You're on to it .. are you interested in a new day job @ SKT HQ ? :)
There seems to be large void there in need of some real good talent ..
at a very high level
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Those reports about the transaction probably being $220M + in order to require a shareholder vote…
Well, Christ Almighty - NZME is only valued at $245M and they are a much better business.
Why wouldn’t we just merge with them instead? Don’t even need any cash to do it…just a straight share swap.
Still plenty of cash for buybacks and divvys…
And a SKT-NZME entity would be far better than SKT-MW.
The whole thing is just infuriating because it’s so damn stupid.
I’d prefer to get the SP up first with divvys etc and then merge with NZME. But if these arse clowns are going to do something stupid pile buy MW then I would take the NZME merger now instead any day.
There is a slight problem Muriel
Everyone around the negotiating table thinks a large $100m + Loan Liability is an Asset
And a Slightly reduced Loss for last FY means a record Billion Dollar Profit the next year
over the Airwaves and Billboards everywhere.. even those facing down towards the ground
No-one has been able to determine why their rough back of envelope calculations
are wildly out of wack and where the large imbalance is ;)
If any shareholders do wish to exercise their rights for a buy back the relevant sections are
section 110
https://www.legislation.govt.nz/act/public/1993/0105/latest/DLM320496.html?search=sw_096be8ed81c295af_buy+out_ 25_se&p=1
section 111
https://www.legislation.govt.nz/act/public/1993/0105/latest/DLM320497.html?search=sw_096be8ed81c295af_buy+out_ 25_se&p=1#DLM320497
investorrelations@sky.co.nz
investorrelations@sky.co.nz
But the company press release says the transaction needs to pass by a simple majority (so just an ordinary resolution, not a special resolution) whereas a major transaction would require 80% under the legislation, presumably then this isn't actually expected to be a major transaction - so why the need for any vote at all - I'm confused, can anybody throw some light here?
Can someone prepare a template email with [insert name], [value of share held] and etc we can copy paste, fill and email to investorrelations@sky.co.nz ?
If the board are serious about the purchase, I hope they are not extrapolating profits of cash flows. MW has been losing cash over last five years. 2021 was slightly cash flow positive, so a dunderhead SKT director must see that it follows that within the next five years it will be a gold mine. Have to pay based on the fifth year extrapolation. A real Tui moment.