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Sky Network Television (ASX:SKT) - Chief Executive, Martin Stewart - The Market Herald
Chief Executive, Martin Stewart
Source: Stuff.co.nz
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  • Sky Network Television has completed its retail entitlement offer and raised NZ$37.4 million (roughly A$35 million)
  • This retail component forms part of a much larger entitlement offer and placement that is aiming to raise NZ$157.2 million (roughly A$147.3 million)
  • This offer received strong support from shareholders with 68 per cent taking part, and those that participated took up 60 per cent of their entitlement
  • The company will use the money to provide a strong platform for future growth
  • Shares are expected to begin trading on the NZX on June 16 and the ASX on June 17
  • Sky has ended the day 6.25 per cent in the red and shares trading for 15 cents each

Sky Network Television (SKT) has completed its 2.83 for 1 pro-rata retail entitlement offer and raised NZ$37.4 million (roughly A$35 million).

This retail component forms part of a much larger entitlement offer and placement that is aiming to raise NZ$157.2 million (roughly A$147.3 million).

This offer received strong support from shareholders with 68 per cent taking part, and those that participated took up 60 per cent of their entitlement.

"The funds raised through the retail and institutional phases of the entitlement offer and placement provide a strong platform for future growth as we execute on our refreshed strategies," Chief Executive Martin Stewart commented.

"Throughout the lockdown period we continued to deliver great entertainment and sport content to our customers while also progressing our growth plans. The imminent launch of our new Neon service on July 7 is an important next step" he said.

"Sky's entertainment streaming customer numbers saw significant growth during the lockdown period. Whilst the easing of lockdown restrictions may result in some reduction in this number, we expect the additional content and features available through the new Neon service will be valued by New Zealanders," he added.

Shares are expected to begin trading on the NZX on June 16 and the ASX on June 17.

Sky has ended the day 6.25 per cent in the red and shares trading for 15 cents each in a $229.5 million market cap.

SKT by the numbers
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