Early call - Start of the greatest bull run Sky has ever seen., page-20

I forgot to mention something else with regards to RugbyPass...given I have seen some chatter about what a bad purchase this was for Sky etc.

I completely disagree with that notion.

The $62M price tag...half of that was paid for with shares. After they got shares there were about 389M shares outstanding @NZ$1.24. They held just under 6% at that point from memory. So it was about $30M bucks worth for RP.

Those shares dropped in value by about 75% before the CR. That, in and of itself, doesn't make any difference to the existing shareholders because the dilution was the same regardless of how the SP behaved after. But for the previous RP owners it meant that the $30M shares they got were only worth $7.5M before the CR. They were unable to participate in the CR so it is even worse for them now as they have been diluted massively themselves and their holding will never build back to having a value of $30M.

Sky only actually paid about $15M cash for the balance - the remaining $15Mish was based on incentive payments which I do not believe have been met.

Was a $15M cash payment worth a punt at a global rugby streaming opportunity? Hell yes I say, this has inadvertently turned into an incredibly shrewd deal - for Sky...