Share Buyback

Great to see Sky reviewing the need to own such a sprawling estate in Mt Wellington given most of their staff now work from home the majority of the time.

26,500 sqm of land should fetch a decent amount of cash, particularly given the land can be repurposed for residential.

It will be interesting to see how much the land is sold for and who buys it, though I would be surprised if it went for less than $30M.

Once the sale goes through, if the SP is still in the toilet I want management to take this cash + earnings from operations to execute a buyback.

At the current SP, every $10M invested in a buyback would reduce the shares outstanding by ~3%. $60M would buy back ~20% of the shares at these low prices. Sky could easily invest $60M in a buyback after the property sale is completed. .

This would be a much better use of our available capital than issuing a dividend.