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  1. #2691
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    Infratil will likely put in a low ball offer of 22c first.

    Stock will then churn as people sell out.

    Bidding war would then start and offer will be increased.

    No way shareholders will agree to sub 30.

    If Comcast enters, 50c+ very possible.

  2. #2692
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    Let’s see what (if anything) happens.

    All I know is that now that Sky have confirmed they are entering Broadband - that is not good for Vodafone.

    Sky broadband would be very competitive in the market given the bundling opportunities.

    So it is not crazy to think IFT might think this is a great time to just buy them and merge it with Vodafone. Turn a serious threat into an asset.

    And because Vodafone already sell Vodafone TV as a standalone product now it would help the case for the comcom if there were major objections.

    I just don’t see how it would be even possible to argue that Vodafone would have a monopoly on sport.

    VTV is a standalone offering.
    Spark have Spark sport.
    DAZN have confirmed they are entering the market soon with a boxing offer - and would look for other opportunities in sport.

    Compelling case for them to try snap it up now. Before someone else does. And if a wealthy US company purchased sky and then entered broadband...that would be even worse for Vodafone.

    They won’t want to pay a cent more than they have to. But it would pay not to be too ‘cheeky’ with any offers I think.

    22c would be laughable and would just piss existing shareholders off.

    Could also be good news that sky was purchased by a NZ company...good PR etc.
    Last edited by mistaTea; 09-06-2020 at 03:53 PM.

  3. #2693
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    Quote Originally Posted by mistaTea View Post

    22c would be laughable and would just piss existing shareholders off.
    It is low but that's just the game as a truck load of new investors are in at 12c.

    I think a reasonable offer would be 30.

    There needs to be another serious bidder with deep pockets to push it higher.

  4. #2694
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    Quote Originally Posted by Cadalac123 View Post
    If that IFT takeover actually ever happened now would be the most awkward time to do it, and I'd have to say the SKT directors are one funny bunch
    If this was america they would be in jail.

  5. #2695
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    Quote Originally Posted by Ogg View Post
    It is low but that's just the game as a truck load of new investors are in at 12c.
    There are only a small % of new investors that actually got in at 12c.

    Remember, a big chunk of existing shareholders that took up the 12c offer are probably still sitting on an average purchase price of 50c or more.

    Def 40c+.

    The price ultimately needs to be compelling enough to convince these shareholders to get any deal over the line.

  6. #2696
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    Quote Originally Posted by mistaTea View Post
    There are only a small % of new investors that actually got in at 12c.

    Remember, a big chunk of existing shareholders that took up the 12c offer are probably still sitting on an average purchase price of 50c or more.

    Def 40c+.

    The price ultimately needs to be compelling enough to convince these shareholders to get any deal over the line.
    I do hope so but trying to be realistic though.

    Sky UK did start at £10.75, then finished at £17.28

    So that's like starting at 22, and finishing at 36.

  7. #2697
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    Ok, I reluctantly break my rule around sharing news content that sits behind a paywall as a one-off.

    The photo in the article is of IFT CEO Marko smiling with Jason Paris of Vodafone. But then the interview does not exactly scream out WE ARE ABOUT TO BUY SKY.

    Either because they actually have no interest in Sky, and want to 'stick to their knitting' like Goldsmith just suggested to Ardern? Or they are very good at keeping a poker face so that when they do launch their takeover it will give them the edge that comes with surprise...

    **************


    Infratil’s chief executive has stressed an unchanged focus on renewable energy and data sectors as it looks to put a newly announced equity raise toward accelerating accretive investments.
    The Wellington-based investment company announced earlier today a $300 million equity raise, made up of a fully underwritten $250m institutional placement and a non-underwritten $50m share purchase plan.
    Infratil last traded at $5.17 a share before it was placed in a trading halt while the placement of 52.5 million new shares at a price of $NZ4.76 to institutional investors took place.
    Chief executive Marko Bogoievski told investors in a conference call that proceeds from the raise would give Infratil more confidence to bring forward developments where their value would increase gradually.
    Infratil would have about $514m total available cash from the equity raise, existing debt facilities and cash on hand, and expected $NZ179m more cash to come next month by way of a capital return from its almost two-thirds shareholding in trans-Tasman renewables developer Tilt Renewables.
    He expected most of the raised capital would go toward existing investments, particularly in the data and renewable energy sectors Infratil operated.
    But Bogoievski made clear the company could comfortably meet existing capital commitments, and said it could support all existing foreseeable developments.
    “Our focus hasn’t changed. We’re still targeting high levels of execution in our high conviction platforms of renewable energy and data and, where possible, we will prioritise capital towards and supporting those existing platforms. There is an opportunity to go far further.”
    Overemphasise
    There was limited room to accelerate the pace of development or to bring forward new investment opportunities. Bogoievski stressed the company’s messages at the release of the full-year results, less than a fortnight ago, remained the same.
    At the time, he said Infratil’s default position was to prioritise spending money on supporting existing businesses but it wouldn’t stop looking for new opportunities.
    Today, he pointed to assets positioned for growth, including Tilt, US renewables developer Longroad, Aussie data centre provider CDC Data Centres and fledgling European renewables platform Galileo Green Energy.
    The Zurich-headquartered company, of which Infratil will own 40%, was busy looking at building its pipeline of wind and solar developments. Bogoievski said that could go quickly “and obviously, with this increased capital support, we’ll be looking to do just that.”
    Besides Infratil speeding up accretive investments, the “opportunistic usage of capital in markets like this” was a possibility. But he wouldn’t overemphasise it as a reason behind the equity raise.
    The equity raise was a balancing act “between getting that confidence right, having a conservative capital structure, understanding the realities of operating in volatile markets and sending the right message to shareholders about prudent use of precious capital.”
    Bogoievski said Infratil was keeping an open mind but it hadn’t found an investment opportunity yet that was a “compelling discount and direct casualty of Covid.”
    Effectively equitable
    The capital raise was designed to effectively be equitable in prioritising existing shareholders’ calls on their participation levels, Bogoievksi said.
    When asked why a pro rata rights issue hadn’t been offered, he said the chosen structure meant Infratil could get a quick institutional placement while giving retail shareholders more time to consider options and still give them the right to participate “up to what would look like their pro rata rights entitlement.”
    The NZ Shareholders' Association has urged companies to try and offer shares to existing shareholders in proportion to their current holdings so as to avoid them being diluted.
    A renounceable pro rata rights offer was preferred and share purchase plans were a “less acceptable” means of raising capital as they were disproportionate to large or smaller shareholders.
    The retail investor lobby group’s policy said companies should honour all subscriptions in full where possible, with scaling used to moderate any inequalities that could arise.
    From Friday, eligible Infratil trans-Tasman retail shareholders would be invited to apply for up to $NZ50,000 of new shares under the share purchase plan, and the company said the $NZ50m offer size would enable most of its retail shareholders to maintain their relative shareholdings if they wanted.
    If scaling of the share purchase plan was required, Infratil said it would do so by looking to existing shareholder holdings a the relevant record dates, and otherwise, at its discretion.
    The price of new shares will be the lower of the placement issue price or a 2.5% discount to the volume-weighted average price of shares traded on the NZX during the last five days of the purchase plan’s offer period ending June 25.

  8. #2698
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    Just catching up on this thread... I can't see any announcement from SKT about a takeover offer? Or even an article from a respectable publication with some sources?
    Last edited by Entrep; 09-06-2020 at 04:28 PM.

  9. #2699
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    Quote Originally Posted by mistaTea View Post
    Ok, I reluctantly break my rule around sharing news content that sits behind a paywall as a one-off.

    The photo in the article is of IFT CEO Marko smiling with Jason Paris of Vodafone. But then the interview does not exactly scream out WE ARE ABOUT TO BUY SKY.

    Either because they actually have no interest in Sky, and want to 'stick to their knitting' like Goldsmith just suggested to Ardern? Or they are very good at keeping a poker face so that when they do launch their takeover it will give them the edge that comes with surprise...

    **************


    Infratil’s chief executive has stressed an unchanged focus on renewable energy and data sectors as it looks to put a newly announced equity raise toward accelerating accretive investments.
    The Wellington-based investment company announced earlier today a $300 million equity raise, made up of a fully underwritten $250m institutional placement and a non-underwritten $50m share purchase plan.
    Infratil last traded at $5.17 a share before it was placed in a trading halt while the placement of 52.5 million new shares at a price of $NZ4.76 to institutional investors took place.
    Chief executive Marko Bogoievski told investors in a conference call that proceeds from the raise would give Infratil more confidence to bring forward developments where their value would increase gradually.
    Infratil would have about $514m total available cash from the equity raise, existing debt facilities and cash on hand, and expected $NZ179m more cash to come next month by way of a capital return from its almost two-thirds shareholding in trans-Tasman renewables developer Tilt Renewables.
    He expected most of the raised capital would go toward existing investments, particularly in the data and renewable energy sectors Infratil operated.
    But Bogoievski made clear the company could comfortably meet existing capital commitments, and said it could support all existing foreseeable developments.
    “Our focus hasn’t changed. We’re still targeting high levels of execution in our high conviction platforms of renewable energy and data and, where possible, we will prioritise capital towards and supporting those existing platforms. There is an opportunity to go far further.”
    Overemphasise
    There was limited room to accelerate the pace of development or to bring forward new investment opportunities. Bogoievski stressed the company’s messages at the release of the full-year results, less than a fortnight ago, remained the same.
    At the time, he said Infratil’s default position was to prioritise spending money on supporting existing businesses but it wouldn’t stop looking for new opportunities.
    Today, he pointed to assets positioned for growth, including Tilt, US renewables developer Longroad, Aussie data centre provider CDC Data Centres and fledgling European renewables platform Galileo Green Energy.
    The Zurich-headquartered company, of which Infratil will own 40%, was busy looking at building its pipeline of wind and solar developments. Bogoievski said that could go quickly “and obviously, with this increased capital support, we’ll be looking to do just that.”
    Besides Infratil speeding up accretive investments, the “opportunistic usage of capital in markets like this” was a possibility. But he wouldn’t overemphasise it as a reason behind the equity raise.
    The equity raise was a balancing act “between getting that confidence right, having a conservative capital structure, understanding the realities of operating in volatile markets and sending the right message to shareholders about prudent use of precious capital.”
    Bogoievski said Infratil was keeping an open mind but it hadn’t found an investment opportunity yet that was a “compelling discount and direct casualty of Covid.”
    Effectively equitable
    The capital raise was designed to effectively be equitable in prioritising existing shareholders’ calls on their participation levels, Bogoievksi said.
    When asked why a pro rata rights issue hadn’t been offered, he said the chosen structure meant Infratil could get a quick institutional placement while giving retail shareholders more time to consider options and still give them the right to participate “up to what would look like their pro rata rights entitlement.”
    The NZ Shareholders' Association has urged companies to try and offer shares to existing shareholders in proportion to their current holdings so as to avoid them being diluted.
    A renounceable pro rata rights offer was preferred and share purchase plans were a “less acceptable” means of raising capital as they were disproportionate to large or smaller shareholders.
    The retail investor lobby group’s policy said companies should honour all subscriptions in full where possible, with scaling used to moderate any inequalities that could arise.
    From Friday, eligible Infratil trans-Tasman retail shareholders would be invited to apply for up to $NZ50,000 of new shares under the share purchase plan, and the company said the $NZ50m offer size would enable most of its retail shareholders to maintain their relative shareholdings if they wanted.
    If scaling of the share purchase plan was required, Infratil said it would do so by looking to existing shareholder holdings a the relevant record dates, and otherwise, at its discretion.
    The price of new shares will be the lower of the placement issue price or a 2.5% discount to the volume-weighted average price of shares traded on the NZX during the last five days of the purchase plan’s offer period ending June 25.
    Thanks for sharing. You are a legend.

  10. #2700
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    Quote Originally Posted by Entrep View Post
    Just catching up on this thread... I can't see any announcement from SKT about a takeover offer?
    lol... Nothing but 10 pages of gossip and rumors so far.

    Still, I'm tipping a trading halt before open tomorrow morning. You read it here first.

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