I don't mind they were conservative and raised too much. It's not great, but the alternative is far worse.
What bothers me is 2 years later being so careless. However, with shareholders clearly calling the shots, they've no choice. I highly doubt they'll propose something this stupid with FCF.
Management wasting cash was my main risk when investing with SKF. This episode made is less likely, not more. On balance, the risk/reward just became more favourable.
Ann: Sky not proceeding with MediaWorks acquisition, page-30
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