Let's see what happens. The Board may favour a dividend to lift...

Let's see what happens. The Board may favour a dividend to lift the SP higher in the nearer term. That would be wonderful for stock traders, but not something that will amuse long term business owners when a buyback would deliver more value over time to the patient.

I am not sure if the fact they have not mentioned a planned buyback as part of the property sale announcement means anything. I would have thought they need to be 100% clear on what they are going to do before making price sensitive announcements like that (i.e how many shares are they planning to buy, over what time period etc etc).
The buyback option is something that The Board will have to consider as part of their decision on what to do with excess cash. That doesn't mean they will definitely implement one, but I can virtually guarantee you that it will be looked at.

If The Board genuinely believe that Sky is significantly undervalued, then the buyback really is a no brainer.

Let's wait and see. I wouldn't expect to hear anything from Sky on this topic until after the Annual Report. They will rightly be very cautious with capital right now given we aren't out of the woods yet so far as Covid goes...