Originally Posted by
mistaTea
I think there is a lot of merit in the points you make.
To be fair to Martin though (and believe me, I am annoyed at how this CR has been executed for a number of reasons, including letting management who don't own stock come in and snap up new shares @12c...) he has to play the cards that he has been dealt.
Sky TV is a listed company, and the SP has fallen to levels that are just bonkers. That is despite stronger than expected progress in some key areas. All of the criticisms made of what Sky has done wrong and need to fix...he has agreed with and moved quickly to change.
He does have to be careful and cannot keep diluting existing shareholders etc. Absolutely, no argument there.
But apart to giving him crystal ball so he could have done this CR at a better time...overall, I can't really fault the strategy.
So I have to separate my disgust at elements of the current CR with my view of what the company will be worth over time given the strategy.
I do agree though that, ultimately, Sky would be better off if it was taken private.