SKT Sky Network Television Limited.

[Quantitative Easing]

https://www.goodreturns.co.nz/articl...n-the-fed.html

"Infratil dropped 4 percent to $4.97 after raising $250 million through an institutional placement priced at $4.76 per share to position the infrastructure investment firm to pursue its growth agenda and take advantage of any new opportunities.Lister said there was likely an acquisition opportunity on the horizon.
“As a shareholder you don’t want that money just sitting there - you want them to be putting that capital to work,” he said."

Worst kept secret in the market...

[Quantitative Easing]

Sky TV bought Rugbypass for NZ$60M and that makes no real money...so SKY is at least worth 10 times Rugbypass.

[mistaTea]

https://www.goodreturns.co.nz/articl...n-the-fed.html

"Infratil dropped 4 percent to $4.97 after raising $250 million through an institutional placement priced at $4.76 per share to position the infrastructure investment firm to pursue its growth agenda and take advantage of any new opportunities.Lister said there was likely an acquisition opportunity on the horizon.
“As a shareholder you don’t want that money just sitting there - you want them to be putting that capital to work,” he said."

Worst kept secret in the market...

Yeah there is absolutely no doubt that the money is for an acquisition. The question still remains - is that acquisition Sky TV?

It might not be. But then, I am not sure what other 'infrastructure' asset are going so ridiculously cheap that they had to do a rushed CR a week after the shareholder letter said their Balance Sheet was strong and they were well positioned to do what they need to do in the coming months etc.

Can't blame Sky shareholders for getting a little excited...

[mistaTea]

Sky TV bought Rugbypass for NZ$60M and that makes no real money...so SKY is at least worth 10 times Rugbypass.

Very true!

So maybe we should expect an opening bid of $660M (38c/share)!

[Quantitative Easing]

Very true!

So maybe we should expect an opening bid of $660M (38c/share)!

I feel like paying that much for Rugbypass was a waste of money. Martin doesn't really understand the value of the dollar as opposed to Mr John Fellet. John can squeeze every penny out of the dollar. I hope Martin doesn't go on a spending spree willy nilly...

[mistaTea]

I feel like paying that much for Rugbypass was a waste of money. Martin doesn't really understand the value of the dollar as opposed to Mr John Fellet. John can squeeze every penny out of the dollar. I hope Martin doesn't go on a spending spree willy nilly...

Well, if he does try to go on a spending spree we rely on The Board to reign him in...

[Ogg]

I was disappointed the take over didn't happen today.

However, I have a strong suspicion that it will either happen tomorrow, or the latest by Friday. Why? Because if you read the Infratil placement announcement it contains this line:

"the final terms of the SPP are expected to be announced in more detail on Friday, 12 June 2020"

In other words, more details will be released on Friday.

Why did Infratil make this statement? It is because they did not provide the retail offer document in their announcement, which is odd. I suspect this is because they are still preparing it with the full details of the Sky take over. This is because they can not legally raise money publicly without a full disclosure agreement, which is required by the Financial Markets Authority.

I also noticed that the Infratil shareoffer website is down for maintenance.

https://www.infratilshareoffer.com/

I suspect that the Infratil retail document and website will contain the full details of the Sky takeover, with all the risks and legal documentation.

Otherwise, how can Infratil raise money publicly without fully informing retail investors of the potential risks?


--------

The above is all just my own opinion, DYOR.

[mistaTea]

I was disappointed the take over didn't happen today.

However, I have a strong suspicion that it will either happen tomorrow, or the latest by Friday. Why? Because if you read the Infratil placement announcement it contains this line:

"the final terms of the SPP are expected to be announced in more detail on Friday, 12 June 2020"

In other words, more details will be released on Friday.

Why did Infratil make this statement? It is because they did not provide the retail offer document in their announcement, which is odd. I suspect this is because they are still preparing it with the full details of the Sky take over. This is because they can not legally raise money publicly without a full disclosure agreement, which is required by the Financial Markets Authority.

I also noticed that the Infratil shareoffer website is down for maintenance.

https://www.infratilshareoffer.com/

I suspect that the Infratil retail document and website will contain the full details of the Sky takeover, with all the risks and legal documentation.

Otherwise, how can Infratil raise money publicly without fully informing retail investors of the potential risks?


--------

The above is all just my own opinion, DYOR.

Interesting thoughts Ogg. If you are right, we won't have to wait long before a move is made.

Went back through the Infratil Annual Report. This is what the Chairman said:

"Another factor the board focusses on is capital structure. Last year Infratil raised additional equity to improve financial resilience and fund the acquisition of Vodafone NZ. Given events, it is good to be able to report that Infratil has the funds for operational and investment needs, and to meet capital obligations, including paying a dividend."

So their bs about how they want to raise $300M a few days after writing that in the AP to build some more data centres and wind farms is laughable.

And I agree that it is very odd that they did not have an Offer Document ready to go. Sky TV did - because they were obviously planning their CR for a while and had their sh1t together.

So to suddenly go out to raise a large sum of $$$... I cannot for the life of me think of any other assets that are selling well below intrinsic value that they could buy which would be complimentary to their existing assets other than Sky.

That in no way shape or form means that I definitely think Sky is the target here. But it is plausible, if not likely.

[mistaTea]

I also think it is weird for Brookfield to be buying Mediaworks TV arm from their subsidiary Oaktree Capital. Why all the song and dance about a sale process if it is just being sold to the parent company?

Perhaps the plan is for Brookfield to have Oaktree flog off Mediaworks, and put that money towards buying Sky. Sky TV has Prime anyway, so what would TV3 give them that Sky doesn't already have?

And perhaps it would be easier from a regulatory perspective to get the Sky deal over the line if they don't also own TV3 and Bravo. Otherwise TVNZ will be able to cry foul that they are the only other 'independent' media entity competing against the Sky TV juggernaut...

So if that is correct (big if) then perhaps we wouldn't expect to hear anything until after a confirmed buyer was locked in for Mediaworks?

[RupertBear]

Geeez I am enjoying reading all these posts! Thanks guys I hope it all comes to fruition for you, I actually think it will