With the promise of a "formal dividend policy of distributing...

With the promise of a "formal dividend policy of distributing between 50% to 80% of Free Cash Flow" I'm quite happy that Sky didn't make a dividend payment right now. It is clearly the case in my mind there will be a significant opportunity that will crystalize with NZR before the September 2022 dividend is paid. It isn't in the best interest of Sky to provide 50%-80% of NZ$100m+ to shareholders (whether immediately or spread over a few years), it doesn't make sense for a company in Sky's current position (with market cap under circa NZ$500m.

I think that the majority of the funds will be invested in NZR's offering to allow 100m to be invested by institutional investors or some similar offering in NZR's revenue generating entity (the one that is tied with SL). This will reduce Sky's cash but put it in the driving seat of a world class asset (in my opinion). I think this scenario is much more likely to play out that some kind of telco merger.