I agree with you.
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Would be great to have some sort of updated from Jarden and Sky about these. What, who etc etc. Rather than use just speculating all the time surely we deserve an update.
Ogg must have dumped his shares now? Didn't the cage gifs and countdown timer indicate that he was OUT regardless if no takeover announced today?
I tuned out there for a while, so not sure I am up to date.
Sophie also usually does a bit of a show and tell each presentation so we can learn how many Maori words she learned last week.
Let's see how she does today!
Awesome start video. Got me hyped. Interesting choice of words
Much much more.
Its just the beginning.
CFO - still interim.....?
Property sale expected to be updated by AGM.
Expect to be able to update market on property sale by AGM in October
Couldnt do site tours????? WTF? We went into lockdown on the 18th?
FCF Target 2022 $85-95m
"Couldn't do site tours" - anyone who buys the site will be demolishing everything anyway
Noone Cares Arie, ask about the takeover. God hes irritating "i guess" "to to to' "and and and" "you you you"
Just give it to us straight mate??!
Man is Randy Andy the CEO or Sophie?
He just jumps right in!
Sounds like property proceeds will come back to us eventually
These analysts are so focused on micro details!! Olympic costs in 2024?? seriously?
AN easy question - "What's the reasoning for a Share consolidation"
No takeover questions yet :t_down:
Oh excellent to hear they will likely be hanging onto to HBO content! Even in a non-exclusive deal, That would be massive.
SERIOUSLY? Those were the analysts questions?
WTF!? Not a single question about takeovers??? Are you Fning kidding me????
How is RugbyPass going....?
Why cant we ask questions ffs
Arie must be getting a good bundle offer from Sky in return to ask those questions.
If they simply do a capital return to shareholders with the property sale proceeds it really is a non-event since the 'gain' is a non-recurring.
If they can't do any material investments with it (which Andy pretty much said they can't...the 'big' investments they are planning relate to extending broadband and the new STB...nothing about acquiring anything else...)...
.... well, then the only way to return capital in a way that increases per share value is a buyback.
But shares are already going to drop to 174.6M after the consolidation. So there aren't very many shares to buy back!
To be fair, they can't really say too much until they have a signed deal.
I reckon they will just do a divvy. The SP will be $1.60/share...so they will say hey guys, look we 10x'd the SP so it isn't undervalued now. he he he. Doesn't make sense for a buyback now! Take your divvy, and don't worry we will send a third of it to Cindy on your behalf! he he he.
Christ I hope I am wrong.
Sounds like they will be announcing a deal with Comcast soon.
Just not the one Egg wanted!
AHH HUHUHUHUHUH!
Who just dumped
Damnit OGG! I hadn't finished selling yet!!! Might have to keep some in the bottom draw for the eventual takeover...
Might Get our dollar if it goes to 10 cents then consolidates.
One wonders if the desire of Sky to leaseback the studio is causing some issues with the property sale - I’m sure those looking at the entire block would want to redevelop the site fully in the near term and don’t want sky as a tenant. Hopefully Sky can negotiate a short tenancy and move its operations quickly to a new site.
Looks like I will give these guys until 28 October, and then I have a decision to make.
If they just do some kind of one-off capital return, it may be that I wait for the cheque and then sell my position as, in my mind, they will have demonstrated that Sky's future will continue to be bleak despite the cash.
I stated a while back that in this day and age, you now either need to own the content or the distribution network to be able to grow and succeed.
ST members like Ogg prefer the content ownership path, and this has a lot of merit. This could be achieved by actively seeking a sale to Comcast...or some kind of JV partnership where Sky gets exclusive 'free' access to their entire content library. The market would view this favourably.
Without repeating myself too much, the other option (which I prefer) is to become a telco. This could have been achieved by doing a deal with Vocus. But the market would also view it favourably if Sky owned the distribution network.
And think on this - prior to fast internet c. 2015...Sky did exactly this...they owned the distribution network (satellite). As there was no real alternative for premium TV, their profits and FCF was embarrassingly high. Now, they had a monopoly on the network then and they would not now...so i am not suggesting they would earn the same kind of money again...but owning a broadband network to complement their satellite network would be a good thing.
It is clear that they screwed up a sale of Sky.
It is clear that they are not going to venture into telco.
So that doesn't leave much to look forward to. Sky continuing on as an aggregator with 3%-5% of their base taking their wholesale broadband offer is not much to be excited about. Sky will probably 'muddle along' down this path, but they won't achieve much meaningful growth that hits the bottom line and the market will continue to value the business as though it will be broke in 5 years.
Yes agreed. And if Sky are selling the campus they will already have plans in place in terms of where they want to move to. They would have made advanced plans on where to move to before selling the entire campus.
I imagine they want a more central location so that they can attract more talent (worker talent, not hot chicks to be clear :t_up:)
Market has obviously just clicked that the current Board of Directors have no real plan.
This seems like dead money for the next 12 months
Let’s hope this dog continues to tank so management actually feel the heat to address the takeover offers properly to the market. Right now the market is speaking loud and clear about the silence.
I still think it’s completely unacceptable that the expressions of interest weren’t described in more detail to the market.
Why is it taking Jarden so long to “assess” them? Should be obvious whether they are viable or not by now. Either “yes - they should be considered” or “no - they are below market value for the assets”. Is it taking so long because fhey are in discussions to improve the offers? Perhaps that would account for the ongoing “assessment” status?
My thoughts exactly. Slight upside if board achieves or exceeds guidance, or the property sale is really valuable, larger downside if they fail to achieve guidance. Not sure what my next move is just yet. Whilst I still think Sky will produce cashflow for quite some time, I'm becoming increasingly uncomfortable with the board. Why have the 200m bank facility if your going to hold onto every penny of FCF, they gave no indication of any large ticket acquisitions that would require such an iron grip on retaining earnings. A regretful purchase at this point, especially the small portion I bought at 17.2 :scared:
Totally agree.
At this point, it is hard to see how this board of directors are up to the task.
They won't sell the business. They won't buy anything. They hoard all FCF and won't use ANY leverage to grow the business in a meaningful way.
If we are lucky we MIGHT get some kind of a payment next year. But they will probably disappoint is there too - either by the amount they give us or the mechanism for distribution (i.e a loathsome dividend).
Seems like they want to hold on to any profits made for when things go south, they can pay director fees and salaries until the ship sinks. They talk about shareholder value but nothing's been done.
SP was already under pressure when this lot took over, but the crash accelerated under them.
Over the last two years they have overseen one of the biggest examples of wealth destruction in NZ corporate history I think.
And what have they done to change that sentiment? Certainly not practical things like reinstate some kind of a dividend at a minimum...
Nope, just bang on about deal renewals that they have had to overpay for.
What a mess.
It seems highly likely that Martin left so suddenly because they are incompetent. I reckon he just gave up as it was like hitting his head against a brick wall.
He resigned from a $1.5M a year job in December, yet only actually left the country 6 months later.
Certainly did not need to leave so abruptly (I mean Sophia 'kia kaha' Moloney too over the next day for all practical matters)... unless he couldn't deal with the board anymore.
They have also blamed COVID for things and we have not been able to hold them accountable as have to just watch on a screen while some ......... analyst ask questions none of us care about.
We need to start emailing management and demanding better.
This board hasn't just nothing for the past 24 months, they've done NOTHING for the past decade. What an utterly uninspiring lot they all are.
General Ogg its time to rally your Sharetrader troops together and for us to collectively become activist shareholders. It's a natural evolution really.
The fact theyve given ZERO commentary over the share consolidation and the reasoning behind it boggles the mind?
Need to rename this thread “Abused Sky shareholders support group”
https://www.nzx.com/announcements/377930
Sky Network Television Limited (“SKT”) Share Consolidation
Quote:
On Wednesday, 25 August 2021 Sky Network Television Limited (“SKT”) announced that they will undergo a capital decrease of shares (“share consolidation”).
Shareholders will receive one SKT ordinary share for every ten SKT ordinary shares held at 5pm on the Record Date of Thursday, 16 September 2021.
In order for the Share Consolidation to be processed SKT will be halted from pre-market open on Ex Date, Friday, 15 September 2021.
On Friday, 17 September 2021, trading will resume in SKT ordinary shares.
CONGRATULATIONS - You will soon have a TENTH of the SHARES you had previously
Told you all this was likely ;)
That leaves a mangy old mining dog to do the same with it's billions of near worthless clutter ;)
Im about ready to put my jungle drumstick to good use......
I still can't let the "site tours cant be completed" BS go........
26/03/2021 "we are selling properties"
09/08/2021 "Collier will now complete a targeted Expression of Interest campaign with potential purchasers which will close at 4pm Monday 23rd Aug 20221
18/08/2021 Lockdown Begins
23/08/2021 Expression of interest closes
25/08/2021 Results call " site tours cant be completed with lockdown"
WHAT THE FRICK WERE POTENTIAL PURCHASERS DOING BETWEEN 26/03/2021 & 18/08/2021???? And specifically between 9-17/8??
Has there been any mention of the trial product of using the satellite dishes as a way to provide broadband as an alternative to fiber? Thought I read they were trialing this 18 months ago. Sounded quite innovative and would have had significant margins and very disruptive to the fiber 5G roll out?
Why did half the people active in this thread just get banned? Surely not a coincidence?
ogg must have cranked up again and took some members with him
What is going on here?!?
Chats a bit morbid today, in any case the proposition for a share consolidation and a larger divy as a result post property sale as put out my Mister t could still be on the agenda. I think however the way this chat went this morning, most of us were still hoping for some corporate activity of some kind.
https://www.nbr.co.nz/node/231470
Last 10 seconds- "there are ongoing conversations that Jarden is managing".
This suggests that a possible takeover is in the cards. I do not want to speculate too much and be banned by the moderators. Maybe $2.50/share*
*post consolidation
I know alot of us would be happy with 25cents or $2.50
For those of you that dont know have a sub. You can listen to the convo as they have not figured out how to block that.
Good the speculation about a takeover is continuing
It will never die.. this will oneday be made into an HBO hit
A thought is sky not a perfect fit for TVNZ to purchase. TVNZ has indicated that they want to get into the streaming and increase their on demand profile. The New Zealand government wants to see more content especially sports on free to air . Seems like a win-win to me
I almost sold today but I am not a fan of selling on a pull back. I still somewhat believe in this company. Don't believe much in the board at this moment but these things can change and we have to remember Sophie has only recently taken over after Martins mess
Hopefully we get more news between now and the AGM. Surely the property sale will go through in this booing market we are having. It is a massive sight, close to CBD and sure not residential but that can be fixed and with a home shortage I am sure it will get through pretty quickly.
The beleagured shareholders continue to find the cupboards bare with no dividend payout yet Sophie talks and talks
This is an excellent point and explains why the board is likely hesitate on paying out any cash until the property transaction is complete. If the loan facility is slashed then all of a sudden $35M (+ whatever FCF has been generated since) isn't an awful lot especially when launching two new products.
They've probably still got PTSD from the desperate COVID capital raise as well so prefer to err on the side of caution when it comes to capital management.
Fair enough I guess, I'm sure once the property sale goes through along with the $7M from NEP hitting the bank account the board will finally have the courage to return a chunk to shareholders! Hopefully in the form of a buyback perhaps getting the SP above $2 once it's completed.
Ok so after I read around it seems Sophie has told plenty of media outlets that they are currently in discussions with other parties regarding takeover offers. I am absolutely bewildered there was not a single mention in the earnings report or on the earnings call.
Sophie told stuff.co.nz:
She said something similar to NBR (mentioned earlier today in this thread)Quote:
Moloney said there were “some discussions that are ongoing” after it appointed investment bank Jarden to handle approaches from potential investors in June.
The road block is the property!
Any suitors will have disclosed if they want it by now and let's be honest, 65 to 100mill is too substantial in the overall picture to not be a conditional clause in any talks
Despite shareholder frustrations, what can board actually say...
Sophie was a bad appointment for CEO
Peter had some wisdom about this
Not much hope for SKT fortunes while she is in charge
Have a look at Burgerfuel - appointed KPMG in 2018 to advise on corporate options (ie. merger or takeover) and it is still going! Same update every 6 months about options still being explored. KPMG probably gave up 1.5 years ago after searching for a suitable candidate.
If a takeover or merger was going to happen, it would happen within 6 months, max 1 year. That’s how these things work. After that, it’s scrapping the bottom of the barrel for any kind of deal.
Craigs have turned a corner. Latest research note is outperform at $.23
I was impressed with the CFO. What we really need as a CEO is a finance/wall street type that will maximise shareholder gains by pitching SKY to his/her Wall Street mates for an eventual takeover. Then do buybacks in the short term with the property sale. With buy back if we can get share price to 20 cents ($2) then an eventual takeover in the vicinity of 30 cents ($3) is more likely.
Is half this forum still banned? Anyone know why?
Sorry, double post. See below.