Forum Archive Index - September 2003

[Marilyn Munroe <who.c@res.co.nz>]

I was concerned that the INL bid for SKY may have gone through on the nod.

I am of the opinion that the offer price was too low. My opinion was not based 
on any research but gut feeling.

I am suspicious that INL, with News Ltd in the background, is able to size up 
the future prospects better than other shareholders. I suspect their bid was 
made at this time before the market was able to get it's head around Sky's 
improving prospects.

My investment in SKY is based on it's prospects of emulating News pay T V 
foray in UK, B-SKYB. B-SKYB bleed money for many years. It paid big money for 
sports broadcasting rights, subsidised decoders and customer acquisition 
costs, and burnt off all competitors. Its financials looked bad then suddenly 
came good and the cash was rolling in. Note the parallels between SKY & 
BSKYB.

Read more. Go to;

        http://afr.com/articles/2003/08/13/1060588422819.html

The independent advisers report will I hope carefully weigh up the bird in the 
future cash flows against the bird in the hand from INL. I suspect that the 
bird of the future cash flows will be more attractive.

Good on the independent directors for digging their heels in. I ain't 
accepting INL's offer unless my scepticism can be overcome.

Boop-boop-de-do Marilyn

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