sharetrader
Page 4 of 188 FirstFirst 123456781454104 ... LastLast
Results 61 to 80 of 3742
  1. #61
    Veteran novice
    Join Date
    Jun 2007
    Location
    , , .
    Posts
    7,244

    Default

    Good result from SKT.

    NPAT up 16.8%,

    Final div 10.5cps, Special div of 25cps. No reason for Special div given in the abbreviated report that we get from NZX.

    SP up 15c today.

  2. #62
    percy
    Join Date
    Oct 2009
    Location
    christchurch
    Posts
    14,296

    Default

    Quote Originally Posted by macduffy View Post
    Good result from SKT.

    NPAT up 16.8%,

    Final div 10.5cps, Special div of 25cps. No reason for Special div given in the abbreviated report that we get from NZX.

    SP up 15c today.


    Very pleasing result.Special divie a nice surprise.[maybe Rupert needs the cash ]

  3. #63
    Veteran novice
    Join Date
    Jun 2007
    Location
    , , .
    Posts
    7,244

    Default

    Here's the company's rationale for paying the special dividend.

    "Chief executive John Fellet said the Sky board had been conservative on dividends policy in the past, especially after the global financial crisis.

    "There have been other times we could have given a bigger dividend but we kept a reserve. We feel a bit more comfortable about the market now," he said."

  4. #64
    Guru
    Join Date
    Feb 2005
    Location
    Auckland
    Posts
    3,164

    Default

    Doesn't look like anyone has posted on SkyTV in a while.

    ComCom has approved Igloo but is looking at internet deals.

    With todays price crash I think it is a buy? Anyone actually follow this one?
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  5. #65
    Guru
    Join Date
    Feb 2005
    Location
    Auckland
    Posts
    3,164

    Default

    Quote Originally Posted by snapiti View Post
    I believe with the axing of standard tv reception in Sept 2012 there will be a big boost to subscriber numbers
    Why? Because people have to buy a box, they decide to upgrade to sky? Otherwise, Freeview is better than standard TV and most new TV's come with freeview built in so peopel may actually opt out of Sky.

    Being a Tivo user, I cnat image anyone would go back to live tv once they have had mySky or Tivo.

    Internet TV doesn't worry me to much as Sky has all the good content. Illegal downloaders will still be as prevalent as in the past.
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  6. #66
    Senior Member
    Join Date
    Jan 2004
    Location
    Christchurch, , France.
    Posts
    1,366

    Default

    Sky TV's price has crashed for the same reason that Chorus's share price crashed and Telecom before it. And Meridian, Genesis, Mighty River, Contact and Solid Energy will after it. And more that we cannot yet guess at.
    Until the Government brings ComCom under control NZ is no place for investors. Its the beginning of the end of the NZX and NZ having a sharemarket. Australia under Labour and Julia Gillard/Swan is a friendlier place than NZ under ComCom regardless of what stripe of government we have!

  7. #67
    Senior Member pierre's Avatar
    Join Date
    Jul 2004
    Location
    Hawkes Bay, New Zealand
    Posts
    845

    Default

    Hmmm - so the Todd Family has sold out of Sky. In my experience (I've worked in businesses owned or supplied by them) they don't make major moves wthout a damn good reason.

    I wonder what dark clouds are on the horizon for Sky? The Todd's usually have a pretty long telescope - and their vision is generally spot on.

  8. #68
    Advanced Member
    Join Date
    Oct 2001
    Location
    chch, , New Zealand.
    Posts
    2,272

    Default

    Quote Originally Posted by pierre View Post
    The Todd's usually have a pretty long telescope - and their vision is generally spot on.
    Thats what i thought when i followed them into Provenco.
    Thankfully i had the sense to get out without too much damage

  9. #69
    Senior Member Halebop's Avatar
    Join Date
    Jun 2003
    Location
    New Zealand
    Posts
    1,237

    Default

    Quote Originally Posted by pierre View Post
    I wonder what dark clouds are on the horizon for Sky?
    In an environment where customers have access to online streaming services (both legal and not) it seems probable that some combination of retention, margin and/or growth would be impacted. While Sky may transition to a model that copes with this, it seems likely it will also add complexity and cost in the interim. I find enough uncertainty with future prospects to avoid.

  10. #70
    Member
    Join Date
    Aug 2000
    Location
    Lower Hutt,NZ
    Posts
    205

    Default

    Special dividend 32 cents Woooow

  11. #71
    Dilettante
    Join Date
    Mar 2010
    Location
    Down & out
    Posts
    3,452

    Default

    Quote Originally Posted by Jim View Post
    Special dividend 32 cents Woooow
    Good news indeed for shareholders Jim. I am not a holder but was meaning to a couple of months ago but decided instead to buy an apartment in Europe. Time will tell which was the better investment !

  12. #72
    Guru
    Join Date
    Feb 2005
    Location
    Auckland
    Posts
    3,164

    Default

    The reference to paying the special dividend to payout IC's (as opposed to surplus cash) must signify that they expect a sell down by News Corp (note: if News Corp sold, all IC would be forfeited).

    There have been rumours so this indication by the board can only cement them??
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  13. #73
    Adventurer Silverlight's Avatar
    Join Date
    Dec 2009
    Posts
    513

    Default

    Quote Originally Posted by CJ View Post
    note: if News Corp sold, all IC would be forfeited.
    Hi CJ, can you expand on that, why would the credits be forfeited?

    Are there rules with the IRD and tax credits becoming defunct when there are changes in ownership greater than a certain percent?

    thanks
    ~ * ~ De Peones a Reinas ~ * ~

  14. #74
    Adventurer Silverlight's Avatar
    Join Date
    Dec 2009
    Posts
    513

    Default

    Did some digging found the answer

    Quote Originally Posted by IRD Website
    Change of shareholder continuity

    Imputation credits can only be passed on to shareholders if at least 66% of the company’s voting rights and/or market value interests haven’t changed hands, from the date the credits arose in the ICA to the date when they are passed on to the shareholders—see page 18 for special rules for qualifying companies.

    Shareholders’ economic interests in a company are generally measured by reference to their direct and indirect voting interests in the company. In certain circumstances the shareholders’ economic interests in a company will also be determined by the market value of interests in the company. This happens when the voting interests don’t reflect the true economic interests held in the company. For more information about this, see our Tax Information Bulletin (TIB) Vol 3, No 7 (April 1992).

    If a company’s shareholder interests change by more than 34%, the company has lost shareholder continuity. In this situation it must enter a debit in its ICA to eliminate any unused credit balance.
    ~ * ~ De Peones a Reinas ~ * ~

  15. #75
    Guru
    Join Date
    Feb 2005
    Location
    Auckland
    Posts
    3,164

    Default

    Quote Originally Posted by Silverlight View Post
    Did some digging found the answer
    Thats the one. There are rules so you can pretty much ignore movements between small (<10%) shareholders.

    But Todd sold out 10% so only need another 23%ish to sell, News Corp owns 40%ish?? so if they sell they are gone.

    Normally if the transaction was orderly, a special dividend would be paid just prior. So preempting it suggests a non orderly rushed transaction??
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  16. #76
    Guru
    Join Date
    Apr 2007
    Location
    Hamilton New Zealand.
    Posts
    4,161

    Default

    Hi guys Can you elaborate more about this IRD thing and the possible reasons why SKT have it....reading the IRD piece...Am I right to believe that this is a defensive weapon created by the IRD to deter hostile takeovers which seems to has a negative effect on everyone (e.g incl mum and dad investors) not just towards the hostile raider only???....

    I can't quite understand the IRD rationale here..it seems destructive to me....as it forces the company into creating a special dividend whether it has surplus cash or not.

    There are other defensive strategies to deter a hostile takeover...e.g shareholder rights issue trigger + heaps of others.

    From my confused understanding of this IRD piece it seems SKT is more worried about the dumping scenario and not the possible takeover scenario..............or both?............Have I got the correct understanding of the IRD law????.

    So why did the shareprice go up??..SKT is giving away part of its assets?...What happens in the future?...do they have to build the ICs up again and with the possibly the next dividend is not or only partially ICed??

    Does that apply to STU now...has STU lost its IC with its major shareholder exiting

  17. #77
    Permanent Newbie
    Join Date
    Mar 2010
    Posts
    1,169

    Default

    Quote Originally Posted by Hoop View Post
    Am I right to believe that this is a defensive weapon created by the IRD to deter hostile takeovers which seems to has a negative effect on everyone (e.g incl mum and dad investors) not just towards the hostile raider only???....
    :
    The imputation regime has nothing to do with takeovers but can be affected by them. The imputation regime was designed to prevent the double taxation of company earnings. A company pays tax on its profits. When the company pays tax this is recorded in an imputation credit account. When a dividend is paid these imputation credits can be attached to dividends to avoid taxing the same income twice. Rules around shareholder changes is to avoid trading in imputation credits. i.e the shareholders who owned the company when it made the profits and paid the tax should be the ones to benefit from the imputation credits. Cleaning out the imputation credit account by paying a special dividend could indicate a change of shareholders owning more than 10% could be imminent.
    I am not sure about the rules for a publicly listed (widely held) company. A less than 10% holding can be traded without affecting the imputation credit account so I guess the 66% continuity would be based on transfers of more than 10% so a lot would depend on when shares are transferred and taxes paid. It would seem pretty harsh if a large shareholder could wipe out the imputation credit account without warning management.
    Last edited by Aaron; 30-11-2012 at 10:50 AM.

  18. #78
    Guru
    Join Date
    Feb 2005
    Location
    Auckland
    Posts
    3,164

    Default

    Good summary from Aaron. The rules are designed so that the shareholders that paid the tax receive the benefit. It is an anti-avoidance type rule to stop you transferring your shareholding to another person who can better use the imputation credits. The rational is a bit flawed as if the asset was a physical asset, rather than tax, there is no issue with this.

    It would seem pretty harsh if a large shareholder could wipe out the imputation credit account without warning management.
    I don't believe there is any room for IRD discretion on this.

    Hoop - re:STU, my guess is yes. Per the AR2012, they had 18m IC's and roughly paid tax of $5m (new IC's) and IC's on dividends of $5m so they were essentially neutral annually. Therefore, it wont have an impact on normal dividends (since IC's attached normally less than the tax paid) but may effect a future special dividend.

    Note: the likes of FBU don't have enough IC's as some of their profit is earned (and taxed) overseas. As such, they attach RWT credits as well.
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  19. #79
    Guru
    Join Date
    Apr 2007
    Location
    Hamilton New Zealand.
    Posts
    4,161

    Default

    Thanks for that guys...much appreciated

  20. #80
    Member
    Join Date
    Jan 2004
    Location
    , , .
    Posts
    402

    Default

    Quote Originally Posted by CJ View Post
    ......

    Note: the likes of FBU don't have enough IC's as some of their profit is earned (and taxed) overseas. As such, they attach RWT credits as well.
    they attach RWT credits as well ?????
    Rather they take them out of your dividend, thereby reducing the dividend paid out!!!!!

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •