if Sky resume dividends, they will be able to pay out maybe 1c per share initially. They would need 110 of those to get their money back.
I can't know what they will or won't do. But Sky's intrinsic value as represented by a $/share value is now lower than when they got their shares (since their are so many more shares outstanding).
Using completely made up numbers, let's just say that Sky TV now has an intrinsic value of 40c per share.
And let's say that the company does well executing their strategy, and the Market values the company at 45c per share.
When NZR are allowed to sell their shares, the most logical thing to do in this scenario might be to dump their shares and grab what they can. However, that would still represent a big loss to them.
The only 'comfort' might be that they did not actually party with any of their own cash to acquire the shares. They just took less cash for the 5 years of SANZAAR.
As I say, I don't know how they will play it from here. But it wouldn't surprise me if they have now just 'given up' on the stock and will sell it for whatever they can when the time comes to take the cash.