Yes, hindsight does give 20/20 vision and we do have to be careful with retrospective analysis.
As things transpired, Sky had no other real option once Covid hit and the SP tanked. Trying to borrow on ‘reasonable terms’ would have been impossible.
However, it is also fair to say that the CR diluted many shareholders to oblivion while allowing some senior staff to buy in at a steep discount (when they held no shares beforehand). Not to mention the $10M fee that shareholders had to pay to the bankers for the privilege!
Hindsight may be 20/20, but I don’t think The Board did shareholders any favours by waiting until within a year of the debt falling due to make/execute a plan. Covid made the outcome worse, but it was never going to be great.
I was able to participate in the CR and avoid the dilution issue thank God. But imagine if you bought in ‘cheap’ @70c (MC of $290M) and then did not have the funds to participate! It would basically be game over.
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