So your saying it's going down to 10c to just $170m marketcap?
Comcast bought Sky UK for circa NZD $55,000,000,000 just 24 months ago.
What would you rather have? Sky UK or Sky NZ 323 times over.
Printable View
Twenty years ago I would of been angry, but now just take it in my stride:). Have bought 15 blocks of shares since 5/5/20. Two of those blocks where SKT, just took a side step on 12/5/20 for a gamble. Have locked in $49,000 profit after fees and losses since 1/4/20. The other 13 blocks are in a much safer company and are already in the green about $8000, so all good and happy over here. As for SKT, you can have my entitlement offer, I am too busy buying into my next punt;).
On the off chance this information is helpful to anyone else, I contacted Sky's investor relations to clarify some details around the process for applying for new shares and payment.
This is the response I got:
"Thank you for your email.
You are correct in saying that the Retail Entitlement Offer will open tomorrow (Wednesday 27th May), and that applications must be made by 5pm (NZST), Tuesday, 9 June 2020. The payment is due by the same time of 5pm (NZST) on Tuesday, 9 June 2020, and is held in trust by Computershare until settlement on the 16th of June which is when the New Shares will be issued to you.
We do strongly recommend direct credit payment to negate any possible delays with cheque delivery and processing."
So it seems that you can apply for your shares online from tomorrow (https://www.shareoffer.co.nz/sky) but only have to make sure the money is sent through by the closing date 09 June. Best to transfer the funds by DC if you can on 08 June I think to ensure there are no issues etc.
Initially I thought that you might have to credit the funds at the same time you submitted the application, but that does not seem to be the case.
Anyway, hope this is helpful.
Sharesies just sent out their email regarding this Rights Offer now and that you can apply for your allocated shares from now until 5th June.
Thanks for all your posts mistaTea I have found them very helpful, cheers :)
I'm with ASB Securities so if the offer goes through, will they eventually show up in my portfolio on there? Haven't participated in one before.
Thanks
Just did a practice run for some shares I hold in a separate brokerage account for my son - 1,000 shares. Not sure if buying Sky shares for him makes me a good father or a bad one! Ha!
Anyway, the process was very straightforward. Applied for the maximum 3,396 for him, and received payment instructions on application submission and then again by confirmation email.
Send them another email asking if institutional investors have already used up (or been offered) their 20% over subscription entitlement as part of the institutional entitlement offer.
In other words, if there is a shortfall with the retail entitlement, will retail investors who elected to subscribe for an additional 20% effectively obtain the balance from other retail investors. Or will any short fall of the retail entitlement be allocated between both institutional and retail investors combined.
There is a difference, as there's only $38m available. Likely won't be many scraps left over.
I say cut out the middle man and hit them up with any questions you have directly. They tend to reply promptly, and their response may generate more questions from you, so might be easier to have a direct line of communication with them.
Investorrelations@sky.co.nz
Yep, but no takeovers have been forthcoming so far (much to my surprise) so the likes of NBC don’t see the value perhaps?
If they were going to make a move as you suggest, they wouldn’t want to thumb suck too long. When Sky start to grab a meaningful portion of the broadband market, the takeover price will increase significantly.
I imagine all of the ‘new’ Investors coming in @12c would be very keen for a takeover within a few months.
If the shares trade 20c+ after the CR is done, then a premium for control would be 30c+ surely.
Not bad if you can damn near triple your money in short order.
Rumor has it that a sale of Mediaworks TV assets is close to being done, hence why no redundancies were made in the recent restructure.
Will the buyer be an Australian based company, ie SevenWest, Nine, or an American media conglomerate ie Comcast, AT&T, Newcorp, Discovery.
With a strong USD you can pick up overseas assets for a lot less. The larger the company the more efficient the costs are, more vertical integration.