http://nzx-prod-s7fsd7f98s.s3-websit...870/353010.pdf
Slide 29
"The Board continues to consider capital management options, including potential for dividends, in the context of the strong balance sheet, options for proceeds from the potential sale of property, and the need to reinvest operating free cash flow in FY22 into growth initiatives"
If you start with a definitive end point and then just spend all day hunting for 'facts' that prove your latest theory you will continue to end up with Egg on your face.
This is the problem you had with the five or six different takeover theories you had over the last 18 months or so.
Now that takeovers are clearly not on the agenda, you are somehow going full throttle on the telco angle (whereas before when I used to bring up the merits of Sky doing a deal with Vocus you poo-pooed it, told me what a sh1tty use of money it would be because Vocus sucks a$$ etc etc. Telco sucks bro, we should just take 19c/share from Comcast. lol.
All that kind of weird sh1t.
And now, low and behold! Sky telco fits your 'latest theory' - and you are trying to position it as though you "thunk it up all yourself".
Bad news mate, the chances of any kind of M&A deal happening any time soon are slim. I would love to be wrong on this, but the most realistic option is buybacks and dividends.
Vocus and 2D have been working on their IPO options for months now. If a tie up with Sky was the way forward, Sophie and Philip would not be able to buy shares...a deal would be at advanced stages and imminent.
No doubt the three companies have talked to each other at various points, but nothing has come of it (clearly).
Given Osmium's (growing) investment in Sky, we are probably more likely to merge with the newspaper than anyone else at some point. Not making a prediction here, just stating that it is probably more likely given Osmium own one fifth of NZME and will probably own one tenth of Sky before long.