Macquarie reiterates its $4.40 outperform.
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Macquarie reiterates its $4.40 outperform.
UBS been lending the shares to shorters.
https://www.nzx.com/announcements/381788
I had a look at Shortman , it doesn't appear the SKT is being shorted..
I think it would be abit of a GameStop moment if Sky is being shorted..
https://9to5mac.com/2021/10/28/comca...s-xfinity/amp/
Clearly Comcast are forming a close partnership with Apple.
If only Ogg’s dream of a Comcast takeover came true - we could get in on this in NZ.
I was mistaken when I said "a year or so ago".
I have since been able to clarify that the 23cps opening offer happened only a few months ago in June.
The PE outfit could still be tempted to buy Sky, but won't approach again until they are confident the Chairman has changed his tune.
Over to you Ogg, if you still want a deal you had better get on Bowman's case :t_up:
I am sharing this info now because I am confident I am not breaking any rules, after all - this happened in the past and is not an ongoing discussion. Just a 'hypothetical' as Bowman stated in the AGM.
All absolutely true except it was not Comcast who tried to do a takeover.
It was another PE outfit.
Comcast did try do a partnership/JV with Sky via their own PE vehicle a year or so back. Not long before we did the CR. They were going to pay the bonds off for us as part of the deal I believe.
But Sky didn't want that either - and 'Pooman' decided that a dilutory Cap raise was the best thing for shareholders instead!
So 'Pooman' does have to do something big next year for Sky that gets the SP to absolutely rocket in order to justify rejecting these opportunities.
A substantial capital return backed up with a generous dividend policy could still do it...but the longer he waits, the higher he needs to lift the SP to make up for the opportunity cost of rejecting the deals presented thus far.
Sky is doing quite well when compared to Air New Zealand and Sky City... The company isn't bleeding $1mill a day and is just undervalued.
Sky is in a strong position, I'm hoping they are fishing for $3+.
Sold to private owners.Quote:
14 Leonard Road
To be fair to 'Pooman'...the insanely low SP has made it more difficult to get any deals done that would pass a shareholder vote.
I know that PK would have been against the 23cps offer...even if it lifted to 27cps final offer. He is very patient, and he is thinking more in the $4/share range as approximating fair value once Sky sell the property and resume dividends.
And with ~5% voting rights, it makes it hard to get any deal done if he is not in favour. Usually takeovers are voted on by way of SOA. So you need at least 50% of eligible shareholders to vote, and then 75% of those that do vote need to be in favour of the deal.
If you had 100% voter turnout, then just to nullify BlackCranes 'NO' vote, you need 15% 'YES' votes.
But, of course, 100% of shareholders don't vote. You would be lucky to get 70%-80% turnout. So to just cancel out a 5% shareholder NO vote you end up needing 20% YES votes or more.
And BlackCrane would not be the only shareholders against a deal that you could easily argue is low ball.
So though I do share the concern around the AGM's being non-events, and things seeming to proceed far too slowly...I don't envy Bowman's position in that regard...trying to maximise shareholder value when the market hates the business so much.
I like all of the things they are investing in - I just wish they would be faster to market. I support the sale of the campus - I just wish it didn't take them 6 months to get a deal done.
But it is also fair to say that there is light at the end of the tunnel (barring any more unforseen events). A buyback and healthy divvy policy should push the SP up to the $2.50- $3/share range. Clearly, a stronger SP puts Sky in a much stronger position to negotiate things like mergers with telcos or Foxtel...or even discuss a takeover possibility with PE etc.
So definitely not all doom and gloom, and I am certainly not selling any shares (mind you, my plan when I bought SKT was just to hold them forever! So probably no surprise there!).
I am optimistic that 2022 will be a strong year for Sky now that a couple of key investments - broadband and new STB - have been made. Just a matter of time before they enter Mobile I reckon - at which point you do have a nice business supported by multiple revenue streams. Makes Sky much more difficult to contend with for the likes of Spark Sport (who I don't personally see being around for much longer - Spark Sport has been an absolute flop).