Sky completes Placement & Institutional Entitlement Offer

Sky New Zealand
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand

T. +64 9 579 9999

sky.co.nz




NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
25 May 2020
Sky completes Placement & Institutional Entitlement Offer, with strong interest well in excess of
the offer amount
Sky Network Television Limited (Sky) is pleased to announce that it has successfully completed the
$110.1m institutional component (Institutional Entitlement Offer) of its fully underwritten 2.83 for
1 pro-rata accelerated entitlement offer (Entitlement Offer) and its NZ$9.1 million placement
(Placement), announced on Thursday, 21 May 2020. A total of approximately NZ$157 million will be
raised under the Entitlement Offer and Placement.
The Institutional Entitlement Offer and Placement closed on Friday, 22 May 2020 and raised
combined gross proceeds of approximately NZ$119.2 million. Both tranches received strong support
from Sky's existing institutional shareholders and the broader market, with the Placement and
shortfall attracting bids well in excess of the offer amount. 82% of the Institutional Entitlement
Offer and Placement were allocated to existing eligible institutional shareholders. The balance of
new Shares were allocated to new investors.
Sky’s Chief Executive, Martin Stewart commented: “We are delighted with the strong support for the
Institutional Entitlement Offer and Placement from Sky’s existing shareholders and a number of new
shareholders from New Zealand and overseas who we are pleased to welcome to our share register.
The level of interest was significantly higher than the available offer amount.”
“The proceeds will help ensure Sky is well capitalised to withstand the impacts of COVID-19 and
positioned to execute on future growth opportunities once conditions improve.”

Sky's shares are expected to resume normal trading on the NZX and ASX today on an ex-entitlement
basis. The new ordinary shares in Sky (New Shares) offered under the Institutional Entitlement Offer
and Placement are expected to be allotted and commence trading on the NZX and ASX on Tuesday, 2
June 2020 and will rank equally with existing ordinary shares.
Placement allocation information
94.2% of Sky’s NZ$157m equity raise announced 21 May 2020 will be raised via a pro-rata
entitlement offer, and 5.8% was raised via a Placement.
The Placement was made available to eligible institutional investors, being both existing eligible
shareholders and certain new institutional investors. Sky used best endeavours to allocate existing
eligible shareholders their pro-rata share of the Placement, to the extent existing eligible
shareholders bid for it. For the remaining shares under the Placement and the institutional offer
shortfall shares, Sky sought to allocate to new institutional investors and existing eligible
shareholders who are expected to be aligned to Sky’s long-term business plan to return Sky to
growth. As far as Sky is aware, there were no significant exceptions or deviations from those
objectives and criteria.

Several members of Sky’s senior management have participated in the Placement (which did not
include any directors of Sky). Eleven individuals have subscribed personally for an aggregate amount
of NZ$450,000 which represents 3.3% of New Shares to be issued under the Placement and 0.1% of
total shares on issue following completion of the equity raise. Senior management’s participation
was determined according to criteria applying to all persons participating in the Placement.
So far as Sky is aware, no New Shares under the Placement will be issued to any person identified
within ASX Listing Rule 10.11 (related parties).
Retail Entitlement Offer
The retail component of the Entitlement Offer (Retail Entitlement Offer) will open on Wednesday,
27 May 2020 and close at 5.00pm (NZST) or 3.00pm (AEST), on Tuesday, 9 June 2020. The Retail
Entitlement Offer will be offered to certain eligible retail shareholders with an address shown in
Sky’s share register as being in New Zealand or Australia and who will be able to subscribe for 2.83
New Shares for every 1 share held at 7.00pm (NZST) or 5.00pm (AEST), on Monday, 25 May 2020
(Record Date). The Retail Entitlement Offer has the same application price as the Placement and
Institutional Entitlement Offer of NZ$0.12 per New Share (or the A$ Price of A$0.11 per New Share)
(Application Price).
An offer document (Offer Document) (accompanied by a personalised entitlement and acceptance
form) will be sent to eligible retail shareholders on Wednesday, 27 May 2020 and will be available on
the website established for the Entitlement Offer at www.shareoffer.co.nz/sky.
The Entitlement Offer is being made pursuant to a waiver by NZX granted on 21 May 2020 and class
waivers by ASX granted on 31 March 2020 and as amended on 23 April 2020.
Eligible retail shareholders wishing to acquire New Shares under the Retail Entitlement Offer will
need to complete an online application (via the website noted above) or complete their personalised
entitlement and acceptance form. Retail shareholders are strongly encouraged to complete
applications online via www.shareoffer.co.nz/sky given the likelihood of delays with the postal
system at this time.
Eligible retail shareholders may choose to take up their entitlements in whole, in part or not at all.
Those who have taken up all of their entitlements in full may apply for additional New Shares at the
Application Price up to an additional 20% of their pro-rata entitlement by completing the
appropriate section on the entitlement and acceptance form, or as directed via the online
application. Payment must be made for both the entitlements and any additional New Shares for
which shareholders wish to apply.
Those eligible retail shareholders who do not take up their entitlements under the Retail Entitlement
Offer, or who are ineligible to do so, will receive no value for those entitlements not exercised, and
their shareholding will be diluted.
Further information
For any questions in respect of the Retail Entitlement Offer, please call the Sky Offer Information
Line on 0800 650 034 (within New Zealand) or +61 03 9415 5000 (within Australia) between 8.30am
and 5pm Monday to Friday during the Retail Entitlement Offer Period. For other questions, investors
should consult their broker, solicitor, accountant, financial adviser or other professional adviser.

Authorised by: Sophie Moloney, Company Secretary
For further information, please contact:

Sophie Moloney
Chief Legal Officer and Company Secretary
Sky Network Television Limited
(09) 579 9999
sophie.moloney@sky.co.nz

Chris Major
Director of External Affairs
Sky Network Television Limited
(09) 579 9999
chris.major@sky.co.nz
Not for distribution or release in the United States
This announcement has been prepared for publication in New Zealand and Australia and may not be
distributed or released in the United States. This announcement does not constitute an offer to sell,
or the solicitation of an offer to buy, securities in the United States. Any securities described in this
announcement have not been, and will not be, registered under the US Securities Act of 1933, as
amended (the “US Securities Act”) or the securities laws of any state or other jurisdiction of the United
States, and may not be offered or sold, directly or indirectly, in the United States or to any person
acting for the account or benefit of any person in the United States, except in transactions exempt
from, or not subject to, registration under the US Securities Act and applicable securities laws of any
state or other jurisdiction of the United States. In particular, the securities to be offered and sold in
the Retail Entitlement Offer have not been, and will not be, registered under the US Securities Act or
the securities laws of any state or other jurisdiction of the United States, and may not be offered or
sold, directly or indirectly, in the United States or to any person acting for the account or benefit of a
person in the United States.
ENDS