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  1. #6881
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    http://nzx-prod-s7fsd7f98s.s3-websit...529/339123.pdf

    LOLLLLLLLLLLL! Not even $3K worth of shares.

    Cya later dipsh1t.
    Last edited by mistaTea; 21-01-2021 at 01:09 PM.

  2. #6882
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    Quote Originally Posted by mistaTea View Post
    http://nzx-prod-s7fsd7f98s.s3-websit...529/339123.pdf

    LOLLLLLLLLLLL! Not even $3K worth of shares.

    Cya later dipsh1t.
    Free at last...


  3. #6883
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    Thread about Sky Broadband trail:

    https://www.geekzone.co.nz/forums.as...topicid=280395

    Trail is for 6 months, so nothing will happen until 2nd half of this year.

    Interesting that Dan Kelly, ex Vocus employee is heading Sky's Broadband. FeeniX got the boot.

    It seems to me that a reverse takeover or a Vodafone/Sky type deal is possible with Vocus NZ, if their IPO doesn't go down well. Not my preferred outcome but at least something material might come out of it. Sky will have lot of capital after paying off bonds. Could issue more shares as well. So yeah, some type of Vocus/Sky merger seems very possible.

  4. #6884
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    Perhaps Sky would struggle to get the required ~$500M finance to buy Vocus NZ...

    But then again, if the Business Case stacks up I don't think it would be impossible.

    Sky are already moving into broadband, and have made noise about mobile. In other words, they want to be like a telco (and I support that endeavour).

    Why not fast track that by purchasing Vocus?

    Spark's debt is a touch under half of their annual revenue. If Sky borrowed $500M to buy Vocus, combined revenue would be north of $1B. So the debt to revenue ratio would not be out of this world compared to what we see elsewhere. And money is very cheap right now.

    On Day 1 EBITDA would rise to $200M - $220M. Sky would inherit ~200K broadband customers and then have their own huge customer base to market Sky TV/broadband/mobile/energy bundles to. It does not take much of a stretch of the imagination to see combined entity EBITDA rising to $300M.

    A conservative EBITDA multiple of 7 would value the new business north of $2B ($1.15 per share). They would quickly relegate Vodafone to third place and be a legitimate rival to Spark.

    If Sky can get the money together to buy Vocus NZ it removes issues that trying to do a merger would create. With Vocus NZ going for top dollar and our shares way undervalued, using equity would not be good for Sky shareholders.

    Other interested parties wanted to buy Vocus NZ but only offered ~$400M. I think Vocus is worth more to Sky than it is to Private Equity though.

    For Sky, buying Vocus: 1 + 1 != 2. It equals 3 or more given the huge Mega Bundle opportunities.

    I would be very disappointed if Sky was not trying to make something happen here. If they can't secure the finance required to do a deal then so be it, but this is the kind of opportunity they should be actively engaging in imo.

    Would be a much better purchase than Rugby Pass.

  5. #6885
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    Quote Originally Posted by mistaTea View Post
    Perhaps Sky would struggle to get the required ~$500M finance to buy Vocus NZ...

    But then again, if the Business Case stacks up I don't think it would be impossible.

    Sky are already moving into broadband, and have made noise about mobile. In other words, they want to be like a telco (and I support that endeavour).

    Why not fast track that by purchasing Vocus?

    Spark's debt is a touch under half of their annual revenue. If Sky borrowed $500M to buy Vocus, combined revenue would be north of $1B. So the debt to revenue ratio would not be out of this world compared to what we see elsewhere. And money is very cheap right now.

    On Day 1 EBITDA would rise to $200M - $220M. Sky would inherit ~200K broadband customers and then have their own huge customer base to market Sky TV/broadband/mobile/energy bundles to. It does not take much of a stretch of the imagination to see combined entity EBITDA rising to $300M.

    A conservative EBITDA multiple of 7 would value the new business north of $2B ($1.15 per share). They would quickly relegate Vodafone to third place and be a legitimate rival to Spark.

    If Sky can get the money together to buy Vocus NZ it removes issues that trying to do a merger would create. With Vocus NZ going for top dollar and our shares way undervalued, using equity would not be good for Sky shareholders.

    Other interested parties wanted to buy Vocus NZ but only offered ~$400M. I think Vocus is worth more to Sky than it is to Private Equity though.

    For Sky, buying Vocus: 1 + 1 != 2. It equals 3 or more given the huge Mega Bundle opportunities.

    I would be very disappointed if Sky was not trying to make something happen here. If they can't secure the finance required to do a deal then so be it, but this is the kind of opportunity they should be actively engaging in imo.

    Would be a much better purchase than Rugby Pass.
    I'm pretty that's why this Deloitte guy has been appointed interim CFO. He's probably going through both Vocus and Sky's books coming up with a valuation.

  6. #6886
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    There might be another rights placement if it happens. You better have some more cash set aside mistaTea

  7. #6887
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    Sooooooooo the take over chitchats are back on the table.
    Welcome to 2021 season of SKT.

  8. #6888
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    Quote Originally Posted by Ogg View Post
    There might be another rights placement if it happens. You better have some more cash set aside mistaTea
    I doubt it. Sky did a rights placement last time out of necessity due to Covid and the $100M bonds.

    The SP is currently below the ex-rights price. Using equity to fund any acquisitions can't be an option as it would be so wealth destructive to existing shareholders.

    And they don't 'need' to buy Vocus like they needed to clear the bonds and sure up the balance sheet.

    If they can't put a compelling enough Business Case together to get the required funding, then I think they have to take a pass on Vocus and just stick with the current plan to just use Vocus as a wholesaler (the low capital option).

    It would be a shame if they can't do a deal with Vocus as I think they could be something really special together and Kiwi's would benefit. But using equity to buy anything right now is a no-no.

  9. #6889
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    Quote Originally Posted by mistaTea View Post
    I doubt it. Sky did a rights placement last time out of necessity due to Covid and the $100M bonds.

    The SP is currently below the ex-rights price. Using equity to fund any acquisitions can't be an option as it would be so wealth destructive to existing shareholders.

    And they don't 'need' to buy Vocus like they needed to clear the bonds and sure up the balance sheet.

    If they can't put a compelling enough Business Case together to get the required funding, then I think they have to take a pass on Vocus and just stick with the current plan to just use Vocus as a wholesaler (the low capital option).

    It would be a shame if they can't do a deal with Vocus as I think they could be something really special together and Kiwi's would benefit. But using equity to buy anything right now is a no-no.
    Issuing some new retail bonds would be nice. Should be possible under a merger.

  10. #6890
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    Quote Originally Posted by Ogg View Post
    Issuing some new retail bonds would be nice. Should be possible under a merger.
    Yeah, they already have a $200M bank facility that is untouched. If the deal makes sense, getting another $300M or so should not be impossible and some could come from issuing bonds, sure.

    If the banks are prepared to let Sky borrow $200M as a standalone enterprise, then surely they would be willing to offer $500M or so for a Sky-Vocus telco.

    It all depends on how much Vocus AU want for Vocus NZ, and also how much debt Vocus NZ already has etc.

    if Vocus Aussie are being too greedy then we would have to take a pass.

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