SKT Sky Network Television Limited.

[Perky]

Mistatea is very negative on Skt now. I think Mrstea makes him sleep in the spare room now.

[mikelee]

Yes, and I bet he'll be crying when Prime or Amazon come along and offer to buy us out for $10 per share later this year LOL.

[bottomfeeder]

Yes, and I bet he'll be crying when Prime or Amazon come along and offer to buy us out for $10 per share later this year LOL.

Id take $5.

[airedale]

Dreams are free:)


Id take $5.

[sb9]

Bit of an action today ahead of ASM next week, someone keen?

[airedale]

Possibly Mista T and Ogg buying back in before the AGM Wed. 2nd 10.00am


Bit of an action today ahead of ASM next week, someone keen?

[Jay]

Possibly Mista T and Ogg buying back in before the AGM Wed. 2nd 10.00am

Wouldn't surprise me!

[mikelee]

I'm still a bit confused about how the capital return to share holders work. So after it's done our holdings will be reduced but SP could possibly go up? Or is it going to be like a special dividend ie. SP goes down but holdings remain the same?:confused:

[nztx]

Has no-one heard .. the Special Dividend might be an in-specie distribution of Media Works
shares in a deal yet to be orchestrated :)

Kills a few birds with one stone .. plant a bundle of cash in another pocket to appease
MW lenders no end, and hocks off a hard to sell dinosaur into eager hands used to disappointments ..

Most must recognise that the smart money controls the game and the Retail punters
are on the receiving end of sucking the kumara most times..

Why else would flicking a few bucks back be such a long winded process ? ;)

Patient holders have probably forgotten what a SKT Cap Return looks like :)

[Baa_Baa]

ASM next Wed 2nd Nov, vote on the ~$70m capital return to shareholders by way of cancel 1 share for every 6 shares held, $2.40 paid out per share cancelled. Requires 75% shareholder vote support. Current SP $2.20.

[Airw0lf]

I just voted in the ASM - against all the directors up for renomination.

[airedale]

So what is new? The "smart money" controls the game not only in Sky TV but in any company on the stock market that the retail investor puts money in. If you invest that is part of the deal. Whether we get a sour suck of the kumara or a fair suck of the saveloy , take your [tooth] pick.


Has no-one heard .. the Special Dividend might be an in-specie distribution of Media Works
shares in a deal yet to be orchestrated :)

Kills a few birds with one stone .. plant a bundle of cash in another pocket to appease
MW lenders no end, and hocks off a hard to sell dinosaur into eager hands used to disappointments ..

Most must recognise that the smart money controls the game and the Retail punters
are on the receiving end of sucking the kumara most times..

Why else would flicking a few bucks back be such a long winded process ? ;)

Patient holders have probably forgotten what a SKT Cap Return looks like :)

[bottomfeeder]

ASM next Wed 2nd Nov, vote on the ~$70m capital return to shareholders by way of cancel 1 share for every 6 shares held, $2.40 paid out per share cancelled. Requires 75% shareholder vote support. Current SP $2.20.

Oops I havent voted. Can you do it online. Or is that 75% of people present.

[Baa_Baa]

Oops I havent voted. Can you do it online. Or is that 75% of people present.

75%+ of all shares voted is required for the capital return. The ASM starts 10am, it will be online and you should be able to vote online during the meeting. https://meetnow.global/nz Alternatively, you should be able to login to Computershare and vote before the meeting. There are some important Director votes to be held as well, depending on your views of their performance.

[bottomfeeder]

75%+ of all shares voted is required for the capital return. The ASM starts 10am, it will be online and you should be able to vote online during the meeting. https://meetnow.global/nz Alternatively, you should be able to login to Computershare and vote before the meeting. There are some important Director votes to be held as well, depending on your views of their performance.

Thankyou. Just voted. Dont want to miss out on the capital return.

[mistaTea]

https://www.nzherald.co.nz/business/elon-musks-nz-push-the-number-of-local-starlink-customers-will-surprise-you/SV5TAT66POS2TVWFSCQJUOYVNQ/

Strong uptake so far has surprised me.

Won’t be long before the majority of urban areas have high speed internet now.

Then what for high ARPU satellite subs?

[Baa_Baa]

https://www.nzherald.co.nz/business/elon-musks-nz-push-the-number-of-local-starlink-customers-will-surprise-you/SV5TAT66POS2TVWFSCQJUOYVNQ/

Strong uptake so far has surprised me.

Won’t be long before the majority of urban areas have high speed internet now.

Then what for high ARPU satellite subs?

Look at the substantial up-front costs and eye watering ongoing subs? Starlink looks like a 'needs based' service, where all other options are inferior or more expensive. i.e. filling a market gap, but hardly likely to mainstream.

[Zaphod]

Look at the substantial up-front costs and eye watering ongoing subs? Starlink looks like a 'needs based' service, where all other options are inferior or more expensive. i.e. filling a market gap, but hardly likely to mainstream.

A colleague who purchased a rural property and has been looking into internet connectivity options, came to the same conclusion. I also pointed out to him that owning the $1000+ hardware meant that you're also responsible for replacement, so make sure that you have adequate insurance cover (where possible) and factor those costs into the equation as well.

I agree with you that it can fill a market gap, but it won't replace fibre/copper/traditional wireless (wifi/LTE/5G etc.) services.

[mistaTea]

Look at the substantial up-front costs and eye watering ongoing subs? Starlink looks like a 'needs based' service, where all other options are inferior or more expensive. i.e. filling a market gap, but hardly likely to mainstream.

Yes that’s what I thought too. But 10k subs in a relatively short time is pretty good going.

It def won’t replace fibre.

But the (narrow) competitive advantage sky still have is the rural properties. However these properties can get fast internet from Elon Musk now (whereas they are unlikely to ever get fibre in many cases). As more of these properties get Starlink then the narrow moat sky still has will vanish entirely.

And in terms of the internet service Elon offers being inferior…tell that to the Ukranians.

John Fellet has Starlink and he says it is fantastic.

[Baa_Baa]

Yes that’s what I thought too. But 10k subs in a relatively short time is pretty good going.

It def won’t replace fibre.

But the (narrow) competitive advantage sky still have is the rural properties. However these properties can get fast internet from Elon Musk now (whereas they are unlikely to ever get fibre in many cases). As more of these properties get Starlink then the narrow moat sky still has will vanish entirely.

And in terms of the internet service Elon offers being inferior…tell that to the Ukranians.

John Fellet has Starlink and he says it is fantastic.

Rural New Zealand population is around 13%, and that's 'people', not internet service account holders. I doubt that Sky is too concerned about their "narrow moat" in rural, for their customers.

But go on, it's interesting how you've changed from multi-year upramper, to completely sold loss making investor, and now monotonous downramper. What else have you got for us, imo nothing to see here with Starlink, or f'all to see.

[mistaTea]

Rural New Zealand population is around 13%, and that's 'people', not internet service account holders. I doubt that Sky is too concerned about their "narrow moat" in rural, for their customers.

But go on, it's interesting how you've changed from multi-year upramper, to completely sold loss making investor, and now monotonous downramper. What else have you got for us, imo nothing to see here with Starlink, or f'all to see.

You don’t have to agree with any of my viewpoints.

But trying to rewrite history in this ultra simplified manner that I was an ‘upramper’ before and now a disgruntled ‘downramper’ says more about you than it does about me.

So far as I see it, the facts have changed this year and so has my opinion. I don’t see why I should be criticised for that?

And your pithy comment about sky not caring about rural NZ just highlights that you don’t understand the business very well.

They care very much indeed. And if the majority pf rural nz move into the 21stC with fibre or Starlink - then it makes it more likely that a conservative organisation like NZR would be prepared to go OTT in the future.

[uravgtrader]

So... Are we reelecting the current directors?

[airedale]

Well that will depend on the smart money, AKA institutions, and the chairman has just put some of his own money in.

[uravgtrader]

And is the proposed capital return even worth it?

[Baa_Baa]

Well that will depend on the smart money, AKA institutions, and the chairman has just put some of his own money in.

I prefer to think that the Chair's investment is not some cynical ploy to convince shareholders that he's worthy of being retained, more that he thinks it's a good investment regardless of whether he retains the role. That may be wishful thinking. The telling moment would be if he was not re-elected and then sold soon after.

[Baa_Baa]

And is the proposed capital return even worth it?

Do the maths, it's pretty simple. You get $2.40 for 1 of every 6 shares you currently hold, and the 1 is cancelled. The current SP is $2.20, but may not be by Wednesday when the vote happens.

[Airw0lf]

So... Are we reelecting the current directors?I voted against on all directors up for re-election.

[Airw0lf]

I prefer to think that the Chair's investment is not some cynical ploy to convince shareholders that he's worthy of being retained, more that he thinks it's a good investment regardless of whether he retains the role. That may be wishful thinking. The telling moment would be if he was not re-elected and then sold soon after.I'm voting Pooman out, don't care if he sells his shares after being kicked out. He needs to go.

[Baa_Baa]

You don’t have to agree with any of my viewpoints. [...] So far as I see it, the facts have changed this year and so has my opinion. I don’t see why I should be criticised for that?

It's not about agreement, no one cares about whether we agree, it's about trust and reputation.

For a long time you were a trusted reputable commentator for many (judging by feedback), apart from the numpty meme artist that you chose to entertain with endless pointless speculation, and still do. So much to say and so often saying it, if not an insider yourself(?) you obviously had/have inside information, never had any misgivings about the company even though it was far from sure that the transformation would happen. Apart from slagging the bosses, lucky you escaped a defamation imo.

Heavily invested and making dubious investment decisions (buying long term downtrends way too early and frequently), but the story according to you was worth it, even while holding massive paper losses. Then suddenly when it looked promising that the strategy was working, you turned, sold at a loss that many would be upset about, and have nothing to say anymore except over and over again, that it's all a complete mess and the future is f*cked.

Sorry not sorry, it's about trust, reputation, trust lost, reputation lost. Nothing you say can be taken seriously, imo.

[mistaTea]

It's not about agreement, no one cares about whether we agree, it's about trust and reputation.

For a long time you were a trusted reputable commentator for many (judging by feedback), apart from the numpty meme artist that you chose to entertain with endless pointless speculation, and still do. So much to say and so often saying it, if not an insider yourself(?) you obviously had/have inside information, never had any misgivings about the company even though it was far from sure that the transformation would happen. Apart from slagging the bosses, lucky you escaped a defamation imo.

Heavily invested and making dubious investment decisions (buying long term downtrends way too early and frequently), but the story according to you was worth it, even while holding massive paper losses. Then suddenly when it looked promising that the strategy was working, you turned, sold at a loss that many would be upset about, and have nothing to say anymore except over and over again, that it's all a complete mess and the future is f*cked.

Sorry not sorry, it's about trust, reputation, trust lost, reputation lost. Nothing you say can be taken seriously, imo.

Well, you can rant and rave all you want - that’s fine. Your version of history isn’t all that accurate actually when it comes to the evolution of my views on sky over time. But it isn’t worth getting into all of that with you though.

I will pick you up on one point though - I am not an insider. Have never been an insider. Nor have I ever been privy to inside information. That is a very serious accusation, and you need to take a deep breath and think about what you are saying before you post again sunshine.

I have been wrong on a number of things in the past when it comes to my thesis on sky. I am probably wrong on some of the things I see now.

I certainly don’t think sky is going to go broke or be out of business any time soon. There will continue to be a place for sky, but things are going to be very tough I think - and it will be interesting to see in what capacity Sky are able to continue as a going concern in the longer term.

Clearly I have blotted my copybook with you. I have had plenty of positive feedback from others though - it is very hard to change your mind about something once you have committed so much time, energy and money to it. You are unlikely to give me any credit for it, but my views have been evolving (negatively) for over a year now. I didn’t just wake up one day and say “to Hell with my thesis on sky over the last 4 years, I just hate the company now!”

As the facts have changed, so too have my views. Maintaining a viewpoint because I am worried about what some geezer called Baa Baa thinks of my ‘reputation’ would be absolutely insane if I consider the investment case has deteriorated significantly.

And as for my ‘luck’ at not being sued for defamation - get off the grass mate.

[RTM]

Do the maths, it's pretty simple. You get $2.40 for 1 of every 6 shares you currently hold, and the 1 is cancelled. The current SP is $2.20, but may not be by Wednesday when the vote happens.

Yeah...the maths is simple enough (I hope). I make it that @ $2.18 current price...after the cash return and cancellation of stock...the shares need to be $2.14 to stay even. (assuming $2.18)
The difficulty comes in predicting the shareprice after the transaction is done. Time will tell I guess.

[Jay]

any chance of late buying tomorrow to push it up, though too late to get on the voting list

[Snoopy]

Yeah...the maths is simple enough (I hope). I make it that @ $2.18 current price...after the cash return and cancellation of stock...the shares need to be $2.14 to stay even. (assuming $2.18)
The difficulty comes in predicting the shareprice after the transaction is done. Time will tell I guess.


Before share cancellation for every 6 shares you own, they are valued by Mr Market at: $2.40 + 5x $2.18 = = $2.40 + $10.90 = $13.30

After share cancellation you take away your $2.40 in cash, that has removed 22c of market value spread over the 5 shares of 6 that you did not sell (because before the share cancellation occurs, all shares are the same) .

22c/5 = 4.4c per share not sold

So as long as the share price of your remaining shares trades ahead of: $2.18 - $0.044 = $2.136 after the share goes ex-share cancellation, you should be ahead.

SMOOPY

[RTM]

Before share cancellation for every 6 shares you own, they are valued by Mr Market at: $2.40 + 5x $2.18 = = $2.40 + $10.90 = $13.30

After share cancellation you take away your $2.40 in cash, that has removed 22c of market value spread over the 5 shares of 6 that you did not sell (because before the share cancellation occurs, all shares are the same) .

22c/5 = 4.4c per share not sold

So as long as the share price of your remaining shares trades ahead of: $2.18 - $0.044 = $2.136 after the share goes ex-share cancellation, you should be ahead.

SMOOPY

Interesting. You have worked it through using different system than I did. Same answer.
Same conundrum tho, what will the sp be after the cash return ?
There will be 1/6 less shares on issue…eps should rise accordingly….all other things being equal.
P/E already low….~6….so we might see an upwards trend over time ?
Of course all this relies on them continuing to do ok with their core business.

[Sideshow Bob]

AGM Meeting Addresses - https://www.nzx.com/announcements/401560

[mistaTea]

AGM Meeting Addresses - https://www.nzx.com/announcements/401560


We are also confirming the definition of Free Cash Flow as cashflow from operations less both replacement and growth capex, but excluding one-off items such as material acquisitions or disposals of assets.

Ouch, future dividends will be absolutely tiny moving forward.

If they were happy to use some debt, then they could be more generous (i.e. a % of Operating cash flows minus replacemennt CAPEX and tax (but not growth, as they should have no issue borriwing cash to fund growth initiatives if the ROI truly is there).

[Entrep]

Ouch, future dividends will be absolutely tiny moving forward.

If they were happy to use some debt, then they could be more generous (i.e. a % of Operating cash flows minus replacemennt CAPEX and tax (but not growth, as they should have no issue borriwing cash to fund growth initiatives if the ROI truly is there).

You're quite worried the share price will increase going forward aren't you?

[Baa_Baa]

$70 million capital return not far away

the meeting includes a special resolution regarding the return of approximately $70 million by way of a court sanctioned scheme of arrangement (scheme). In this regard, sky chairman philip bowman confirms receipt of a binding ruling from the new zealand ird in his address to shareholders, satisfying one of the conditions to the scheme. Should the special resolution be passed at the meeting, satisfying the other condition to the scheme, sky expects to seek final orders from the high court sanctioning the return of capital shortly thereafter.

Increase dividend payout range to 60%-90% FCF

mr bowman will also provide an update on the company’s dividend policy and signal the potential for additional capital allocation measures: “as a further demonstration of the board’s confidence, and with reference to our view on cash generation and appropriate levels of leverage, we have made an amendment to sky’s dividend policy. Going forward, the previously advised pay-out range of 50% to 80% of free cash flow (excluding one-off items) has been increased to 60% to 90% on the same basis. We are also confirming the definition of free cash flow as cashflow from operations less both replacement and growth capex, but excluding one-off items such as material acquisitions or disposals of assets.

Dividend guidance increased to $18m-$24m

“as a result of the change, sky’s dividend guidance for fy23 has been increased to between $18m and $24m. This change is a positive demonstration of our ongoing commitment to return surplus cash and one that i trust shareholders will appreciate.”

On-market shares buyback programme

“consistent with the board’s stated capital allocation strategy and focus on value creation, the board is currently minded to initiate an on-market buy-back programme following the announcement of the interim results, noting that the size of any programme would be determined by reference at that time to the prevailing share price, the cash position of the company, the economic outlook, and the liquidity of our shares in the market.”

Boom! The turnaround strategy is working.

[Sideshow Bob]

Presuming the capital return is made, then the number of shares should drop from 171.7m to about 143.1m.

So means divvy's per share of $0.126 - $0.168. Mid-point of say $0.142 cps.

[sb9]

$70 million capital return not far away

the meeting includes a special resolution regarding the return of approximately $70 million by way of a court sanctioned scheme of arrangement (scheme). In this regard, sky chairman philip bowman confirms receipt of a binding ruling from the new zealand ird in his address to shareholders, satisfying one of the conditions to the scheme. Should the special resolution be passed at the meeting, satisfying the other condition to the scheme, sky expects to seek final orders from the high court sanctioning the return of capital shortly thereafter.

Increase dividend payout range to 60%-90% FCF

mr bowman will also provide an update on the company’s dividend policy and signal the potential for additional capital allocation measures: “as a further demonstration of the board’s confidence, and with reference to our view on cash generation and appropriate levels of leverage, we have made an amendment to sky’s dividend policy. Going forward, the previously advised pay-out range of 50% to 80% of free cash flow (excluding one-off items) has been increased to 60% to 90% on the same basis. We are also confirming the definition of free cash flow as cashflow from operations less both replacement and growth capex, but excluding one-off items such as material acquisitions or disposals of assets.

Dividend guidance increased to $18m-$24m

“as a result of the change, sky’s dividend guidance for fy23 has been increased to between $18m and $24m. This change is a positive demonstration of our ongoing commitment to return surplus cash and one that i trust shareholders will appreciate.”

On-market shares buyback programme

“consistent with the board’s stated capital allocation strategy and focus on value creation, the board is currently minded to initiate an on-market buy-back programme following the announcement of the interim results, noting that the size of any programme would be determined by reference at that time to the prevailing share price, the cash position of the company, the economic outlook, and the liquidity of our shares in the market.”

Boom! The turnaround strategy is working.



Well said, there's a lot to like about today's announcement. Well done Board and Management, they seem to have listened to shareholders concerns.

[winner69]

Presuming the capital return is made, then the number of shares should drop from 171.7m to about 143.1m.

So means divvy's per share of $0.126 - $0.168. Mid-point of say $0.142 cps.

Boom boom though so it will be 17 cents

Say punters happy with 8% return …share price about $3.00

That’s cool

[JohnnyTheHorse]

Probably the most uneducated set of questions I've heard at an AGM in some time.

[Perky]

You're quite worried the share price will increase going forward aren't you?


Yeah I bought my measly parcel as it was cheaper to buy some share at .14cents and own the company than subscribe to the overpriced entertainment channel.
There was this show with characters called mistatea and ogg I used to follow. The premise of the show was mistatea promised missestea a champagne lifestyle and some diamond crusted undergarment with strategically placed holes in them..meanwhile ogg just seemed like they were depressed…almost like they bought too much of something and paid way to much for it. I think they call it buyers remorse.

The shows finished now. It was a sad ending. Mistatea love story turned to a tragedy. He turned on his previous unrequited lover Skt and only speaks badly of her now

[winner69]

So many bad things said about Phillip and Sophie but all along they knew what they were doing

Sky been transformed - well done Phillip and Sophie

Things did better once Derek left eh

[Entrep]

So many bad things said about Phillip and Sophie but all along they knew what they were doing

Sky been transformed - well done Phillip and Sophie

Things did better once Derek left eh

Sophie I think is great.

Bowman, Martin Stewart, etc on the other hand...

[Mel]

Sophie I think is great.

Bowman, Martin Stewart, etc on the other hand...
Yes, I agree - Bowman, in particular, didn't get my vote, time for a change of the old guard! I've just updated this, as I've noted that he's been re-elected :mad ;:

[airedale]

I thought that Bowman and Moloney handled the meeting very well. Bowman's CV and resume in the TV and media industry, and his turning round SKY in the last three years have demonstrated competence. There will be challenges but I bought plenty at 12 cents {$1.20}. So up around 90% over 3 years. MIsta Tea also backed up the truck at that time, maybe he will come back in.

[Waltzing]

Winner() shes a short term trade now...

[RTM]

You're quite worried the share price will increase going forward aren't you?


Yeah I bought my measly parcel as it was cheaper to buy some share at .14cents and own the company than subscribe to the overpriced entertainment channel.
There was this show with characters called mistatea and ogg I used to follow. The premise of the show was mistatea promised missestea a champagne lifestyle and some diamond crusted undergarment with strategically placed holes in them..meanwhile ogg just seemed like they were depressed…almost like they bought too much of something and paid way to much for it. I think they call it buyers remorse.

The shows finished now. It was a sad ending. Mistatea love story turned to a tragedy. He turned on his previous unrequited lover Skt and only speaks badly of her now

Great post Perky, yes, it was lots of fun watching the lovers fall out, similar ride here although I did top up at a higher price as well.

[bottomfeeder]

Boom boom though so it will be 17 cents

Say punters happy with 8% return …share price about $3.00

That’s cool

The method of capital repayment and cancellation of shares is the best approach. The SP should increase as the eps will be greater. I agree we will be close to $3.00 after the end of the fiscal year and the final dividend is declared Then the divvie yield will be set in all of the investment statements and publications.

Woohoo I have just put my order in for a new BMW which should arrive from Germany just as the final divvie is paid.

[mistaTea]

The method of capital repayment and cancellation of shares is the best approach. The SP should increase as the eps will be greater. I agree we will be close to $3.00 after the end of the fiscal year and the final dividend is declared Then the divvie yield will be set in all of the investment statements and publications.

Woohoo I have just put my order in for a new BMW which should arrive from Germany just as the final divvie is paid.

I see.

So after Sky have depleted cash reserves significantly after the capital return you expect the value of Sky to INCREASE by $25M to $423M…

Which would represent a yield of 4.3% - 5.7% based on updated dividend guidance? 1% - 2.4% above the current Spark yield?

That certainly would be a lovely outcome!

[Rustycage]

Probably the most uneducated set of questions I've heard at an AGM in some time.

I just read the transcript, think I’ve lost a few brain cells. “YEW TOOK MAI SHARES!” “WHY DO I HAVE LESS SHARES, ALL MAI SHARES R GONE!” “YOU’RE TAKING MAI SHARES AGAIN!”

On the q’s, I’m disappointed there wasn’t anything on MW transaction attempt

More seriously though, I thought MT’s best mate Pooman handled himself pretty well. I know most people here are prob NZ’ers, but as an Aussie holder, do we get the same tax-free special treatment? I thought I read somewhere when it was first proposed that the answer was yes but I’m unsure now ….

[Baa_Baa]

I see.

So after Sky have depleted cash reserves significantly after the capital return you expect the value of Sky to INCREASE by $25M to $423M…

Which would represent a yield of 4.3% - 5.7% based on updated dividend guidance? 1% - 2.4% above the current Spark yield?

That certainly would be a lovely outcome!

Not if you don't have any SKT.

Good luck with SPK, there's no need to sh1t on SKT anymore, you're gone. Move on graciously.

[mistaTea]

Not if you don't have any SKT.

Good luck with SPK, there's no need to sh1t on SKT anymore, you're gone. Move on graciously.

I don’t own SPK - I just think it is a useful comparison because it is considered blue chip and there is a history with Sky.

How is pointing out facts around what $3/share represents post capital return in terms of market valuation and yield range sh1tting on SKT?

From now on you only want people with lofty notions of SKT to post on here?

[Baa_Baa]

I just read the transcript, think I’ve lost a few brain cells. “YEW TOOK MAI SHARES!” “WHY DO I HAVE LESS SHARES, ALL MAI SHARES R GONE!” “YOU’RE TAKING MAI SHARES AGAIN!”

There were a few aggrieved shareholders at the meeting, who had all of their investment ruined because they didn't know when to quit a loser, or hold for a recovery and cover their position. Some didn't seem to understand basic maths of % share of the company after consolidation. Surprisingly the Chair was very tolerant and let them vent. There were some who quit when the turnaround was actually happening and the company was returning to distributing ongoing FCF and capital excess.

The market really doesn't care about people, it just does what it does. Some win, many lose. Buying sustained downtrends is a losers game. Buying a turnaround is not. The turnaround has been recognised by the market. Read the market and you'll do ok, maybe even very well. You have to be in to win, when the time is right, there's no prizes for moaning on the sidelines.

[Baa_Baa]

I don’t own SPK - I just think it is a useful comparison because it is considered blue chip and there is a history with Sky.

How is pointing out facts around what $3/share represents post capital return in terms of market valuation and yield range sh1tting on SKT?

From now on you only want people with lofty notions of SKT to post on here?

Post whatever you want, it's no matter to me, but I'll call you anytime I want as well. You took your loss, while others are enjoying better timing and wiser investment decisions, with a longer term horizon, that is so far working out rather well.

Whatever happens in the long run, you'll alway be known as the multi-year downtrend shill who had a panic-attack and sold at a significant loss and then proceeded thereafter to slag the company on multiple forums.

That's reputation. Once lost, almost impossible to recover.

[jimdog31]

Post whatever you want, it's no matter to me, but I'll call you anytime I want as well. You took your loss, while others are enjoying better timing and wiser investment decisions, with a longer term horizon, that is so far working out rather well.

Whatever happens in the long run, you'll alway be known as the multi-year downtrend shill who had a panic-attack and sold at a significant loss and then proceeded thereafter to slag the company on multiple forums.

That's reputation. Once lost, almost impossible to recover.

Geez baa baa, you got flystrike or something? mista been eating away at you??

If it werent for Mista, alot of retail investors would not have kept faith during the darkest days of the turnaround. He kept faith when others didnt, and posted reasonable, rational, and optimistic posts when most had been rubbishing skt.

It was his optimism that got me invested in Skt, and ive done great from it. However I now share his less optimistic view of the outlook. Are we right or are we wrong? who knows, But He’s allowed to change his viewpoint on a share, and doesn’t need your incessant baaing about whether hes an upramper or downramper.

Thats the whole point of a market, some are long some are short. And thats a constantly moving conversation. Whats reputation got to do with anything?

[winner69]

Geez baa baa, you got flystrike or something? mista been eating away at you??

If it werent for Mista, alot of retail investors would not have kept faith during the darkest days of the turnaround. He kept faith when others didnt, and posted reasonable, rational, and optimistic posts when most had been rubbishing skt.

It was his optimism that got me invested in Skt, and ive done great from it. However I now share his less optimistic view of the outlook. Are we right or are we wrong? who knows, But He’s allowed to change his viewpoint on a share, and doesn’t need your incessant baaing about whether hes an upramper or downramper.

Thats the whole point of a market, some are long some are short. And thats a constantly moving conversation. Whats reputation got to do with anything?

Well said Jim.

In a funny sort of way one could say both mrT and BaaBaa are right …just their views were tied to where they were in their ‘investment cycle’

[snigmac]

Poor MT.

I haven't been keeping track of SKT as i had sold out. On one hand, the increase in divvy is positive along with the buy back.

On the other hand, this does put SKT itself in a dangerous situation. In essence SKT is making a bet that their operation will be at a level that can sustain the buyback and divvy in the future and allow for growth of the company. Given the death raise, I'm unsure if SKT are truly sufficiently far sighted to understand what they are doing. In the event that the board aren't farsighted enough, it could be the beginning of end or another capital predicament as growth in the company wanes in a market that is evolving and requires innovation (a aspect that SKT have failed on, on several occasions).

[Perky]

Yeah ease up on hassling Mistatea. He has made a massive contribution to this thread. Both for the analysis and entertainment value. I wouldn’t have bought mine without reading his and other posters various scenarios of what they thought could play out with Skt

I read all the posts and then remind myself this site is called shareTrader. One man’s trash is another man’s treasure.

I only bought a very small amount of Skt after deciding at .14c they were probably undervalued and could be a turnaround opportunity. So I invested a measly $7k for 50,000 shares. I honestly thought I would be well out of them by now having held for last 2 yrs. They were very much a short term 1-2 yr speculative buy and I only invested an amount I would be happy to loose if it all went tits up with the hope I might double my money if I was lucky sell them and spend the upside on a few toys.

Im not really a believer in the Skt model going forward as a stand-alone business. Without sport they would die pretty quickly I think with many competitors in the movie and entertainment space now at much lower prices. However I can see some reasons why there good be some M&A activity in the telco /media/advertising space as they all seem to need to eat each other to grow and survive and sky have a reasonable size customer base.

I always wondered why if spark were serious about streaming sport why they just didn’t buy Skt and bolt sport onto their offering. Spark seems a pretty mature business with not a lot of growth but just keeps generating a lot of cash.
If they had the best sport offering in nz and bundled it up with their mobile and broadband it would give them a huge point of difference to other telcos. They just don’t seem interested in this space and I have no idea why they persist with spark sport. If I owned spark shares I would want to know what they are doing with it.

Anyway I’m happy to hold Skt for a bit longer but will soon join Mistatea on the sidelines.

Thanks again Mistatea for your contributions…it just got a bit one sided once you exited.

DYOR…I have no idea what is going to happen with SKT but I enjoy watching it all unfold and I might still loose it all.

[Balance]

I am there for more SKT so sock ‘em to me!

[Perky]

Unfortunately the price of the toys have gone up. I’m greedy so hoping to exit higher than today…but it’s quite likely I might need to downgrade the specs on the new toys.

But good luck to you…I like your ambition

[Getty]

Mistatea is very negative on Skt now. I think Mrstea makes him sleep in the spare room now.

Not true.

He has eloped with OGG.

[Balance]

I have a very simplistic view of Sky, now that they company has gone through the valley of death and come out on the other side with financials looking strong and prospects for growth realistic.

Current market cap -$390m so market cap after $70m capital repayment = $320m.

Based upon company's forecasts for F23, stock is trading on :

PER of 5X to 6X : NPAT of $50m to $60m

Enterprise multiple of 1.7x to 1.9x : EBITDA of $150m - $170m

Dividend yield of 5.6% to 7.5% : dividend payout of $18m - $24m

Plus share buyback .

One of the cheapest stocks in the world.

[Perky]

I think the issue I have with Skt is that they have spent the last two years taking a lot of cost out the business and selling some assets…the easy bit. But now it back to their core business and how they will grow it. They don’t appear to have any robust plans. I think they have some pricing power around their sports package due to some exclusivity of key sports but not much else that customers can’t get similar elsewhere for cheaper.
Im pretty sure that’s why they were looking at mediaworks for the radio advertising revenue that they could bring advertisers across to the tv medium as well.
Skt key customers are the older monied who like the simplicity of one box, one bill and one on and off button.As this group ages and moves on Skt new customers are going to be young media and tech savvy who are used to getting around paying for access by using vpn and sharing of accounts etc.

Skt is cheap because no one can see where’s its going.

Just my opinion.
Disc: Ex sky customer and temporary Skt shareholder

[RTM]

Skt is cheap because no one can see where’s its going.

Just my opinion.
Disc: Ex sky customer and temporary Skt shareholder

Maybe it’s cheap because many can see where it’s going.

[Perky]

Maybe it’s cheap because many can see where it’s going.
Haha…good way of looking at it.

[Balance]

Maybe it’s cheap because many can see where it’s going.

Yup - that's why many of us were able to buy at bargain basement prices last year?

SKT - one of the most 'understood' stocks selling cheap but top performing stock on NZX in the last 18 months.

Try figuring that one out!

[mistaTea]

I think the issue I have with Skt is that they have spent the last two years taking a lot of cost out the business and selling some assets…the easy bit. But now it back to their core business and how they will grow it. They don’t appear to have any robust plans. I think they have some pricing power around their sports package due to some exclusivity of key sports but not much else that customers can’t get similar elsewhere for cheaper.
Im pretty sure that’s why they were looking at mediaworks for the radio advertising revenue that they could bring advertisers across to the tv medium as well.
Skt key customers are the older monied who like the simplicity of one box, one bill and one on and off button.As this group ages and moves on Skt new customers are going to be young media and tech savvy who are used to getting around paying for access by using vpn and sharing of accounts etc.

Skt is cheap because no one can see where’s its going.

Just my opinion.
Disc: Ex sky customer and temporary Skt shareholder

Yes, there is not a clear way forward put to the investment community around how Sky will maintain (let alone grow) earnings per share (and I am talking real earnings per share, not smoke and mirrors from a share cancellation).

When I first started buying Sky shares the company was still gushing FCF.



Between 2017 and 2019 Sky produced $428M of FCF.
Between 2020 - 2021 (the time under Martin's tenure) Sky still produced another $72M FCF despite paying huge premiums for content and wasting cash on things like RugbyPass, stadium naming rights etc.


In that 5 year period Sky produced half a billion dollars of FCF. Though I knew FCF would decrease over time, given so much cash was still being produced there was every reason to think Sky would be able to grow by some sort of meaningful M&A opportunity. I strongly favoured Sky buying Vocus NZ - with the release of Spark Sport and their success in picking up important sports rights there was just no way Sky would get blocked buying a relatively small broadband provider. However Vocus NZ have a fantastic fibre network and we can now see that the $700M asking price at the time was a bargain. Buying Vocus would have opened up other opportunities with players like 2D and Sky-Vocus would have had a strong hand in negotiations.

I did push for Sky to consider this, but they simply were not interested. Now they seem to have cooled even on the wholesale broadband deal - they don't seem to be pushing very hard to get more customers, have not extended the offer to bundle streaming services etc. Meanwhile the new 2D has cancelled their NEON and SSN deal with Sky. Not great.

All that really matters now is what are Sky's prospects moving forward. Nobody (least of all me) is suggesting that Sky is going to go broke or anything like that. However there are some huge risks to the company still with key content rights, threats of new entrants and unlike my forward predictions of the FCF profile in 2017, doing the same analysis from 2022 - 2026 (inclusive) makes for some pretty grim reading in my opinion.

SM was absolutely right in that she needed to explore M&A opportunities before returning cash to shareholders. It is just that her target asset (MW) was completely unacceptable given the likely amounts of money involved contrasted to realistic views of how big the synergies would actually be.

Now some people will be very unhappy with me making this post because they view these issues in a black and white upramper/downraper way.

But I put it to you that this is a more accurate reflection of how my views have changed over the past five years. So far as I am concerned, Sky had some big opportunities over the last 5 years (and the cashflow to support taking advantage of the opportunities). They thumb sucked over that period, just focussed on slashing costs (whether they went too far, time will tell) and now are in a much weaker financial position - which means fewer meaningful things they can go after in the future.

Just my very humble opinion as always. Others will have an alternative view on the future for Sky, and that is ok too.

[Perky]

Just been doing my market research on what the competition is up to as it was the spark agm today. It’s always a challenge to find any data on how spark sport is performing but I’ve highlighted what they had to say today….

As Justine noted, we also continued to see strong momentum in our future markets, with revenue growth across Spark Health and IoT.
• Spark Health won new national contracts through the newly established Te Whatu Ora, or Health New Zealand, and launched its new cloud-based digital health platform, Kete Waiora.
• Spark IoT grew connections by 75% to 832,000 and we took a significant stake in our partner Adroit, to accelerate future growth in sustainable
monitoring solutions.
•In Sport we delivered a successful season of cricket and we remain focused on strategic partnerships to improve returns.

Ive done some analysis on this and I think this is what they mean…

Between spark and nz cricket we are slowly ruining the sport. Customers have no idea what games are on what provider at what time.
we have invested a lot of money on our platform and unfortunately have some contractual obligations to deliver
As soon as possible we will take sparksport out the back paddock and shoot it.

[bottomfeeder]

Maybe it’s cheap because many can see where it’s going.

Maybe SKT will be one of those investments that investors will require a higher yield due to its "risky business", which translates into depressed SP forever.

[Airw0lf]

So many bad things said about Phillip and Sophie but all along they knew what they were doingSky been transformed - well done Phillip and SophieThings did better once Derek left ehReally? Then why did they nearly make that disastrous Mediaworks transaction?

[Mel]

Capital return details finalised:
https://www.nzx.com/announcements/402249

Last trading day: 17 November 2022
Record Date: 21 November 2022
Trading resumes: 22 November 2022
Payment to Shareholders: 29 November 2022

[mikelee]

Thanks buddy, much appreciated. It's going to be the best X-mas since the pandemic started! :)

[RTM]

Thanks buddy, much appreciated. It's going to be the best X-mas since the pandemic started! :)

I am really hoping so to Mike, but not at all sure this will be attributable to my holding in Sky shares.

[mikelee]

Been reading about how Disney is spending huge amount on contents and not expected to make a profit till 2024 the earliest! Even with more subscribers (Disney+Hulu+ESPN combined) than Netflix atm. I guess in another 5yrs or so the landscape could be very different, with only those with really deep pockets, able to survive the rising cost of living, ie. production cost goes up, forcing subscription prices to go up and resulting in more people cancelling or perhaps turning to an aggregators like SKY.

[Airw0lf]

Been reading about how Disney is spending huge amount on contents and not expected to make a profit till 2024 the earliest! Even with more subscribers (Disney+Hulu+ESPN combined) than Netflix atm. I guess in another 5yrs or so the landscape could be very different, with only those with really deep pockets, able to survive the rising cost of living, ie. production cost goes up, forcing subscription prices to go up and resulting in more people cancelling or perhaps turning to an aggregators like SKY.Disney and Amazon can afford to do stuff like this because they aren't pure-play streaming companies. They use their streaming services to drive revenues in their other business units (if you read up on Disney, they have always been about selling merchandise and myriad other services in addition to just putting out great movies and TV) and so are are more likely to survive/thrive over someone like Netflix.

[mistaTea]

2D brand now bundling in power.

The ‘mega bundle’ I have talked about in the past.

Amazon is their entertainment component of the bundle though, not Sky.

2D have an opportunity to create a unique and compelling offer of o consumers.

[Relaxed]

This might be a noob question, and I have searched on this thread but the comments are limited, but...

so far today we have an initial 5 trades adding up to 110 shares, then a trade of 6, then 5, a 513 (2 trades) and finally 7 trades adding up to 146 shares.
my question is, how is anyone making money if the brokerage is more than the amount of shares they have purchased?
the price is changing so the assumption is that some of these are a completed order.

I have seen people talking about sharesies being really small trades at times, but this must be really inefficient.
unless their brokerage is way down near US rates.

[Airw0lf]

This might be a noob question, and I have searched on this thread but the comments are limited, but...so far today we have an initial 5 trades adding up to 110 shares, then a trade of 6, then 5, a 513 (2 trades) and finally 7 trades adding up to 146 shares.my question is, how is anyone making money if the brokerage is more than the amount of shares they have purchased?the price is changing so the assumption is that some of these are a completed order.I have seen people talking about sharesies being really small trades at times, but this must be really inefficient.unless their brokerage is way down near US rates.If I remember right, Sharesies takes a % cut for brokerage. There's no dollar floor on brokerage.

[Relaxed]

If I remember right, Sharesies takes a % cut for brokerage. There's no dollar floor on brokerage.

Thanks.
It's still amazing to see tiny trades like this.

[bottomfeeder]

My shareholding has dropped from 85,000 to 70,833. Lost 14,167 shares. Let's see I will get in the region of $34,000. Tax free. Now need the SP of the rest go to $2.60 based on a higher dividend yield ie the same profit allocated to a smaller number of shares. I wonder when the final dividend will be declared. That's what I am waiting for. Also free Sky box and subscription to all shareholders holding over 70,000 shares. Oh that's convenient, just made it. Haha

[mistaTea]

https://www.nzherald.co.nz/business/tv-sky-box-latest-apples-global-soccer-deal-includes-nz/MT5WZZRPBRHLHGM7YPWIFLT2DI/

Endless delays to the new sky box being launched.

Meanwhile Apple have entered the global sports streaming wars.

[Almost-confused]

Stuff.co.nz: Black Ferns to get $25000 bonus for winning Rugby World Cup.
https://www.stuff.co.nz/sport/women-in-sport/130522891/black-ferns-to-get-25000-bonus-for-winning-rugby-world-cup

Sky contributed to the bonus payment pool. Could be a bit of a masterstroke if they then negotiated access and benefits for that contribution - particularly because SparkSport had the RWC rights.

[mistaTea]

https://www.nzherald.co.nz/business/tv-sky-box-latest-apples-global-soccer-deal-includes-nz/MT5WZZRPBRHLHGM7YPWIFLT2DI/

Endless delays to the new sky box being launched.

Meanwhile Apple have entered the global sports streaming wars.

Sky should have just purchased VTV and rebranded it.

Would have come with 100K customers.

The bulk just use it for Freeview plus apps…BUT they still get advertising revenue on prime from them plus if they updated their pricing/packaging they would have a big number of customers they could upsell to without too much difficulty.

The hybrid nature of the massively delayed box they are developing isn’t going to be a huge selling point.

Those that are wedded to satellite transmission for whatever reason would keep MySky anyway. So no gain there.

For the others who have great internet AND want a STB…well you only need an IP Box.

VTV needed a lot of UX work, but people did like the balance between OTT and linear. And they have some cool features like 3 day catch up etc.

Instead of doing their own thing (knowing that sky absolutely suck at technology projects) I think they should have explored a deal with Vodafone first.

They could have done the deal a year ago and would have implemented a number of improvements by now for a fraction of the cost they are incurring doing a brand new box.

[Bobdn]

I lost a ton on Sky. I was up a ton and then lost a ton. Anyway that was awhile ago now and I have forgiven myself. But theres really nothing to forgive. It's just that losses feel worse. I've made more than I've lost over time although it doesn't feel that way.

I'm almost all passive now. I have just 1000 GNE shares and 2800 SKT shares. That's it, just dribs and drabs. Amazing really.

Anyway, believe it or not, I'm thrilled with my tiny pay out. When do I get it in my account? Yes I'm being lazy but I'm in a hotel room by myself in a tiny dusty town, you know how it is...

[RTM]

All those sport channels and LPGA with a lot riding on it has delayed coverage at 10:30.
Hard to believe. It’s not a secret what Lydia is going for.
Or am I missing something ?

[Jay]

Anyway, believe it or not, I'm thrilled with my tiny pay out. When do I get it in my account? Yes I'm being lazy but I'm in a hotel room by myself in a tiny dusty town, you know how it is...
Paid Nov 29th I believe

[Bobdn]

Thanks Jay, much appreciated. This is great news. I'm more excited than I should be but I'm six months into my travels so every bit helps.

[mistaTea]

https://www.nzherald.co.nz/business/tv-sky-box-latest-apples-global-soccer-deal-includes-nz/MT5WZZRPBRHLHGM7YPWIFLT2DI/

[airedale]

Hi MT, as you have pointed out before Chris Keall likes to accentuate the negative about SKT. But really for many there will be no urgency. My present set top box works fine. It failed once after about 20 years and it was replaced promptly at no charge.

[mistaTea]

Hi MT, as you have pointed out before Chris Keall likes to accentuate the negative about SKT. But really for many there will be no urgency. My present set top box works fine. It failed once after about 20 years and it was replaced promptly at no charge.

Yes I am no fan of CK for sure.

Though I normally take umbrage to his ‘journalism’ when he presents opinion as fact/news. It is something he really struggles with.

This piece is just reporting facts though from what I see. And the truth is, this box is badly delayed.

I think you are dead right though about people being well served for linear tv with MYSKY - tried and true tech. They already have methods for OTT, be it smart tv, Chromecast, Apple TV etc.

So I think what you point out raises an important question about just how popular this STB will be. Especially if new customers have to pay $200 for it on top of their hefty monthly sub.

The box will no doubt be gifted to existing MySky customers. But that is actually an expensive exercise for shareholders with no net gain. As you say, those customers were unlikely to cancel anyway and are mostly happy with their current box.

This only becomes a win for shareholders if it is an attractive product to a decent chunk of non-sky customers.

To me, it is clearer than ever that they should have just purchased VTV and spent a fraction of the $$$ they are currently spending on making some basic UX enhancements.

Rebrand the UI to Sky TV. Rebrand new boxes to sky. Customers with existing ‘Vodafone’ boxes leave as is (the STB will say vodafone but when they log in the UI will say sky).

They would have 100K potential customers right away and no launch delays. I think maybe 10K had sky channels already.

That leaves 90K that you are getting some ad revenue from via Prime, but could also be up sold to more sky content if you sorted out the UI and launched better/more attractive ‘streaming packages’.

[Marilyn Munroe]

All is not well at the Mickey Mouse outfits streaming service Disney+.

Maybe streaming services are not the Cinderella the sooth-sayers thought but an ugly step sister.

Step forward content aggregators, they to shall go to the ball.

https://www.reuters.com/technology/disneys-iger-may-have-cut-costs-streaming-loses-money-2022-11-21/

Boop boop de do
Marilyn

[mistaTea]

All is not well at the Mickey Mouse outfits streaming service Disney+.

Maybe streaming services are not the Cinderella the sooth-sayers thought but an ugly step sister.

Step forward content aggregators, they to shall go to the ball.

https://www.reuters.com/technology/disneys-iger-may-have-cut-costs-streaming-loses-money-2022-11-21/

Boop boop de do
Marilyn

Yes, it is definitely a tough gig in the streaming wars.

Dr Malone has cogitated on the problems a fair bit too: https://www.hollywoodreporter.com/business/business-news/john-malone-talks-streaming-wars-1235264416/

I am also of the opinion that the Streaming Wars will run out of puff before long, and we will end up back with content aggregation.

The difference in my views now though, is that I think that aggregation is more likely to come on the back of more M&A activity between the big studios. Warner-Discovery was a big move, but only the beginning I think. By the time the wars are over, you probably end up with three big players - all with massive catalogues of premium content. Maybe four, but no predictions from me in terms of who else might merge.

There will still be a range of other smaller providers I am sure, as well as your old school content aggregators like Sky Network Television.

But if anyone is hoping that competitive forces will make these guys shut down their streaming services and go back to SNT exclusively, you are sorely mistaken. Fast internet has put an end to all of that as Sky's expensive satellite infrastructure is no longer needed to distribute content.

Sky will continue to do deals, but the studios are very much in the drivers seat. Don't forget, Amazon Prime and NETFLIX are also content aggregators. They have a bunch of NETFLIX Originals and Amazon Originals on their platform, but they also have deals with other studios to distribute their content. So if Sky aren't prepared to fork out big bucks to renew their deals (even if on a co-exclusive basis) there are plenty of other places these studios can go to extract maximum value.

[bottomfeeder]

Hard to work out what the market is doing. Running up to the capital repayment, the SP was reasonably stagnant at around 2.25 to 2.30. When you get paid out 2.40 for every six shares, the SP goes to a high of 2.32. You would have expected an immediate drop to less than the SP running up to the XC date.

Don't get me wrong I believe after the XC, the % return per share is greater and the SP should go up. But why was this not recognised prior to the XC date.

[Balance]

Hard to work out what the market is doing. Running up to the capital repayment, the SP was reasonably stagnant at around 2.25 to 2.30. When you get paid out 2.40 for every six shares, the SP goes to a high of 2.32. You would have expected an immediate drop to less than the SP running up to the XC date.

Don't get me wrong I believe after the XC, the % return per share is greater and the SP should go up. But why was this not recognised prior to the XC date.

Some instos will be recycling the capital repayment back into more SKT shares.

Getting $2.40 per cancelled share, they are getting a discount at anything under $2.40 for the shares they are buying now.

[airedale]

Some instos will be recycling the capital repayment back into more SKT shares.

Getting $2.40 per cancelled share, they are getting a discount at anything under $2.40 for the shares they are buying now.

You could be right Balance, 370,000 shares traded is more than usual on no news.

[mistaTea]

You could be right Balance, 370,000 shares traded is more than usual on no news.

Yes, I bet heaps of sophisticated investors are trying to 'pile in' to SNT despite the company not having a convincing growth story. Or any growth story at all, come to think of it.

And they have been unable to do so until a bank transfer from Sky's bank account to theirs. Because they are so hard up for cash.

Oh yes, I bet they are all dying to increase their exposure in Sky - using Sky's own money again them to boot! Muahahaa!

I mean, Jesus Christ.

[mikelee]

So current SP is already trading at EX price? If so, I'm surprised that it hasn't moved much too. So our holdings don't officially change until we're paid after 29 Nov right? Probably explains why Computershare haven't email me a statement yet.

[errornz]

Yes, I bet heaps of sophisticated investors are trying to 'pile in' to SNT despite the company not having a convincing growth story. Or any growth story at all, come to think of it.

And they have been unable to do so until a bank transfer from Sky's bank account to theirs. Because they are so hard up for cash.

Oh yes, I bet they are all dying to increase their exposure in Sky - using Sky's own money again them to boot! Muahahaa!

I mean, Jesus Christ.


Maybe they are. You don't know. You can only speculate, just like the guys above you are.

[mistaTea]

Maybe they are. You don't know. You can only speculate, just like the guys above you are.

Well sure, but it behooves us to consider how plausible any given speculation is.

[bottomfeeder]

So current SP is already trading at EX price? If so, I'm surprised that it hasn't moved much too. So our holdings don't officially change until we're paid after 29 Nov right? Probably explains why Computershare haven't email me a statement yet.

My holdings shown in Direct dropped last friday.

[bottomfeeder]

Ah metrics restated due to lower number of shares. Just need the next dividend declared then $2.80 here we come.

[Sideshow Bob]

Ah metrics restated due to lower number of shares. Just need the next dividend declared then $2.80 here we come.

Sky’s assessment of the impact of the capital return on FY22 Reported Earnings:
FY22 Reported Earnings: $62.2m
Less: net interest expense on returned cash (after tax)1: -
FY22 adjusted Reported Earnings: $62.2m
Shares outstanding: 145.6m
Earnings per share: $0.427
SKT share price (market close 22 November 2022): $2.300
Price / earnings ratio: 5.39x
1. Sky’s capital return was funded from cash reserves which earned a negligible return in FY22.

[Entrep]

This whole splitting of sports is simply a pain in the butt, and will be the same with streaming too. Just gone to watch the cricket and realised its on Spark Sport.

Aggregators like Sky have a place, at least in New Zealand I think.

Ain't nobody got time managing half a dozen streaming subscriptions to see what they want.

[RTM]

This whole splitting of sports is simply a pain in the butt, and will be the same with streaming too. Just gone to watch the cricket and realised its on Spark Sport.

Aggregators like Sky have a place, at least in New Zealand I think.

Ain't nobody got time managing half a dozen streaming subscriptions to see what they want.

Agreed.
Don’t think NZ Cricket has done the game any favours either.
Proper pain in the A !

[Entrep]

Agreed.
Don’t think NZ Cricket has done the game any favours either.
Proper pain in the A !

Yep. I’m more pissed off with Spark for outbidding Sky and stealing it at this point. They aren’t doing consumers any favours

[Baa_Baa]

Yep. I’m more pissed off with Spark for outbidding Sky and stealing it at this point. They aren’t doing consumers any favours

Or you could look at it as, Sky weren't prepared to pay over the odds and walked away, whereas Spark were prepared to pay top dollar and secure the rights. I just see it as an experienced hand in acquiring content rights deciding to leave it to the newbie who is slowly going down the toilet by over paying and underperforming.

If Spark Sports streaming is still alive in the next 2-3 years, I will be very surprised. Just read Sparks annual reports to get a feel for how they rate their Sports streaming from the time of formation to recently. Check out what their contribution to the P&L and Balance Sheet is. Spark won't tolerate that forever. Soon enough they'll be hocking off their content rights at discounted cost and be gone for good.

[sb9]

Capital Return paid into bank a/c, time for some (shares) shopping...

[bottomfeeder]

Capital Return paid into bank a/c, time for some (shares) shopping...

Yep me too, what to buy, what to buy.

[Entrep]

More SKT of course

[silu]

Oh that's nice. First toy pre-ordered from the dividend. Sony PSVR-2 coming for sure. I'm sure the next order from me to the Fine Wine Delivery company will be very big.

[freebee]

Spark sport looking at Spark sport options with TVNZ, i wonder if they have also spoken to SKY

https://www.stuff.co.nz/business/industries/130773381/spark-in-discussions-with-tvnz-about-spark-sport-content-deal

[cyclist]

i wonder if they have also spoken to SKY

I suspect such a deal (with Sky) wouldn't get past the comcom. But still potentially good news I think. I doubt TVNZ would have deep enough pockets to continue to pick up important content as existing rights run out.

[Jay]

I doubt that TVNZ would have the coin either
If Sky took it over, would it not be just going back to where it was- what's Comcom's problem with that!

There seems to be a lot of content on spark sport that about 3 people must watch, all sorts of stuff you would never know was there as they don't tell you about it, I've only seen some of it when switching over to watch F1 or WRC and as for the cricket!
Sky should offer to take the domestic cricket back off them for a $1 or 2

[hey_homes]

TVNZ has secured the broadcast/streaming rights for NZ Cricket through to the end of the 2025/26 season.

[cyclist]

TVNZ has secured the broadcast/streaming rights for NZ Cricket through to the end of the 2025/26 season.

https://www.nzx.com/announcements/404200

[Sideshow Bob]

The ship will be slightly unsteadier now......:(

[Jay]

No word on F1 or WRC - except Spark no longer has the rights to F1 after Dec 31- hope Sky pick this up cheapish

can't remember what term Spark had on F1 but it must have been finishing this year in any event unless it was a year on year thing

[freebee]

Sky picking up F1 from Jan 23 and the Melbourne Gran Prix will be free to air

[Perky]

Great day for NZ cricket fans…following this sport the last few years has been a hot mess!


Maybe D White…head of NZ cricket should retire…out hurt?

He and his advisors sold nz cricket fans down the road for a bit of lucre.

a generation of nz kids have grown up asking mummy and daddy…”what is cricket?” and us oldies been saying “remember when we had the summer of cricket…tv or radio”

I’ve taken a few bouncers to the head but I still remember this from 2019

SPARK DEAL 'FUTURE-PROOFS' CRICKET
NZC boss David White said the deal was as much about catering for the demands of tomorrow, as it was for today.

Spark uses the internet to stream games, removing the need for a TV.
"This is a deal which future-proofs the whole of cricket in New Zealand," White said.
"Live streaming is the future. It allows viewers to free themselves from fixed linear schedules to watch live, delayed, highlighted or clipped content when and where they choose, and on a wide range of devices.

Together with the free-to-air component provided by TVNZ, this accord means more cricket games than ever before will be broadcast live.
"It's timely that we make this move now, at a time when more New Zealanders than ever – and especially young Kiwis, consume their sports content through digital devices."

[Almost-confused]

Great day for Sky!!! Biggest competitor bidding up sports rights in NZ heads for the exit!

[Baa_Baa]

Great day for Sky!!! Biggest competitor bidding up sports rights in NZ heads for the exit!

You'd have to think that Spark exiting would have cast the net out looking for a buyer and at least talked to Sky, who obviously didn't like the deal and left it to the government funded TVNZ to take over. Nice.

And, we got F1 today! Brilliant.

[Almost-confused]

You'd have to think that Spark exiting would have cast the net out looking for a buyer and at least talked to Sky, who obviously didn't like the deal and left it to the government funded TVNZ to take over. Nice.

And, we got F1 today! Brilliant.

Yeah I love that Sky didn't bite. Doesn't send the right message if we took them out... Come take us on and then when you get into trouble we'll buy you out.

Gotta let them take the bath

[nztx]

You'd have to think that Spark exiting would have cast the net out looking for a buyer and at least talked to Sky, who obviously didn't like the deal and left it to the government funded TVNZ to take over. Nice.

And, we got F1 today! Brilliant.


For sure .. do I hear the computers in Willy Wonka's Beehive Nut Factory being prepared
to be set cranking over soon, working out how many extra bucket fulls of Taxpayer loot will
have to be thrown on the BBQ at the merged TVNZ trainwreck going forward ? ;)

Wonder what an economic nosedive coming up soon will do to things @ TVNZ - Will
Wellington's resident Labour Vandals just leave it to stumble along the path ? :)

[fungus pudding]

For sure .. do I hear the computers in Willy Wonka's Beehive Nut Factory being prepared
to be set cranking over soon, working out how many extra bucket fulls of Taxpayer loot will
have to be thrown on the BBQ at the merged TVNZ trainwreck going forward ? ;)

Wonder what an economic nosedive coming up soon will do to things @ TVNZ - Will
Wellington's resident Labour Vandals just leave it to stumble along the path ? :)

Now we all pay for it - seemed better to me that only the users paid. The 'free lunch' believers wwill be chuffed.

[airedale]

Daniel Dunkley on paywalled Business Desk comments on the deal and said that Sky TV is the real winner.

[RTM]

Daniel Dunkley on paywalled Business Desk comments on the deal and said that Sky TV is the real winner.

Perhaps Spark shareholders as well. I am one.

I found this bit in the announcement surprising. I thought they would have made sure they partnered with someone who was capable of delivery of the platform long term…not just the short time that Spark have been dabbling in it. I guess things can change, even so, I would have expected better selection of supplier by Spark.

“The Spark Sport platform licenced from iStreamPlanet will also no longer be made available for third party use in the second half of 2023, requiring Spark to invest in a new platform and transition customers in order to continue operating the service.”

[sb9]

Depth looks very interesting here..something cooking?

[Perky]

Depth looks very interesting here..something cooking?

probably something exciting will happen now I sold out last week after holding for a few years Got tired of waiting for something like takeover or merger to happen and saw better opportunities elsewhere. Bought at 0.12 cents so made a few shekels on the punt they were oversold. They done a reasonable job steadying the ship but

I couldn’t see anything that was going to grow the core business. They taken a lot of costs out which is the easy bit but ultimately they need to grow the revenue and I couldn’t see where that would happen. Spark sport closing helps a bit but likely headwinds as recession approaches…likely less advertising revenue, subs slow or decline as a discretionary spend.
Long term I’m not sure where sky fits in the modern streaming world. Without exclusive sport they have little competive advantage so be interesting as the sports right come up for renewal and what some of the global like Amazon espn, disney etc decide to do re sports rights

GLTH…hope something good happens for the long suffering shareholders. Will continue to watch with interest

[bottomfeeder]

Maybe considering announcing the next dividend.

[Balance]

Half year results in the bag.

Could get an update in January?

Definitely will get results in late Feb which should include a juicy dividend plus a potential on market share buyback.

[bottomfeeder]

Half year results in the bag.

Could get an update in January?

Definitely will get results in late Feb which should include a juicy dividend plus a potential on market share buyback.
$2.45. Somethings up. Low volume, but promising.

[bottomfeeder]

Oops Jinxed the run.

[airedale]

Half year results in the bag.

Could get an update in January?

Definitely will get results in late Feb which should include a juicy dividend plus a potential on market share buyback.
Sweet dreams, Balance.;)

[Mr Woods]

Is a dividend likely or expected following the Feb results?

[Sideshow Bob]

Is a dividend likely or expected following the Feb results?

Below from the AGM in November:


Mr Bowman will also provide an update on the Company’s dividend policy and signal the potential for additional capital allocation measures: “As a further demonstration of the Board’s confidence, and with reference to our view on cash generation and appropriate levels of leverage, we have made an amendment to Sky’s dividend policy. Going forward, the previously advised pay-out range of 50% to 80% of Free Cash Flow (excluding one-off items) has been increased to 60% to 90% on the same basis. We are also confirming the definition of Free Cash Flow as cashflow from operations less both replacement and growth capex, but excluding one-off items such as material acquisitions or disposals of assets.

“As a result of the change, Sky’s dividend guidance for FY23 has been increased to between $18m and $24m. This change is a positive demonstration of our ongoing commitment to return surplus cash and one that I trust shareholders will appreciate.”

So with 145m shares on issue now, their last indications means dividends should be between 12.4cps and 16.5cps.

[airedale]

Below from the AGM in November:



So with 145m shares on issue now, their last indications means dividends should be between 12.4cps and 16.5cps.
With only 145m shares on issue an on market buy-back looks unlikely.

[Balance]

With only 145m shares on issue an on market buy-back looks unlikely.

All the more reason actually to do an on market share buyback imo - tighten up the scrip by buying out the loose holders and traders.

[Moneyman]

At the AGM the chairman stated all directors and the CEO would be reinvesting their proceeds from the buyback into more shares. Given this hasn’t happened does this imply they have lost faith or something else is going on in the background?

[airedale]

At the AGM the chairman stated all directors and the CEO would be reinvesting their proceeds from the buyback into more shares. Given this hasn’t happened does this imply they have lost faith or something else is going on in the background?
Last year Ogg and MistaT would have been all over this post.Life has lost its sparkle.:) Never the less it is a good point for discussion.

[stoploss]

Keping up with inflation by the looks of it , funny how when they lost F1 and a whole host of other sports they never cut the cost ...





"We’re writing to let you know about a change to our Sky Sport pricing, with an increase of $3 per month from 1 March 2023. This increase allows us to continue to invest in and bring you the local and global sports you love. For 2023, this includes 5 world cups:

ICC Women's T20 World Cup
FIFA Women's World Cup
Netball World Cup
Rugby World Cup
ICC Men's Cricket World Cup

You can also look forward to Premier League, Formula 1, Rugby Championship, Super Rugby Pacific, Super Rugby Aupiki, NRL, State of Origin, ANZ Premiership, Supercars, A-League, NBL, ANBL, PGA, LPGA, and more - it's your sport, your Sky.
















The Sky Sport monthly price change to $37.99 ($33.03 excluding GST) will appear on your March bill.




"

[Sideshow Bob]

Just in from Missus SSB:

FYI. Looks like new charges based on below email from Sky will be:

Sky Starter = $22.60 (no change)
Sky Ent = $22.17 (no change)
Sky Sport = $33.04 (increase 5.22)
SoHo = $0
My Sky service = $13.04 (prev $0 so inc of $13.04)

New subtotal = $90.85 (prev $72.59)
GST = $13.63 (prev $10.89)
Total = $104.48 (prev $83.48 inc of $21.00 overall)

Extra 13 bucks for MySky! WTF!!

[Bjauck]

Just in from Missus SSB:

FYI. Looks like new charges based on below email from Sky will be:

Sky Starter = $22.60 (no change)
Sky Ent = $22.17 (no change)
Sky Sport = $33.04 (increase 5.22)
SoHo = $0
My Sky service = $13.04 (prev $0 so inc of $13.04)

New subtotal = $90.85 (prev $72.59)
GST = $13.63 (prev $10.89)
Total = $104.48 (prev $83.48 inc of $21.00 overall)

Extra 13 bucks for MySky! WTF!!
My parents have been paying $13.04 for My sky for at least the past year. Had you been on a special promotion? Perhaps because you live in Bolivia?

[Habits]

Sky sport now along with normal tv is the way to go

[percy]

Poor programs,Poor service.

We have received your support ticket. Your Support Ticket Number is 00596700.

We are experiencing higher than normal volumes. We’re working through queries as fast as we can, but it may take longer than usual (up to 10 working days) to get back to you.


As our phone line and chat services are also impacted, we’d really appreciate you keeping those lines of contact free for urgent queries.

Remember you can complete a variety of tasks in My Account. Just log in or click on the ‘register’ button to:

Check your current Sky subscription
View your bill
Access a range of self-service options

[3mman]

Poor programs,Poor service.

We have received your support ticket. Your Support Ticket Number is 00596700 (tel:00596700).

We are experiencing higher than normal volumes. We’re working through queries as fast as we can, but it may take longer than usual (up to 10 working days) to get back to you.


As our phone line and chat services are also impacted, we’d really appreciate you keeping those lines of contact free for urgent queries.

Remember you can complete a variety of tasks in My Account. Just log in or click on the ‘register’ button to:

Check your current Sky subscription
View your bill
Access a range of self-service options

In this modern age you don’t get many chances. Hope Sophie is reading the above.

[Balance]

At the AGM the chairman stated all directors and the CEO would be reinvesting their proceeds from the buyback into more shares. Given this hasn’t happened does this imply they have lost faith or something else is going on in the background?

It hasn't happen because they cannot buy any shares until the half year results are released.

Simple - no need to go looking for reasons which do not exist.

[percy]

Poor programs,Poor service.

We have received your support ticket. Your Support Ticket Number is 00596700.

We are experiencing higher than normal volumes. We’re working through queries as fast as we can, but it may take longer than usual (up to 10 working days) to get back to you.


As our phone line and chat services are also impacted, we’d really appreciate you keeping those lines of contact free for urgent queries.

Remember you can complete a variety of tasks in My Account. Just log in or click on the ‘register’ button to:

Check your current Sky subscription
View your bill
Access a range of self-service options

Thanks for your email,

I am just confirming to you that your request to remove Sky Sports off your subscription has successfully been actioned.

Your new monthly charge is now $82.30.

If you have any further queries or issues, feel free to contact us back.

Regards,

Yazmin
The Sky Team

That was quick.

[Balance]

Thanks for your email,

I am just confirming to you that your request to remove Sky Sports off your subscription has successfully been actioned.

Your new monthly charge is now $82.30.

If you have any further queries or issues, feel free to contact us back.

Regards,

Yazmin
The Sky Team

That was quick.

I have never had any problem cancelling sports - which I do after I finished watching the rugby or soccer world cup recently.

When they are late replying to me by a few days, they always make the cancellation effective from the day I send them the email.

[percy]

I have never had any problem cancelling sports - which I do after I finished watching the rugby or soccer world cup recently.

When they are late replying to me by a few days, they always make the cancellation effective from the day I send them the email.

First time I have cancelled anything since they came to ChCh in the 1990s.
Crikey.Think they have had nearly $40,000 in subscriptions from me.!!!!

[Sideshow Bob]

I have never had any problem cancelling sports - which I do after I finished watching the rugby or soccer world cup recently.

When they are late replying to me by a few days, they always make the cancellation effective from the day I send them the email.

If you don't watch sports, then it doesn't leave much to watch on Sky......

[percy]

If you don't watch sports, then it doesn't leave much to watch on Sky......

Agree............................................. ............. and is the reason I do not watch TV.

[Balance]

If you don't watch sports, then it doesn't leave much to watch on Sky......

The news, History & National Geographic - for less than a cup of flat white every 2 days is cheap.

[airedale]

It hasn't happen because they cannot buy any shares until the half year results are released.

Simple - no need to go looking for reasons which do not exist.
Thanks Balance.

[Sideshow Bob]

https://www.nzx.com/announcements/405703

Sky Network Television Limited (NZX/ASX: SKT) will release its financial results for the six months ending 31 December 2022 on Thursday 23rd February 2023.

[DownTownJr]

So ummm... When's our next divi... Neighbours just moved in and had sky installed yesterday, I asked them what channels they enjoy and they just shrugged voicing "I dunno, we have just always had Sky" as a holder I don't know if I like their response lol.

[airedale]

Cam Wallace and Mediaworks announce 90 redundancies. Were those cuts signalled when the business was offered to SKT?

[mikelee]

I bet Cam and the other 2 ex Air NZ executives regretted leaving the airline. It's rarely a good idea to leave a big pond for a smaller one, just so that you can be the bigger fish. Unless of course we're talking about gems like FB, Amazon or Google before they hit prime time.

[3mman]

So ummm... When's our next divi... Neighbours just moved in and had sky installed yesterday, I asked them what channels they enjoy and they just shrugged voicing "I dunno, we have just always had Sky" as a holder I don't know if I like their response lol.
Last divi was Sept 23rd so next one should be March 23rd or close to it. Fingers crossed for $0.16c per share

[nztx]

Cam Wallace and Mediaworks announce 90 redundancies. Were those cuts signalled when the business was offered to SKT?


Probably not .. the R word has only come out on airwaves since

looks like SKT has dodged a large bullet .. and maybe one flying a wonky path at that ;)

[Moneyman]

I expect maximum dividend to be $0.16 per share for the full year. Expect an interim of $0.06 or $0.07 cents per share!

[Entrep]

Probably not .. the R word has only come out on airwaves since

looks like SKT has dodged a large bullet .. and maybe one flying a wonky path at that ;)

The Sky board pointed the gun at itself and then shareholders (and anyone with a modicum of intelligence really) pushed them into dodging said bullet.

[mistaTea]

Probably not .. the R word has only come out on airwaves since

looks like SKT has dodged a large bullet .. and maybe one flying a wonky path at that ;)

We will never know the terms of the proposed SKT-MW deal - but media reports had it around $300M to buy MW (and assume $100M debt). Staggering.

And I remember talking to SM, and she looked me dead on and said that the SKT-MW deal was a very good idea but the only issue was 'timing' (and the timing was the issue for the major shareholders, not that it was a bum deal!). Ha!

Sky didn't dodge a bullet. Shareholders revolted and Management had no choice but to drop it.

In that sense, the checks and balances (to Management) for Sky TV worked really well actually.

[Baa_Baa]

I think they have some pricing power around their sports package due to some exclusivity of key sports but not much else that customers can’t get similar elsewhere for cheaper.

12.5% price increase to $44.99 per month for Sky Sport Now Month Pass, from 1st March.

Rugby World Cup,
Netball World Cup,
FIFA Women’s World Cup™️,
ICC Women’s T20 World Cup,
ICC Men’s Cricket World Cup,
Premier League,
Formula 1,
Rugby Championship,
DHL Super Rugby Pacific,
Sky Super Rugby Aupiki,
NRL,
State of Origin,
ANZ Premiership,
A-League,
Supercars,
NBL,
ANBL,
PGA,
LPGA
... and more

[DownTownJr]

12.5% increase wow that's a big jump.

[Perky]

Still a bargain. You probably couldn’t get a basic ticket, 1 beer and a hotdog for $44.99 to attend any of those events.

[mistaTea]

Still a bargain. You probably couldn’t get a basic ticket, 1 beer and a hotdog for $44.99 to attend any of those events.


Yes indeed, very true.

Although we have been making the whole "Sky is great value because its less than the cost of a cup of coffee a day for most..." argument for years now. The fact that ~300K profitable satellite subs cancelled over two to three years (despite the cost being well under a cup of coffee for the average customer at the time - some $2.63/day...) is telling.

People are price sensitive whether we like it or not.

Will the current price increase trigger mass cancellations? Probably not. Will it inhibit growth? - I suspect so.

And the impressive line up of sport is only relevant for those fans who actually are interested in all of the different codes. If you are just interested in rugby and league (for example) then the other 'stuff' that you get as part of your sub is irrelevant - you are now paying $45/month for the rugger...and that feels expensive.

[Perky]

Everyone’s position will be different. Depending how bad the economy gets I think the first thing to go from peoples sport watching budgets will be
1. taking the family to the at ground experience…tickets+beer+food = empty wallet
2. second to take the hit will be watching sports at the pub with a few mates..4 beers each and fries =a half empty wallet
3. staying home and having a few friends over to watch sky sports $44.99 + byo beers= keeping your house

Skysports will prove pretty resilient I think.

No longer a holder..just a watcher

[mistaTea]

Everyone’s position will be different. Depending how bad the economy gets I think the first thing to go from peoples sport watching budgets will be
1. taking the family to the at ground experience…tickets+beer+food = empty wallet
2. second to take the hit will be watching sports at the pub with a few mates..4 beers each and fries =a half empty wallet
3. staying home and having a few friends over to watch sky sports $44.99 + byo beers= keeping your house

Skysports will prove pretty resilient I think.

No longer a holder..just a watcher

Indeed. In that case they should jack SSN monthly sub up to $59.99 per month.

They have a great business with incredible pricing power.

[Habits]

Indeed. In that case they should jack SSN monthly sub up to $59.99 per month.

They have a great business with incredible pricing power.

And then encourage all SSN customers to become shareholders.... win win win!

[Bobdn]

I just signed up for Neon and binge watched both seasons of The White Lotus. Neon is great value. The White Lotus is exceptional - I haven't enjoyed TV so much since Game of Thrones. Not counting the last season of course which was... disappointing.

I hope Sky retains HBO's content for the sake of shareholders.

I'm no longer a Sky shareholder. Well, I own FNZ so I guess I am in an indirect, miniscule way.

[errornz]

I just signed up for Neon and binge watched both seasons of The White Lotus. Neon is great value. The White Lotus is exceptional - I haven't enjoyed TV so much since Game of Thrones. Not counting the last season of course which was... disappointing.

I hope Sky retains HBO's content for the sake of shareholders.

I'm no longer a Sky shareholder. Well, I own FNZ so I guess I am in an indirect, miniscule way.

I just signed up to Neon today especially to watch The White Lotus. Look forward to checking it out.

[sb9]

Bucking the trend in an inflationary environment. very interesting.

[moimoi]

Odd trading in Oz....

[BigBob]

2.68 in Oz... Odd indeed...!

[moimoi]

Unless there is undisclosed news after the NZX close there appears to be an algo that has been caught short the NZX / ASX cross arbitrage...

[Baa_Baa]

2.68 in Oz... Odd indeed...!

The A$2.68 trade was a single buy of 9 shares for $24 up $0.18 which fell back into the close, but still up $0.30 for the day closing $2.55. Signs of an illiquid market and wide spreads, with a meagre 23.7k shares traded in total for $55.9k

Wouldn't read too much into it, just some Ozzie punters getting excited.

[Balance]

The A$2.68 trade was a single buy of 9 shares for $24 up $0.18 which fell back into the close, but still up $0.30 for the day closing $2.55. Signs of an illiquid market and wide spreads, with a meagre 23.7k shares traded in total for $55.9k

Wouldn't read too much into it, just some Ozzie punters getting excited.

That's $2.78 close on ASX. Someone knows something?

Like a great result with an excellent dividend as well as a share buyback to be announced?

ASM November 2022 - excerpt from Chairman address :

"The Board believes that Sky's shares are significantly under-priced.

With this in mind - and consistent with the Board's stated capital allocation strategy and focus on
value creation, the Board is currently minded to initiate an on-market buy-back programme following
the announcement of the interim results, noting that the size of any programme would be determined
by reference at that time to the prevailing share price, the cash position of the company, the economic
outlook, and the liquidity of our shares in the market. By way of an example, based on the reduced
number of shares following the proposed return of capital and given Sky's net cash position, a $15
million buy-back programme would be expected to deliver a 5% uplift in both EBITDA and Earnings
Per Share."

[Baa_Baa]

That's $2.78 close on ASX. Someone knows something?

Like a great result with an excellent dividend as well as a share buyback to be announced?

Well we can hope that that "someone" is right! Not too long to go until interim results announce 23 Feb.

[errornz]

$3 inbound.

[Sideshow Bob]

$3 inbound.

Been pretty steady since then......two days from results.....:sleep:

[airedale]

No leaks from the boardroom.

[errornz]

https://www.nzherald.co.nz/business/sky-tv-plans-to-axe-90-jobs-outsourcing-to-india-and-philippines/VE3OPAWAERGPNPC6I5IZKGXGZA/

[Popeye]

Interesting timing of announcement. Perhaps trying to front foot operational cost blowouts? We will see in a couple of days..

[mistaTea]

https://www.nzherald.co.nz/business/sky-tv-plans-to-axe-90-jobs-outsourcing-to-india-and-philippines/VE3OPAWAERGPNPC6I5IZKGXGZA/


Yes, they must be absolutely gushing FCF at the moment to have to start sacking more people.

Looks like any hopes for their customer service to improve are dashed.

I knew things would be getting very tight for sky from this financial year on. I think they will still remain profitable, but a lot of hopes are going to be dashed by those who are expecting Sky to continueto gush FCF.

[Marilyn Munroe]

https://www.nzherald.co.nz/business/sky-tv-plans-to-axe-90-jobs-outsourcing-to-india-and-philippines/VE3OPAWAERGPNPC6I5IZKGXGZA/

[press statement: mode="what we really mean"] Our objective is to negatively out-preform the Inland Revenues help line."

Boop boop de do
Marilyn

[Sideshow Bob]

From the Spark result:


During the half Spark also announced its decision to exit the sports streaming market through a
content partnership agreement with TVNZ, resulting in a one-off provision of $52 million

[bottomfeeder]

Interesting timing of announcement. Perhaps trying to front foot operational cost blowouts? We will see in a couple of days..

I don't blame SKT, the so called working wage, inflationary increases in wages, and wages greed is pricing some New Zealanders out of the work force. Employees may think it's great to get a big increase in wages, but it does raise unemployment.

[bottomfeeder]

Interesting depth. I feel like selling 90 shares at 2.41, and taking that on the chin, just to see what happens.

[airedale]

One serious bidder for 14,000 at $2.40.

[mistaTea]

I don't blame SKT, the so called working wage, inflationary increases in wages, and wages greed is pricing some New Zealanders out of the work force. Employees may think it's great to get a big increase in wages, but it does raise unemployment.


Well, it goes without saying that Sky (and any other business) should always be on the lookout for efficiencies, savings etc. And if they really can get better outcomes while saving money by sacking the locals and hiring from the sweatshops, ok I suppose.

The bigger issue for Sky though is that they are still yet to articulate a cohesive growth story that is believable. Even in the latest update all Sophie can offer are platitudes.


“Our focus at Sky is to deliver excellent experiences for our customers, grow new revenue streams, carefully manage our costs, and maximise the value of our exceptional range of content,” said Sophie Moloney, Chief Executive.

I mean, ok Sophie - sure. But what does that actually mean? She cannot tell you because she doesn't know.

So far her best idea was to buy Mediaworks. And that was an absolute stinker - they are also bringing out the firing squad to desperately cut costs according to media.

And I can still hear the crickets in the distance in terms of the ground breaking (LOLL) new STB that hardly anyone is going to want. Be very interesting to see if SM can commit to a launch date. I mean, even those who don't like my criticisms have got to admit - for a company whose main revenue source comes from STB customers...to be finding it so difficult to launch an upgrade is pretty alarming.
And let's not forget - we should have had the new STB launched in 2019 (when it still had a chance of being relevant). It was called Infinite Video (Cisco) and Martin decided to kill the project when it was near completion and Sky had already spent ~$40M in development costs. At the time his view was we could bleed MYSKY customers dry and focus on launching apps instead. I thought his idea had merit, but somewhere along the line Leadership changed their mind and decided a new STB was needed after all! And so now more cost, more R&D, and so far just a soft launch to a few to trial it.

Just an absolute fiasco.

I think the resuts for the HY will be fine. A modest divvy will be handed out, and some of the posters salivating for some sort of an on market buyback may yet get their wish. This may provide opportunities for short-term trading of the stock.

[bottomfeeder]

Some small panic sellers or suspect manipulative sellers in advance of the results. Hardly think that they are in the know. So am confident that the result tomorrow will chase the SP to at least $2.70.

[moimoi]

Downtrend intact.

Announcement of layoff's did nothing to change market sentiment.

Wasn't enuff to bring the former perma-bull Mr T back into the fray.

[Baa_Baa]

Downtrend intact.

Announcement of layoff's did nothing to change market sentiment.

Wasn't enuff to bring the former perma-bull Mr T back into the fray.

There is no downtrend. The TA uptrend from 30/9/22 is still well intact, in fact the golden cross (50MA up through the 200 MA) was 10/2/23. Technically this SP is still in good shape, it would have to fall below the longer term 50MA, and about $2.35 to even consider that the current trend has reversed, albeit all basic indicators are saying sentiment here has topped out. Tomorrow's results will no doubt influence this.

No one imo should give a toss what MistaTea has to say anymore, he was serial upramper when he was holding and a serial downramper when he's not (totally biased). No credibility anymore imo, none, he shredded his credibility when he abandoned SKT after ramping it for years during a down trend, and has slagged SKT and the Board and management ever since it has recovered, now vocal on another site.

[sb9]

Very aptly put and to the point Baa_baa.

[Marilyn Munroe]

...And if they really can get better outcomes while saving money by sacking the locals and hiring from the sweatshops, ok I suppose.


A significant portion of their market is low effort couch potatoes who have a low churn rate. These clients are too valuable to be put through a "your call is important to us" phony rigamarole common to overseas call centres where endurance is required to resolve issues.

Boop boop de do
Marilyn

[mistaTea]

There is no downtrend. The TA uptrend from 30/9/22 is still well intact, in fact the golden cross (50MA up through the 200 MA) was 10/2/23. Technically this SP is still in good shape, it would have to fall below the longer term 50MA, and about $2.35 to even consider that the current trend has reversed, albeit all basic indicators are saying sentiment here has topped out. Tomorrow's results will no doubt influence this.

No one imo should give a toss what MistaTea has to say anymore, he was serial upramper when he was holding and a serial downramper when he's not (totally biased). No credibility anymore imo, none, he shredded his credibility when he abandoned SKT after ramping it for years during a down trend, and has slagged SKT and the Board and management ever since it has recovered, now vocal on another site.

So let me get this straight…

When someone is actively buying a stock because they are bullish on the future prospects…and then some time later that same person perceives that the situation has changed, is not satisfied with Board/Management decisions and no longer believes the company has an especially bright future…and sells his stock by virtue of now having a bearish outlook on the company… you think that is odd/wrong?

If life was as simple as upramper/downramper then I would have held on to my stock and kept ‘upramping’ regardless of personal feelings/opinion as we led up to the dividend and capital return. But I did not.

I appreciate a number of you probably regret not selling out when volumes allowed, but let’s not attempt to rewrite history.

[sb9]

Good set of numbers with 6c interim divvy and $15m buy back. Positive outlook with focus on more payout and FCF generation.

[bottomfeeder]

Good set of numbers with 6c interim divvy and $15m buy back. Positive outlook with focus on more payout and FCF generation.

SP? WTF? Just don't know what is happening.

[mistaTea]

Good set of numbers with 6c interim divvy and $15m buy back. Positive outlook with focus on more payout and FCF generation.

https://media1.giphy.com/media/jeXiz1RAvzX44/giphy.gif

So after all that glossy presentation stuff and the platitudes...Sky essentially created zero FCF/Owner Earnings in the last 6 months.

Cashflow from operations = $56,115,000 (down from ~$74M Dec-21).

Cash needed for 'investing activities' totalled $40,156,000 across tangibles and intangibles. This entire amount really does have to be treated as 'stay in business CAPEX' given the company is still in the fight of its life.

Then do not forget the lease costs ($13,416,000) and some other borriwings they paid back ($577,000).

So after the (impressive) growth seen in SSN, maintenance of lower STB churn rate and what appears to be peaking NEON subs...Sky generated ($56,115,000 - $40,156,000 - $13,416,000 - $577,000 =) $1,996,000 for shareholders in the last 6 months.

They essentially generated no cash in the last 6 months and the remaining $56M on the Balance Sheet is just leftovers from the money that shareholders handed over when they got mugged during the infamous Covid Capital Raise.

I mean, yes Sky is still a going concern - but you wouldn't really pitch this as a magnificent result yeah?

[bottomfeeder]

I don't understand the volatility in the SP. Nothing new. Everything was obvious weeks ago. We all new about the capex requirements and the cash flow peculiarities

[Balance]

Share buyback and dividend payout as foreshadowed at last year’s AGM.

Entirely appropriate given over capitalised balance sheet.

[mistaTea]

Share buyback and dividend payout as foreshadowed at last year’s AGM.

Entirely appropriate given over capitalised balance sheet.

Agreed 100%.

Very nice of them to return more of the interest free loan shareholders gave them in 2020 👍🏻

[Balance]

Agreed 100%.

Very nice of them to return more of the interest free loan shareholders gave them in 2020 👍🏻

Interest free loan?

Must be the best loan made by shareholders in the history of NZX!

Loan made at $1.20 and now, getting back $2.50 tax free!!!!!

More please!!!!

[Baa_Baa]

Interest free loan?

Must be the best loan made by shareholders in the history of NZX!

Loan made at $1.20 and now, getting back $2.50 tax free!!!!!

More please!!!!

Plus dividends :) and now share buyback = +EPS.

Haters gonna hate.

[nztx]

Plus dividends :) and now share buyback = +EPS.

Haters gonna hate.


Hey you two - leave something in the pot for others please :)

Remember - MrTea further up @ 13701 has already outlined how little has been generated in latest period ..

Just as well SKT didn't go dancing long term with that other media outfit earlier .. otherwise who knows what could have eventuated ..

[uravgtrader]

When are we expecting this dividend to be paid out?

[freebee]

When are we expecting this dividend to be paid out?

A nice fully imputed dividend of 6c paid into your bank on 24th March - ex divi on 9th March

SKT has been a great investment for me, SP has gone up nicely over the last couple of years and they keep giving us cash !

Looking forward to Indy and supercars coming shortly.

[nztx]

https://www.nzherald.co.nz/business/stock-takes-whats-behind-restaurant-brands-billion-dollar-valuation-slump/PBSMOAYY4NELNK6Y2WGWRS54HU/

A Mention of MW & Oaktree in the article..

Poor old MW Boss Cam Wallace not even offered a spot at SKT or olive leaf from Sophie ? :)

So forced away to into the land of Airline Companys in OZ

Come on Soph - the poor guy has been deconstructing MW very nicely for SKT's benefit
and probably would have accepted shares as part of a deal for a new spot ..

What gives ? ;)

You guys may have even landed the unwanted remnants of MW at Liquidation values too :)

[sb9]

Sophie backed up the truck and bought 38k shares on market last week. Paid top price too, 2.54 a piece.

[Entrep]

Sophie backed up the truck and bought 38k shares on market last week. Paid top price too, 2.54 a piece.

Was gonna say she might have bought my shares, but I managed to get mine away for $2.55

[Balance]

Was gonna say she might have bought my shares, but I managed to get mine away for $2.55

Soon sp will be $2.75 when the buyback starts.

[silu]

Soon sp will be $2.75 when the buyback starts.

Management seems to agree that the SP is still way to low.

[mistaTea]

instos not exactly 'loading up the truck' with SKT shares after Sophie's on market purchase though.

Mind you, given she wanted to buy Mediaworks - who in their right mind would pay any attention to her investment decisions.

[mfd]

Bowman has bought a cheeky 50,000 too. Change in sentiment underway?

https://www.nzx.com/announcements/407955

[Balance]

instos not exactly 'loading up the truck' with SKT shares after Sophie's on market purchase though.

Mind you, given she wanted to buy Mediaworks - who in their right mind would pay any attention to her investment decisions.

Sp powering on higher - should be $2,75 when buyback starts.

And how about the ‘interest free loans’ from shareholders (decried by you) which have returned 100%+ tax free in 2 years?

[Balance]

Bowman has bought a cheeky 50,000 too. Change in sentiment underway?

https://www.nzx.com/announcements/407955

Nothing stays cheap forever.

[sb9]

Could be seeing 3 handle to the sp soon...

[airedale]

Who would have thought last year, SKT bucks the sea of red today on my watchlist and maintains a green light.

[mistaTea]

https://www.stuff.co.nz/business/131450668/skypod-wont-have-tvnz-channels-on-tv-guide-after-broadcasters-fail-to-reach-deal

Couldn't reach a deal with their existing content partners. Bit of a hole in their offering as an aggregator.

Sounds like it pretty much works like SkyGO (you don't get the TVNZ channels either). So perhaps a better outcome would be to offer SkyGO as a standalone (something I have said many times in years gone by). No hardware, people can just sub to the app and start streaming.

Offering SkyGO as a standalone does require contract rework, but where there is a will there is a way. Could offer different/sharper package deals as there are less costs involved.

[Baa_Baa]

Not a big deal at all, just won't show TVNZ programmes on the SKY Box channels. The TVNZ App will still come pre-loaded on the Sky Box and have access to all TVNZ streaming channels.

[mistaTea]

Not a big deal at all, just won't show TVNZ programmes on the SKY Box channels. The TVNZ App will still come pre-loaded on the Sky Box and have access to all TVNZ streaming channels.

Well, it certainly isn't going to force SNT into bankruptcy. So in that sense, yeah no biggie I guess.

But actually it is important to Sky's pod/STB offering. You are positioning yourself as the ultimate aggregator (and that is the selling point for why people should pay you $100 for a pod or $200 for a box that Sky still own). The ability to serve up TVNZ content alongside your other linear offerings is much better than your customers launching a competitors platform to view the content.

Not the absolute end of the world, sure. But it's not a great outcome for the product either.

I wonder what the snag was in getting the deal done. TVNZ will have the domestic cricket - so would be nice for Sky to have it integrated with their other content on the pod like they will on the STB.

Maybe they will still be able to reach acceptable terms in the future.

[Baa_Baa]

Maybe they will still be able to reach acceptable terms in the future.

Yes, that's how I read it, not like they've both walked away, just haven't done a deal that suits both parties. More wonder what TVNZ wants from Sky, for what is after all 'free to air' channels. I suspect it's having to pay TVNZ for some data to populate the SKY Box programming (channel).

Anyway, as a subscriber to the Sky Box, I wouldn't be too concerned as I could just start the pre-loaded TVNZ App and use their programming channel, to find what I want to watch. That said, there's nothing on TVNZ, except maybe the news, that I would ever watch anyway.

[Entrep]

https://thespinoff.co.nz/business/09-03-2023/review-sky-tvs-new-sky-box-still-doesnt-seem-ready-for-release

[sb9]

Yes, that's how I read it, not like they've both walked away, just haven't done a deal that suits both parties. More wonder what TVNZ wants from Sky, for what is after all 'free to air' channels. I suspect it's having to pay TVNZ for some data to populate the SKY Box programming (channel).

Anyway, as a subscriber to the Sky Box, I wouldn't be too concerned as I could just start the pre-loaded TVNZ App and use their programming channel, to find what I want to watch. That said, there's nothing on TVNZ, except maybe the news, that I would ever watch anyway.

Yeah, used to watch Television programmers reasonably regularly few years ago, hardly watch any of it now except for occasional news.

[mistaTea]

Yeah, used to watch Television programmers reasonably regularly few years ago, hardly watch any of it now except for occasional news.


Yeah and we all have our preferences etc, but it more about the overall narrative about Sky losing content for various different reasons. Plenty of other people value TVNZ content: The Chase, One News, shows like Happy Valley, Eat Well for Less etc. If you are using SNT hardward to get a bundle of content, it is much more convenient to have all of the content available to you as part of the bundle as opposed to launching another app (in this case TVNZ+).

You guys are welcome to play it down, and I agree that not having TVNZ in and of itself is not 'catastrophic'. But believe me, nobody at Sky will be thinking this is a great outcome. They want people to stay in their universe of content as much as possible - not launching other apps from their platform.

Why, if you had a box or a pod but got to the point you found the majority of time you were just booting up the device so that you can launch NETFLIX, AP, Disney+ or TVNZ+ etc...well you might start to get the idea that you don't really need to pay Sky $85 a month after all!

[mistaTea]

Review of the new STB by The Spinoff.

https://thespinoff.co.nz/business/09-03-2023/review-sky-tvs-new-sky-box-still-doesnt-seem-ready-for-release

[Bjauck]

I watched David Attenborough’s Last Day of the Dinosaurs (not a metaphor for Sky!) on Skygo catch-up and almost stopped watching as a result of the number of commercials and self-promotion interspliced in the programme. Almost as bad as TV Three on Demand. At least with TV3 you don’t pay a subscription for it.

[mistaTea]

I watched David Attenborough’s Last Day of the Dinosaurs (not a metaphor for Sky!) on Skygo catch-up and almost stopped watching as a result of the number of commercials and self-promotion interspliced in the programme. Almost as bad as TV Three on Demand. At least with TV3 you don’t pay a subscription for it.

Aye, it is an ongoing challenge for the aggregators.

I believe their contracts usually involce some kind of fixed cost per subscriber and/or share of advertising revenue. So a particular partner might say they will only charge 20c per subscriber for their channel, but want x% of ad revenue (otherwise the FCPS would have to be higher).

So Sky's entire business model is reliant on advertising, and it is a model that served them very well for many years.

But now, given you can get Amazon Prime ad-free for $9/month - if you are paying Sky TV $75 per month for their Entertainment package (including the fee to be able to record programmes) you now expect that it should really have zero ads. If you are paying 8 times what you pay for Amazon Prime, it seems cruel to be subjected to so many ads and self promotion.

Even when the streaming services introduce ad tiers, there will still be an option to pay a bit more to be ad free.

Sky will need to conform to this new model in all of their service offerings I think - cheaper ad supported options and premium no ad options. But that would require a complete overhaul of their current business model and the renegotiation of their contracts. Not a small task!

[bottomfeeder]

Am I right, is SKY about to close down National Geographic.

[mistaTea]

Am I right, is SKY about to close down National Geographic.

Yes, NG is owned by Disney. So it looks like Disney aren't offering it to Sky and will have all of the NG content exclusively available on Disney+

[Zaphod]

Yes, NG is owned by Disney. So it looks like Disney aren't offering it to Sky and will have all of the NG content exclusively available on Disney+

Adding to this, the same issue has occurred with Foxtel in Australia.

[n908671]

https://www.npr.org/2023/03/06/1161382179/hbo-max-disappearing-shows-series-streaming-warner

Interesting. Hbo max pulling shows to cut costs and also to sell to other broadcasters (they mention tubi) to increase revenue.

Good news for Sky TV and other aggregators.

[zulu]

What's wrong with SKT sp ? down almost 8%.

[Entrep]

When does the buyback commence? I was told it would be $2.75 by then.

[Sideshow Bob]

What's wrong with SKT sp ? down almost 8%.

Gone ex-div and the rest of the market isn't exactly stellar.

Plus its SKT ;)

[Sideshow Bob]

When does the buyback commence? I was told it would be $2.75 by then.

Can't see that the buyback dates have been announced.

In the results announcement in Feb, it said "The Company intends to initiate this Buyback next month as will be communicated to the marketahead of the Buyback commencing." But nothing further has come out.

As for $2.75......:mellow:

[sb9]

Divvy hit the bank a/c today, very nice payout. Just waiting for the buyback announcement now.

[thebusinessman]

Pretty significant volume yesterday, well outside of the norm. Buyback commenced?

[Sideshow Bob]

Pretty significant volume yesterday, well outside of the norm. Buyback commenced?

No announcement on the buyback. Yet.

But was this announcement today.....

https://www.nzx.com/announcements/409113

Sky finalises organisational changes

Sky has concluded a period of open and constructive consultation with employees on proposed organisational changes announced on 21 February 2023, and final decisions have now been made.

The changes involve partnering with international experts Tata Consulting Services (TCS) and Probe CX Group to enhance Sky’s operations in Customer Care, Technology and Content Operations, alongside a number of leadership and organisational changes. Employee feedback has helped shape the final proposals, and organisational changes and partnerships that are now confirmed.

The changes will deliver:
• An immediate 40% boost in Customer Care to improve customer experience
• Access to specialist capability and scalable capacity in Technology
• $6 million in annualised permanent operating cost savings to be delivered in FY24 and beyond
• Savings in future capex

The changes will be achieved with a one-off cost of approximately $6 million.

Sky’s Chief Executive Sophie Moloney commented: “The organisational changes we have announced today build on the positive operational and financial outcomes achieved in recent periods. The changes will enable Sky to simplify and enhance our operations, grow our Contact Centre team to better meet the needs of customers, and access relevant specialist expertise in key areas.”

“Partnering with proven international providers gives us better access to the right technology, capacity and capability in a scalable and cost-effective way. Over the coming weeks, Sky’s customers will benefit from an immediate 40% boost to staffing in our care teams, with 200 roles created in the Philippines dealing with more straightforward queries and 100 roles retained in New Zealand handling more complex customer needs.”

Sophie added: “While we are pleased with the positive effect these changes will have on our business to enable consistent improved support for customers, we are very mindful of the impact on affected Sky team members. We are working closely with our crew to provide practical career transition support, including careers fairs with prospective employers that we expect to result in new employment opportunities for the majority of our impacted team members.”

Permanent cost savings as a result of these changes primarily relate to lower people costs, with around 170 (Full Time Equivalent) roles disestablished, and with additional savings achieved through vendor rationalisation. The changes are expected to be completed by 30 June 2023, and deliver annualised cost savings of $6 million from FY24 onwards.

In addition, the new partnership agreements will allow Sky progressively to reduce costs further through process efficiencies and automation. In FY24, the savings will support Sky’s investment in future growth initiatives including advertising. The savings are in addition to $35 million in permanent savings already targeted for FY23, and additional savings in future years including further targeted reductions in Sky’s programming cost line.

One-off costs of $6 million associated with implementing the changes predominantly relate to redundancy payments to impacted crew and transition costs, with these costs contained within the second half of the FY23 financial year. Given the one-off nature of these costs, they will be excluded from Free Cash Flow for the purpose of calculating the FY23 annual dividend.

Following the completion of the consultation process and today’s announcement, Sky confirms the guidance ranges provided at the time of Sky’s FY23 Interim Results on 23 February.
Ends

[Airw0lf]

Divvy hit the bank a/c today, very nice payout. Just waiting for the buyback announcement now.
They are probably paying a consultant to advise them on how to do a buy-back and awaiting the advice... :/

[winner69]

Sophie didn’t get Tova last year but now Tova seems to be out of a job Sophie has a find a job for her somewhere in Sky

Seems MediaWorks closing down todayFM ……whole org burning cash big time

Media company’s often first to really suffer in recessions

[Balance]

Sophie didn’t get Tova last year but now Tova seems to be out of a job Sophie has a find a job for her somewhere in Sky

Seems MediaWorks closing down todayFM ……whole org burning cash big time

Media company’s often first to really suffer in recessions

No surprises there at all!

Pro-Ardern Tova O'Brien was hired to counter anti-Ardern Mike Hoskings - she has lost the ratingswar very very very badly. Hardly made a dent on Hoskings' ratings.

https://www.nzherald.co.nz/business/mediaworks-today-fm-hosts-invited-to-meeting/TSJKSHICWZASPIDIYKCTFZNDXY/

Tova: ‘They have f****d us’

In an extraordinary few minutes of radio, Garner was joined on air by fellow host Tova O’Brien, who said the company had “f***ed us”: “We are all going to lose our jobs,” she said.

“We’ve been on-air for just a year, we were told we had the support of everyone from chief executive to the board to the executive.”

Garner said: “This is betrayal.”

[blackcap]

Sophie didn’t get Tova last year but now Tova seems to be out of a job Sophie has a find a job for her somewhere in Sky

Seems MediaWorks closing down todayFM ……whole org burning cash big time

Media company’s often first to really suffer in recessions

NBR announced yesterday subs are going up to $45 per month. Am seriously considering cancelling subscription.

[winner69]

NBR announced yesterday subs are going up to $45 per month. Am seriously considering cancelling subscription.

That’s huge increase eh …esp as quality/standards not as high as it was a year

Diminishing value / higher prices could mean exodus of subscribers

Don’t need to lose too many subscribers (15%) to be worse off

[blackcap]

That’s huge increase eh …esp as quality/standards not as high as it was a year

Diminishing value / higher prices could mean exodus of subscribers

Don’t need to lose too many subscribers (15%) to be worse off

It was already at $35 a month from memory, but yeah its a big increase. They are possibly going to struggle going forward. I also subscribe to Businessdesk but the NBR is a good balance.

[Sideshow Bob]

Buyback announcement.....they said March and it is the 31st....

https://www.nzx.com/announcements/409265

Sky’s $15 million share buyback programme to commence

Sky Network Television Limited (Sky) advises that it expects to commence an on-market share buyback programme on 6 April 2023.

Sky’s Chair, Philip Bowman, noted that “As outlined at Sky’s 2022 Annual Meeting and reiterated at the time of the company’s Interim Results announcement, the Board believes that Sky’s shares are significantly under-priced, and are yet to reflect the company’s improved results and outlook. As such, buying back shares represents an attractive investment opportunity.”

“Sky’s balance sheet remains strong with a positive cash balance and demonstrated earnings momentum. This buyback follows the decisive action already taken and reflects the Board’s confidence in Sky’s future outlook - including the return of $70 million to Sky shareholders in November 2022, raising the dividend payout ratio to between 60% to 90% of free cash flow and providing updated FY23 dividend guidance of between $20 to $23 million.”

With this in mind, the Board is initiating a $15 million on-market buyback programme. Assuming the full capacity of the buyback is utilised, at the 29 March share price of $2.55, it would be expected to deliver a 3.4% uplift in Earnings Per Share”.

The buyback programme may run for up to 12 months from today, 31 March 2023 and the Company will acquire shares through the NZX and ASX at the prevailing market price from time to time in that period.

The buyback programme will be for a maximum aggregate of NZD$15 million in purchase price and up to a maximum of 8,734,416 shares. The number of shares is set in accordance with section 65 of the Companies Act, such that the maximum number that may be acquired will not exceed 5% of the Company’s shares on issue 12 months prior to the commencement of the buyback.

The number of shares purchased under the buyback from time to time will be notified to the NZX and ASX on the business day following the date on which those shares are bought back. Shares bought back will be cancelled upon acquisition, so the number of shares on issue will reduce accordingly.

The buyback programme is not expected to continue during any Prohibited Period (as defined in Sky’s Securities Trading Policy available on its website: www.sky.co.nz (http://www.sky.co.nz)). This includes, in respect of Sky’s 2023 full year results, the period from the close of 30 May 2023 until the first trading day after Sky’s full year results announcement is made in August 2023 and a similar period from the close of 30 November 2023 until the first trading day after the release of its half year results in February 2024.

Throughout the buyback period, Sky will continue to assess market conditions, its prevailing share price, available investment opportunities and all other relevant considerations. Sky reserves the right to suspend without notice or terminate the buyback programme at any time.

ENDS

[Mr Woods]

As shareholders do we get a payment for the buyback, if so how much?

[winner69]

As shareholders do we get a payment for the buyback, if so how much?

Only if you sell your shares on market and you get what they paid for them (that’s if they bought them and not somebody else)