value destruction they have inflicted on shareholders while showing them zero respect is unbelievable. From the highly dilutionary cap raise because they were caught with their pants down, to this latest move (what an absolute joke, really), it's beyond belief. They should all be blacklisted.

Write a letter/email of complaint - don't just sit and take it if anyone is a shareholder.

[mistaTea]

This has to be the absolute worst board on the NZX, certainly of any "large cap". The value destruction they have inflicted on shareholders while showing them zero respect is unbelievable. From the highly dilutionary cap raise because they were caught with their pants down, to this latest move (what an absolute joke, really), it's beyond belief. They should all be blacklisted.

Before this lot took over, John Fellet and Peter Macourt halved the dividend so that there would be plenty of cash to pay back the bonds.

Sky was paying ~$100M in divvys at the time I think, so they halved it to $50M.

The operating cashflow between when the divvy was cut and when the bonds were due should have been more than enough to pay the bonds. Even if they did chase some other initiatives that required CAPEX, they should have still had plenty of dosh to at least pay the majority of the bonds and then just refinance a small amount if need be.

But instead they signed off on things like buying RugbyPass which has not worked out as an investment.

This decision left them exposed to the bonds, Bowman then hit the nuclear option with the crazy cap raise right at the worst possible time as all stocks crashed in price due to the looming pandemic.

But don't worry, he will be more focussed than ever on Sky New Zealand from the UK!

Can you imagine? If another takeover attempt is made, or some kind of merger deal is offered...is Bowman really going to get up at 2am to attend important meetings?

Even if he did, is he going to be the best version of himself to lead the negotiations of a deal that is favourable to shareholders?

I think not.

[Alpha]

Maybe they don't care because the takeover is happening

[mistaTea]

I just can't get my head around how the Chairman of a Board can abscond and they don't seem to think there is anything wrong with that, or that they needed to inform the owners of the business of this development.

Can you imagine if you owned a private business...and you hired a guy to oversee it...and then one day he just moves to the UK and doesn't even tell you? But don't worry, he will still oversee the business for you...

You would be outraged! You would sack him on the spot.

[Balance]

I just can't get my head around how the Chairman of a Board can abscond and they don't seem to think there is anything wrong with that, or that they needed to inform the owners of the business of this development.

Can you imagine if you owned a private business...and you hired a guy to oversee it...and then one day he just moves to the UK and doesn't even tell you? But don't worry, he will still oversee the business for you...

You would be outraged! You would sack him on the spot.

I hope you have written to the company and require of them an explanation.

[Balance]

https://i.imgur.com/Vvaiaof.jpg

This has been my feeling ever since investor day.

The last few months it seems like the wheels have fallen off.

Like the time in between selling your house and settlement day.

Been your story now for how long?

[LoungeLizzard]

Hard to know what the hell is going on behind the scenes at Board level, but it sure isn't helping the image of the company and for that reason alone - apart from showing some respect to shareholders - there should be some sort of announcement regarding Bowman. It just looks bad that for whatever reason, the Chairman of the Board is no longer at the helm. It beggars belief that a public company could stay silent on so many issues - property sale, takeover, Board makeup - for so long, and they wouldn't think that this would have a negative effect shareholder's perception of the company, and ultimately the share price.

[mistaTea]

https://i.imgur.com/Vvaiaof.jpg

This has been my feeling ever since investor day.

The last few months it seems like the wheels have fallen off.

Like the time in between selling your house and settlement day.

Still waiting for news on the property sale.

Let’s see if they can manage to sell that first before we speculate on selling the business.

[mikelee]

Hard to know what the hell is going on behind the scenes at Board level, but it sure isn't helping the image of the company and for that reason alone - apart from showing some respect to shareholders - there should be some sort of announcement regarding Bowman. It just looks bad that for whatever reason, the Chairman of the Board is no longer at the helm. It beggars belief that a public company could stay silent on so many issues - property sale, takeover, Board makeup - for so long, and they wouldn't think that this would have a negative effect shareholder's perception of the company, and ultimately the share price.

I haven't been around that long...so why did shareholders let Booman stayed on when his term was up earlier? :confused: Surely with the recent share consolidation those that paid more than $1 prior will not likely recover their loss, unless they've a lot of $ to keep averaging down.:eek2:

[LaserEyeKiwi]

I haven't been around that long...so why did shareholders let Booman stayed on when his term was up earlier? :confused: Surely with the recent share consolidation those that paid more than $1 prior will not likely recover their loss, unless they've a lot of $ to keep averaging down.:eek2:

Because shareholder votes are essentially decided by institutional investors - and Pooman does a great job of sending fees to those same institutions via value destroying capital raises and for consulting advice on takeover offers he has no intention of even contemplating or telling shareholders about.

[mikelee]

Oh I see, thanks for the background buddy. :)

[bottomfeeder]

Arvida is just completing its massive capital raise. Perhaps their due diligence can now be translated into a contract, then sky can make an announcement.

[Balance]

The story's not mine.

https://www.nzherald.co.nz/business/sky-tv-buyout-rumour-as-agm-looms/TXMRFXSDPVS7GW63GBGPU5MHTY/

3 years ago!

If it was going to happen, would have happened in 2019.

[mistaTea]

Hey MT!!

YOUR DREAM HAS COME TRUE BRO!!!

Sky TV is now a telco!!



​https://www.reseller.co.nz/article/692895/why-sky-tv-suddenly-new-zealand-eighth-largest-telco/


Ha! Well if they were trying to 'technically' not be a telco to avoid paying the levy that failed!

Bring on a merger with 2D/orcon or Vodafone!

[jimdog31]

https://i.imgur.com/FHH1pKd.jpg

$80k Bro, we better do another 12c placement to cover the cost!


Does that mean broadband is $35m??

[mistaTea]

Does that mean broadband is $35m??

According to that we must have ~37K broadband customers?

[mistaTea]

Remember this?

https://businessdesk.co.nz/article/technology/were-no-telco-sky-tv-aims-to-keep-customers-with-broadband-offer

Moloney said Sky’s new customer value management tool has been key in having a conversation with its users to make sure it’s giving them the right type of service, while broadband opens up a new dialogue. Still, the move into broadband won’t see Sky stray from its core business.
“We’re a content company, not a telco,” she told analysts at yesterday’s earnings briefing.

[mistaTea]

Another board failure.

Can they do anything right?

It is fair to say that they will need to deliver something spectacular for shareholders between now and Feb to get back in our good books after what's been going on.

[jimdog31]

There's no coming back from this.

I mean Jesus Christ, look at the stock now, it's at $1.83!!!

https://i.imgur.com/3TpDnOr.jpg

There's no hope for these people!!

They all gotta go ASAP!!!

My goodness.

[mistaTea]

Removed post because Ogg is terrified my joke may me misconstrued and he is loathe to have me banned on ST.

[LaserEyeKiwi]

Does that mean broadband is $35m??

No - it’s just based on sky’s regular business. If you visit the article it explains there was a court case last month that changed the definition of what a telco is and it now applies to sky since it is a pay tv media broadcaster:


But Sky TV has now joined the telco crew due to a legislative change and an unfavourable High Court judgment (https://www.reseller.co.nz/article/692348/high-court-rules-some-broadcasters-subject-telecommunications-development-levy/) last month that ruled the company did indeed provide telecommunications services. According to the draft determination, it should pay $83,257 of the $10.1 million levy total.


The TDL is an annual levy that the Government uses to pay for improvements to New Zealand’s telecommunications infrastructure, including the relay service for the deaf and hearing-impaired, broadband for rural areas, and improvements to the 111 emergency service.


The court case hung on the question of whether, after legislative changes in 2018, communications on a telco network had to be two-way. The judgment confirmed that, with the exception of free-to-air broadcasters and satellite providers operating outside New Zealand, local businesses involved in broadcasting transmission, such as Sky TV, could be liable to pay the levy.

[mistaTea]

Just $1.81 on the buy side

https://i.imgur.com/vTCBib4.jpg

At this rate it won’t take long before we will be where we were at in June when the takeover attempt happened - $1.75

[mistaTea]

I'm thinking that this is an orchestrated and targeted sell down to get the share price back to $1.75 so the takeover will come back on the table.

It’s not like you to have a conspiracy theory mate…

[jimdog31]

So, the board is making shareholders wait until February for capital return, even though today's share price is now below last February's interim results.

Selling over the last few weeks is proof that the market has no confidence in Sky's transformation strategy.

$100m revenue target unlikely to be meet.

Nothing short of a full blown takeover will save this company from further shareholder destruction.

It's over guys. Might as well sell this dog and walk away. Even if a takeover comes this board is so stupid they'll some how mess it up and ruin it before it materialises.

The best option now is to spin off the property assets and just liquidate the TV business along with the board, before it does any more damage.

What do we think has fundamentally changed since Osmium started buying into the company?

Negative noise (unrelated to the fundamentals)
Osmium got sack tapped on another investment
Peter Keenan got reemed on a margin call
Building hasnt sold.
Pooman moved overseas.
Sophie learned more Te Real

Positive noise (unrelated to the fundamentals)Senior leadership bought a token amount.
Friends at Foxtel making waves
Acc bought more.
Sophie learned more Te Real

Whats actually changed to the fundamentals of the underlying business?
HBO confirmed deal.
New CFO starting
Reaffirmed earlier guidance.
A bunch of middle management/senior management got culled.

Share price for SKT has done what it always seems to do, Languish.

[mistaTea]

What do we think has fundamentally changed since Osmium started buying into the company?

Negative noise (unrelated to the fundamentals)

Pooman moved overseas.


I prefer to use the correct term for this one - Pooman absconded.

And it seems to me that the market is not a helluva happy about that.

[jimdog31]

This is the problem with this stock and it goes something like this.....

Investor A:
"Hey, checkout Sky TV"

Investor B:
"Nah bro, Sky TV is dead"

--ends--

There's only two ways out of this.

Either a takeover or you wait for the dividends to make up the capital cost.

I think Dividends arent happening.

[mistaTea]

I think Dividends arent happening.

Well they have certainly left enough wiggle room with their wording to not pay one.

But the only way they will get the SP up in a meaningful way is to do a capital return backed up by a good dividend policy.

[Balance]

Interesting study of human psychology & investor behaviour all to be had on this thread!

From despondency to euphoria back to despondency - all in the space of 3 months!

From takeover speculation to conspiracy to takeover speculation back to conspiracy and so on and so forth along the same theme for 3 years!

Very rich material here for the Dept of Psychology in Universities!

[mistaTea]

Interesting study of human psychology & investor behaviour all to be had on this thread!

From despondency to euphoria back to despondency - all in the space of 3 months!

From takeover speculation to conspiracy to takeover speculation back to conspiracy and so on and so forth along the same theme for 3 years!

Very rich material here for the Dept of Psychology in Universities!

Shoulda just bought an ETF like Bogle said 😅

[Rustycage]

Interesting study of human psychology & investor behaviour all to be had on this thread!

From despondency to euphoria back to despondency - all in the space of 3 months!

From takeover speculation to conspiracy to takeover speculation back to conspiracy and so on and so forth along the same theme for 3 years!

Very rich material here for the Dept of Psychology in Universities!

It sure has not been fun!

There is still potential here, but I think I have learned a valuable lesson on this one: when buying a s***co, make sure board/mgmt have the skin in the game necessary to make good capital allocation decisions (I’m separating capital allocation and business decisions here)

My average buy price is low enough that even if we get a crappy result from here there isn’t too much downside, but the upside has been affected by the potatoes in charge here

[mistaTea]

It sure has not been fun!

There is still potential here, but I think I have learned a valuable lesson on this one: when buying a s***co, make sure board/mgmt have the skin in the game necessary to make good capital allocation decisions (I’m separating capital allocation and business decisions here)

My average buy price is low enough that even if we get a crappy result from here there isn’t too much downside, but the upside has been affected by the potatoes in charge here

Agree 100% with everything you said.

I may yet realise a loss on Sky…but the lessons will be incredibly valuable for future endeavours.

[Balance]

Shoulda just bought an ETF like Bogle said ��

Haha - He Who Dares, Wins!

[Balance]

It sure has not been fun!

There is still potential here, but I think I have learned a valuable lesson on this one: when buying a s***co, make sure board/mgmt have the skin in the game necessary to make good capital allocation decisions (I’m separating capital allocation and business decisions here)

My average buy price is low enough that even if we get a crappy result from here there isn’t too much downside, but the upside has been affected by the potatoes in charge here

I thought part of the euphoria 3 months ago was that management and directors were buying on market, remember?

All I can say is that the sp of this stock seems to drive the sentiment rather than the other way round.

Think NZRU has been selling?

[Bobdn]

How low does the share price have to get before they do another share consolidation? Any ideas?

[mistaTea]

How low does the share price have to get before they do another share consolidation? Any ideas?

Maybe that’s how they will get this stock to ‘rocket’.

$50M capital return from the property sale.

Destroy 100M shares and pay each share holder 50c per share.

There will only be about 75M shares left.

So even if the market cap drops to $300M it will be $4 per share!

[jimdog31]

How low does the share price have to get before they do another share consolidation? Any ideas?

Cos the last one was so effective!!

[JohnnyTheHorse]

The Board are acting in a manner that may be okay if they had a lot of runs on the board and we could trust them. However they have the exact opposite of this, years of value destruction and zero shareholder trust. No doubt there are some commercial sensitivities around some things, however the Board needs regular and more in depth communication with shareholders until such time as they have proved themselves.

I have passed my views on to them and encourage others to do so too.

[LaserEyeKiwi]

Maybe that’s how they will get this stock to ‘rocket’.

$50M capital return from the property sale.

Destroy 100M shares and pay each share holder 50c per share.

There will only be about 75M shares left.

So even if the market cap drops to $300M it will be $4 per share!

What do you mean “Destroy 100m shares”…? The only way for the company to eliminate 100 million shares is either via a share consolidation, or a buyback and cancellation (which would cost $180 million at todays closing price).

[mistaTea]

What do you mean “Destroy 100m shares”…? The only way for the company to eliminate 100 million shares is either via a share consolidation, or a buyback and cancellation (which would cost $180 million at todays closing price).

No there is another way.

You can do it as part of a capital return when you sell an asset.

NZO.NZ did it when they sold Kupe to Genesis a few years back. It effectively becomes a tax free dividend - IRD won’t normally tax it if you are returning cash from an asset sale.

I was only kidding about them destroying 100M shares though. They would not want to reduce the s/o by that amount as it would impact liquidity.

I believe Auckland Airport did a similar style capital return years ago too.

[Baa_Baa]

You guys are doing a great job of down ramping the stock, ****ting on the management, board and Chair. Keep it up and we'll all be broke soon enough, you've even got NBR interested in this. Brilliant, awesome strategy.

[Entrep]

https://www.youtube.com/watch?v=LbK5V9MFXpc

Sums it up perfectly TBH

[Quantitative Easing]

Aroha and kindness wont make us rich Sophie. But i will learn Te Reo if they find a buyer at $3.00 per share or better.

[nztx]

Aroha and kindness wont make us rich Sophie. But i will learn Te Reo if they find a buyer at $3.00 per share or better.


Never thought I'd see mention of a possible Single SKT bagger here .. slam on the handbrake - Ogg to stop things sliding
further backwards ;)

[mistaTea]

Aroha and kindness wont make us rich Sophie. But i will learn Te Reo if they find a buyer at $3.00 per share or better.

If they can get a buyer at $3 - not only will I go to Maori lessons with Sophie, but I will also remove ‘This Horrid Practice’ from my Kindle Wishlist…

[Shareguy]

Last year there was a trading update on the 11/11/20……

[mistaTea]

You guys are doing a great job of down ramping the stock, ****ting on the management, board and Chair. Keep it up and we'll all be broke soon enough, you've even got NBR interested in this. Brilliant, awesome strategy.

I wouldn’t worry too much about the price fluctuation yesterday - I doubt the ST posts have anything to do with it but the NBR article probably got a few shareholders scratching their heads.

Shareholders do need a forum though where they can hold management and their board to account - otherwise they start getting the idea that shareholders are an after thought and that they can do whatever they like…

Like permanently leave the country without so much as a word to the owners of the business.

Ultimately I think some good is going to come out of this. I know that Sky TV follow this forum…and they know they have botched things with shareholders. They know they have been put on notice.

When mistaTea - their biggest champion over the years - becomes cross you know that they have really messed up.

[LaserEyeKiwi]

Last year there was a trading update on the 11/11/20……

They just gave an update less than two weeks ago at the AGM, so unlikely to get another one this week.

[Balance]

I wouldn’t worry too much about the price fluctuation yesterday - I doubt the ST posts have anything to do with it but the NBR article probably got a few shareholders scratching their heads.

Shareholders do need a forum though where they can hold management and their board to account - otherwise they start getting the idea that shareholders are an after thought and that they can do whatever they like…

Like permanently leave the country without so much as a word to the owners of the business.

Ultimately I think some good is going to come out of this. I know that Sky TV follow this forum…and they know they have botched things with shareholders. They know they have been put on notice.

When mistaTea - their biggest champion over the years - becomes cross you know that they have really messed up.

No point being crossed and complaining here or even to the company.

Have you made an official complaint to the NZX or FMA about lack of disclosure?

[Entrep]

No point being crossed and complaining here or even to the company.

Have you made an official complaint to the NZX or FMA about lack of disclosure?

Yes I have. Very straightforward. https://www.nzx.com/regulation/complaints

[Alpha]

Does anyone have a sample of a please explain that I could also send to the board.

[Balance]

Yes I have. Very straightforward. https://www.nzx.com/regulation/complaints

Good on you.

Likewise, I have asked a reporter to put a query through to the NZX rather than SKT.

[LaserEyeKiwi]

https://i.imgur.com/DAlzqkm.gif

I could be wrong, but I think Alpha means a template for what to submit as a please explain message, rather than an example of sky’s actions that warrant one.

[Alpha]

Cheers Ogg. Will send just that.

[Alpha]

I could be wrong, but I think Alpha means a template for what to submit as a please explain message, rather than an example of sky’s actions that warrant one.

Yes exactly that. I can let emotions get the better of me and a would like to send a formal letter rather than a gif.

[CD_CHCH]

Monday 8 November:

10:00am: Trading halt
10:05am: Pooman announces resignation
10:15am: Special shareholder meeting convenes
(No need for paperwork as recent constitution amendment allows everything do be done electronically)
10:30am Ogg elected Chairman10:31am: Joan and Jimdog appointed directors
10:32am: Sophie replaced by MistaTea as CEO
10:33am: Details of Atairos offer made public
10:40am: Handley instructed to sell back shares at original purchase price or face further action.
10:45am: Colliers contract terminated
10:50am: Purchase of 34A Leonard Rd commences.
11:00am: Huge Zoom meeting with CEOs of Comcast, Warner, Vodafone, Two Degrees, Vocus, and Foxtel all present.
11:45am: Deal ironed out before lunch.
12:00pm: Break for lunch.
12:30pm: Sale of 34A Leonard Rd goes unconditional
1:00pm: Lawyers finish drafting takeover deal
1:05pm: Takeover deal presented to shareholders via NZX announcement - $5.00 offer excluding properties.
1:30pm: Scheme booklet released.
2:00pm: Shareholders vote on deal
2:15pm: Deal binding
2:30pm: Zoom meeting with CEO of Ocean Healthcare about Sky properties
3:00pm: Unconditional sale of Sky HQ to Oceania Healthcare for $200m.
3:30pm: Funds received from Oceania Healthcare
3:45pm: Trading resumes on NZX for 15mins.
4:00pm: Trading halt (Record date for takeover and property deal)
4:30pm: All funds transferred to shareholders accounts
4:59pm: Sky Network Television liquidated and removed from NZ Companies Website
5:00pm: Huge GIF party on Sharetrader!!


So disappointed Ogg - you had ONE job to do on Monday which was to complete the above list of tasks.... :)

[mistaTea]

Good on you.

Likewise, I have asked a reporter to put a query through to the NZX rather than SKT.


Please tell me it's not Chris Keall.

[Sideshow Bob]

So disappointed Ogg - you had ONE job to do on Monday which was to complete the above list of tasks.... :)

Forgot to mention it was 8th of November 2027.......;)

[CD_CHCH]

LOL - in that case Ogg is forgiven :)

[airedale]

With the list of disappointing issues which have not lead to any statements from the board, the institutional investors with hundreds of millions of shares and millions of dollars at stake should be calling the board to explain themselves.

[THEONE]

While sporting bodies are a bit short on cash, maybe they could try and sign up NZ Rugby up for 10 years plus...They hold decent amount of SKY shares anyway..
so should be win win situation.

Or have a sky shareholders protest Hikoi to Nelson?

[mistaTea]

Discovery adding two new linear channels (https://www.nzherald.co.nz/business/discovery-announces-two-new-tv-channels-for-nz-more-local-content-changes-to-am-show/2QB3Q6XE4QAITO6WBXFFIOQ2XE/) to their offering...

So their focus is not entirely on streaming either. Very interesting.

I assume when these freeview channels launch they will be accessible from a Sky STB.

[airedale]

Comment on this thread has focussed on the cash fron the number of paying subscribers. My wife watches a lot of Sky TV and the number of ads on their channels must also generate a healthy cash flow. I can not see this company going broke. Under new management perhaps but not broke, bankrupt or liquidated.
Discl:Holding

[mikelee]

Good point, I see no reason why dividends can't resume next year, regardless of the property sale.

[mistaTea]

"we're reinvesting dividends for growth"

https://i.imgur.com/waCiR9E.jpg

Yes!

All those wise investments have grown the business from $1B to $320M!

At one point I think it grew so much the market valuation dropped below $100M!

[LoungeLizzard]

"we're reinvesting dividends for growth"

https://i.imgur.com/waCiR9E.jpg

Classic gif from Ogg. Laughing in the face of adversity (aka the SKY board) is the only way left for shareholders...

[jimdog31]

Yes!

All those wise investments have grown the business from $1B to $320M!

At one point I think it grew so much the market valuation dropped below $100M!

Surely if you were a friend at foxtel you'd look over at our share price floundering and make a play? I know they have a mountain of debt, but surely the extra $700m revenue, FCF & costs synergies would result in a higher multiple for their float?

[LaserEyeKiwi]

Comment on this thread has focussed on the cash fron the number of paying subscribers. My wife watches a lot of Sky TV and the number of ads on their channels must also generate a healthy cash flow. I can not see this company going broke. Under new management perhaps but not broke, bankrupt or liquidated.
Discl:Holding

Well they will never not bring in revenue. Its all a question of if they maintain enough subscribers/revenue to surpass there expenses, which is in no way a guaranteed thing. There are two unfortunate ways that can happen currently, and they both are based around NZR content rights. Either Sky lose them to a competitor at the next renewal date (and sky hemorrhage a big chunk of subscribers/revenue) or Sky win the rights again but the cost increases to a level where they eventually lead to an operating loss.

[mistaTea]

Well they will never not bring in revenue. Its all a question of if they maintain enough subscribers/revenue to surpass there expenses, which is in no way a guaranteed thing. There are two unfortunate ways that can happen currently, and they both are based around NZR content rights. Either Sky lose them to a competitor at the next renewal date (and sky hemorrhage a big chunk of subscribers/revenue) or Sky win the rights again but the cost increases to a level where they eventually lead to an operating loss.

Correct.

So it then becomes a probability assessment as to how likely either of those scenarios are.

[Rustycage]

Surely if you were a friend at foxtel you'd look over at our share price floundering and make a play? I know they have a mountain of debt, but surely the extra $700m revenue, FCF & costs synergies would result in a higher multiple for their float?

This

ive gotten in trouble in the past by saying “you would think … “ …. But surely this is the perfect time for it?

[mistaTea]

Surely if you were a friend at foxtel you'd look over at our share price floundering and make a play? I know they have a mountain of debt, but surely the extra $700m revenue, FCF & costs synergies would result in a higher multiple for their float?

I think the low SP becomes more of a worry for Foxtel.

They wouldn’t be able to buy sky for anywhere near $330M for one - so if they want to acquire the business they would need to take on another half a billion dollars of debt.

But secondly, sky is virtually identical to Foxtel and has also grown the streaming book considerably.

So given these two companies have almost identical strategies…and even though sky is still profitable and FCF positive it still has a very low market valuation.

That will not help FOXTEL with their endeavours to convince instos to pay handsomely to buy the business. They will look at the Sky experience for comparison.

[mistaTea]

Discovery want it all!!

"But when you think about viewers and content, we want to be in all territories. We want to be in linear, we want to be on paid TV, we want to be in ad-funded streaming and we want to be in paid streaming."

They just described Sky TV. Ha!