COVID Level 1 from midnight tonight.
Should see live crowds in the new Super Rugby competition this weekend...
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COVID Level 1 from midnight tonight.
Should see live crowds in the new Super Rugby competition this weekend...
Pretty dodgy how the management joined in now from virtually no shares before. Guess it means that there is only one way up for this stock.
Yeah and I am not pissed off with Blair or any of the others who buy in @12c per share as part of the placement when they had no skin in the game before.
They have been presented with a ‘sweet deal’ and naturally they will take advantage of the opportunity.
It is the Board of Directors who signed this off that need a slapping. How on earth did they think that existing shareholders would look at this with anything other than disgust?
I hope that as directors and senior managers they realise that their number one goal is to maximise shareholder wealth. Not to sell the shareholders down the river.
I always wonder where the share price would be today if John Fellet was in charge at the helm. Sky didn't have a vision beyond satellite TV under him, so it would definitely be lower than what it was when he retired. But he was your classic frugal businessman that tried to bean count and maximise profits. I'm sure dividends would still be paid out under him and he would never have done a rights issue when the share price was so low to begin with.
You can't be sure about that at all.
Mr Fellet's stewardship over huge shareholder wealth destruction stands. When Sky's answer to thinking about forward tech was bringing Derek Handley onto the Board I lost all confidence in him. Sadly Handley still haunts the Board.
I think one has to separate perceived errors in strategic judgement with how he behaved towards shareholders.
In my view, if you looked through his record, you would have to draw the conclusion that he was definitely trying to maximise shareholder earnings/wealth throughout. He would not, for example, pay over the odds for content no matter how great it was. There were times in the past where he would have to reluctantly pass on some content because to 'win' the content would be too destructive to shareholder wealth. As a quick aside, more often than not when a party would pay over the odds to outbid John on some content, they very seldom did it a second time when the rights were up for renewal again. Reason being that they were not able to make any money off the content and would not be able to sustain another loss moving forward.
John definitely made mistakes around strategy with regards to streaming. He did not want to cannibalise his high margin satellite base as he wanted to maximise earnings for shareholders. So in his way he was looking out for shareholders, however it was a strategic mistake in my view. It is entirely possibly to have your shareholders best interests at heart and still cock up.
As I have outlined previously, his last gift to shareholders was supposed to be the Vodafone merger. He saw the writing on the wall when Netflix entered the market, and Vodafone-Sky would have been a terrific business. It was blocked by the regulators, and John quickly formed the view that he was no longer the best person to lead the company. It was not in shareholders best interests.
And this is key. He was getting paid $2M a year and The Board were not asking for him to resign. He could have stayed on if he just wanted to line his own pockets.
John Fellet was not perfect and made mistakes for sure (show me a leader anywhere who hasn't). You can acknowledge his errors but still give credit where credit is due though.
Ah Christ, I think I just became a FELLET FANBOY!
Just saw an ad on The Herald for TV One - tonight at 20:30 they are airing the first episode of 'Bodyguard'.
Bodyguard as a Netflix Original starring Richard Madden (Rob Stark in GoT).
TVNZ have done a deal with Netflix to broadcast their content?
Pretty sure it is produced by BBC https://en.wikipedia.org/wiki/Bodygu...ish_TV_series) Netflix look to have the rights (same as TV1).
Great series BTW.