120,000 is not a large qty to short.....
I'm confused why they even needed to do that disclosure as its nowhere near 1%. Mista , you got any clues bro?
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And dont worry guys this pussy will happily lap up any discarded shares :t_up:
My money is not earning any interest with ASB anyway, so would rather top up in case of dividend next year. I'm in this for the long term so not too worry about the downward trend yet.:)
I cast my eye over the SPH and was a little confused.
It looked like their holding hadnt changed?
Surely if they loaned it out as the second part implied then they dont have beneficial interest anymore and should've declared a lower holding. But yeh its not worth much brainpower as MT says.
I reckon if they joined up they have the potential to become an absolutely HUGE (like Trump HUUUUUUUGE) company. They would be one of the juggernauts by NZX standards on Day 1 anyway.
Spark Sport would almost certainly throw in the towel. It would be Spark's third failed attempt at entering Live Sport.
That SPH looks like they have a lot of shares in various entities (See annexure A at the bottom), but have acquired 120,000 more on loan for some reason. Weird. Perhaps they are just nominees/acting on behalf of many individuals?
Sold a week ago to chase something shiny, I was quite worried that the property sale would have been announced in the interim.
Super happy that I effectively increased my holding by 15% in the process with my other gains and the share drop today allowing me to buy back in cheaper.
Brought on the asx to try and milk a few more % gains from the currency variations. And so the long wait begins again, albeit with a cornerstone investor who allegedly wants to increase their stake and a very valuable property to be offloaded.
Still exciting times ahead
Write up in the Herald about Foxtel.
https://www.nzherald.co.nz/business/...ectid=12476212
If Foxtel do IPO next year, it will be an important valuation benchmark for Sky I think.
They are aiming for north of 10x operating cash flows based on pitching Foxtel as a growth business. All growth coming from streaming.
If that holds true, then even if the Market didn’t see the same upside potential for SNT…I think you should still rationally expect an operating cash flow multiple of 6-7. That alone would be a valuation of $600M-$700M based on the low point earnings expected in FY22.
And if Sky succeed in their turnaround (and we are following the exact same strategy as Foxtel, only about 6-12 months behind…) then we can expect a higher multiple of higher operating cash flows.
Or yeah, we could all short cut the whole thing with some kind of a deal.
Let’s say Foxtel have an EV of $3.65B to keep numbers simple. They have $650M debt. So their quoted value is $3B.
Let’s say Sky get the low end valuation of $600M. But we will have ~$100M in the bank after the property sale and no debt. So EV of $700M.
You create more shares in Sky (easier to do now that we only have ~175M s/o) so that Foxtel own 77% of the new entity and existing SNT holders have 23%.
I think a split like that would be fair to all, and both would stand to realise significant upside as the new business is better positioned to reduce costs and flex muscles in important content rights negotiations.
Yes, the two businesses are literally identical in every single way.
And both have content deals with the same studios.
It is the most ‘obvious’ option, if a deal is to be made.
A combined entity would produce revenue north of $4B within a year or so.
EBITDA would be around $450M, implying underlying Owner Earnings of $250M+.
That’s when Spark throw in the towel for the third time.