Agreed. Less hands on. less costs.
If I can't do a job around the house to a level I deem good enough I'll pay someone to do the faster and better job. Then I can't put my energy into something else more productive.
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When the Board needed to appoint a new CEO I hope they didn’t came up with Sophie’s as a ‘safe’ choice - like ‘who is least likely to fail?’ rather than taking a risk hiring somebody fresh who could take Sky to new heights.
They took a ‘risk’ with Martin and it didn’t play out well.....maybe SKY have a weak Board not prepared to risk their own reputations and used the old ‘accelerated succession planning’ trick as the excuse to take the easy option.
I fear Sophie will use Martin’s playbook with a decent amount of cost cutting thrown in as well .....and that won’t lead to a good long term outcome for SKY
Can you imagine any of the board going for a job interview,first question:-
" were you on the board of sky when the shareprice went from $6.00 to 15c?" second question."and what do you think you have to offer us"
I don't think any of the board have any reputations left,but wouldn't it be great to be proven wrong!
Clearly the market has not reacted favourably to any of the moves that Martin made.
We can nitpick on individual decisions, but on the whole I think Martin and The Board made the only reasonable decisions possible for a company in Sky’s position.
In fact, most of the things they did were in line with what the market and the analysts were saying sky should be doing to transition to streaming etc.
Yet the SP continues to languish.
Purchases like rugby pass haven’t panned out (COVID could not be predicted), but on the whole - what else could or should they have done if the strategy to date is no good?
Genuine question.
I think they should have done what Ogg was predicting looking for a cashed up partner to merge with,but usually that does not bring job security for the board members.Just look at STU the fat cats are still there collecting their dues despite rejecting a $2.00 per share offer
I don’t think merely “find someone to buy us” is a strategy any Board could support.
If a takeover attempt occurs, and the offer price is compelling then so be it.
But that cannot be Plan A for a company with large FCF, large customer base and the ability to transform itself.
sky is making some cash at the moment; wonder what they will do with it; reintroduction of their dividend would make logical sense but I wonder if they are looking at acquiring something; company has no debt realistically with cap raise to pay off bond so it would be interesting if they would potentially acquire something as they must have some cash burning in their accounts.
the banks already secured their capital for awhile on favourable terms; new leadership now; and it will be interesting to see what they come up with.
With the drop today I appear to have become the holder of a few more SKT shares :scared:.
Derek finally packs a sad
Been a good easy job for him over 7 years ......Directors fees probably about a million plus or minus a bit
He shall be missed they say :scared:;):mad ;:
http://nzx-prod-s7fsd7f98s.s3-websit...953/338517.pdf