Dispatch of Retail Entitlement Offer Booklet

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  
27 May 2020 
Dispatch of Retail Entitlement Offer Booklet 
Sky Network Television Limited (Sky) advises that today it will dispatch the entitlement offer 
document (Offer Document) and personalised entitlement and acceptance form to Sky shareholders 
eligible to participate in the retail component of Sky's 2.83 for 1 pro‐rata
 accelerated non‐
renounceable entitlement offer (Retail Entitlement Offer) as announced to NZX and ASX on 21 May 
2020. A copy of the Offer Document was lodged on NZX and ASX on the same date. 
The Retail Entitlement Offer opens today and closes at 5.00pm (NZST) or 3.00pm (AEST) on 
Tuesday, 
9 June 2020 (unless extended). 
The Retail Entitlement Offer is available to certain eligible retail shareholders with an address shown 
on Sky's share register as being in New Zealand or Australia at 7.00pm (NZST) or 5.00pm (AEST) on 
Monday, 25 May 2020 (Eligible Shareholders). Eligible Shareholders are being invited
 to subscribe 
for new shares at an offer price of NZ$0.12 per share (or the A$ price of A$0.11 per new share). 
Ineligible shareholders will receive a letter explaining why they will not be able to participate in the 
Retail Entitlement Offer. A copy of that letter is attached to 
this announcement. 
Eligible Shareholders wishing to participate in the Retail Entitlement Offer should carefully read the 
Offer Document for further information regarding the Retail Entitlement Offer. 
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 5.00pm 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 
 

27 May 2020














Dear Shareholder

SKY NETWORK TELEVISION LIMITED ENTITLEMENT OFFER - NOTIFICATION TO INELIGIBLE
SHAREHOLDERS

On 21 May 2020, Sky Network Television Limited NZBN 9429035067818 (“SKT” or the “Offeror”),
announced an underwritten NZ$148.1 million 2.83-for-1 pro-rata accelerated non renounceable entitlement
offer (“Entitlement Offer”) of new fully paid ordinary shares (“Offer Shares”) at an offer price of NZ$0.12 per
Offer Share (“Offer Price”). Concurrently with the Entitlement Offer, SKT also undertook an underwritten
placement of Offer Shares to eligible institutional investors (“Institutional Placement”) to raise approximately
NZ$9.1 million at the Offer Price, taking the total equity raise to NZ$157.2 million (together, the "Equity
Raising").

The proceeds of the Equity Raising will be used to strengthen SKT’s balance sheet and reposition SKT for its
refreshed strategy.

The Entitlement Offer comprises an offer to Eligible Institutional Shareholders (as defined
below)(“Institutional Entitlement Offer”) and an offer to Eligible Retail Shareholders (as defined below) to
participate on the same terms (“Retail Entitlement Offer”). The Entitlement Offer is being made by SKT in
accordance with clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013 (“FMCA”) and section
708AA of the Corporations Act 2001 (Cth) ("Act") as modified by the ASIC Corporations (Non-Traditional
Rights Issues) Instrument 2016/84 and ASIC Corporations (Disregarding Technical Relief) Instrument
2016/73, meaning that no product disclosure statement, prospectus or other disclosure document needs to
be prepared. The Institutional Entitlement Offer and Institutional Placement have already closed and the
results have been announced to NZX and ASX.

This notice is to inform you about the Institutional Entitlement Offer and Retail Entitlement Offer and to
explain why you will not be able to subscribe for Offer Shares under the Institutional Entitlement Offer or
Retail Entitlement Offer. This letter is not an offer to issue Offer Shares to you, nor an invitation for you to
apply for Offer Shares. You will not be sent a copy of the offer documents prepared for the Entitlement Offer
("Offer Document"). You are not required to do anything in response to this letter.

Details of the Retail Entitlement Offer

The Retail Entitlement Offer is being made to Eligible Retail Shareholders (as defined below), on the basis of
2.83 Offer Shares for every 1 existing fully paid ordinary share in SKT held at 7:00pm (New Zealand time) on
Monday 25 May 2020 (“Record Date”).

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Documents relating to the Retail Entitlement Offer were lodged with NZX and ASX on 21 May 2020 and are
being mailed to Eligible Retail Shareholders by 27 May 2020.

Eligibility criteria

SKT has determined that it would be unduly onerous and unreasonable to make offers to institutional
shareholders in countries outside of the Institutional Investor Jurisdictions (as defined below) and to retail
shareholders in countries other than Australia and New Zealand. This is due to:
- the relatively small number of shareholders in the other jurisdictions where the Retail Entitlement Offer
would be made;
- the number and value of securities for which such shareholders would otherwise have been entitled; and
- the costs of complying with the legal and regulatory requirements in each other jurisdiction where the
Retail Entitlement Offer would be made.

Shareholders who are eligible to participate in the Institutional Entitlement Offer (“Eligible Institutional
Shareholders”) are shareholders who are registered as a holder of existing SKT shares as at 7.00pm (New
Zealand time) on the Record Date who:
a. have a registered address in New Zealand, Australia, Hong Kong, Singapore, the United Kingdom,
Switzerland, Norway, Canada, Denmark, Germany, or the United Arab Emirates ("Institutional
Investor Jurisdictions"), or is a person who SKT is satisfied the Institutional Entitlement Offer may
be made to under all applicable laws without the need for any registration, lodgement or other
formality (other than a formality with which SKT is willing to comply) in each case, who are not in the
United States, in “offshore transactions” (as defined in Regulation S under the U.S. Securities Act of
1933, as amended (the “U.S. Securities Act”)) in reliance on Regulation S under the U.S. Securities
Act; and
b. are Institutional Investors (as defined in the Offer Document) or the nominee of an Institutional
Investor and are invited to participate in the Institutional Entitlement Offer.

Shareholders who are eligible to participate in the Retail Entitlement Offer (“Eligible Retail Shareholders”) are
shareholders who:
- are registered as a holder of existing SKT shares as at 7.00pm (New Zealand time) on the Record Date;
- have an address recorded in SKT’s share register on the Record Date as being in Australia or New
Zealand;
- are not in the United States and are not acting for the account or benefit of a person in the United States
(to the extent such a person holds shares in SKT for the account or benefit of such persons in the United
States);
- were not invited to participate (other than as nominee, in respect of other underlying holdings) under the
Institutional Entitlement Offer (and were not treated as ineligible institutional shareholders under the
Institutional Entitlement Offer); and
- are eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer
without any requirement for a prospectus or other formal offer document to be lodged or registered.

Unfortunately, according to our records, SKT has determined that you do not satisfy the eligibility criteria for
an Eligible Institutional Shareholder or an Eligible Retail Shareholder stated above. Accordingly, SKT wishes
to advise you that it will not be extending the Institutional Entitlement Offer or the Retail Entitlement Offer to
you and you will not be able to subscribe for Offer Shares under the Institutional Entitlement Offer or the
Retail Entitlement Offer. You will also not be sent the Offer Document.

Ineligible Shares

As the Entitlement Offer is non-renounceable, entitlements in respect of the Offer Shares you would have
been entitled to if you were an Eligible Institutional Shareholder or an Eligible Retail Shareholder will lapse
and you will not receive any payment or value for your entitlements in respect of any Offer Shares that would
have been offered to you if you had been eligible. Offer Shares equivalent to the number of Offer Shares you
would have been entitled to if you were an Eligible Institutional Shareholder or an Eligible Retail Shareholder
may be allocated to other Eligible Institutional Shareholder or an Eligible Retail Shareholder who subscribe
for Offer Shares in excess of their entitlement under the Entitlement Offer.


Further information

If you have any questions in relation to any of the above matters, please call Computershare on 0800
650034 (within New Zealand) from 8.30am to 5.00pm (New Zealand time) Monday to Friday. For other
questions, you should contact your stockbroker, accountant, taxation advisor, financial adviser or other
professional adviser.

On behalf of the Board and management of SKT, thank you for your continued support of SKT.


Yours faithfully,
Sky Network Television Limited


Investors:
Blair Woodbury
Chief Financial Officer
+64 27 250 0966
blair.woodbury@sky.co.nz
Media Enquiries:
Chris Major
Director of External Affairs
+64 29 917 6127
chris.major@sky.co.nz

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

This letter is not a prospectus or offering document under New Zealand law, Australian law or under any
other law. It is for information purposes only and does not constitute or form part of an offer, invitation,
solicitation, advice or recommendation with respect to the issue, purchase or sale of any Offer Shares in
SKT. In particular, this letter does not constitute an offer to sell, or a solicitation of an offer to buy, securities
in the United States. The Offer Shares have not been, and will not be registered under the U.S. Securities
Act of 1933, as amended (the “U.S. Securities Act”) or under 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,
except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act
and the securities laws of any state or other jurisdiction of the United States. The Offer Shares to be offered
and sold in the Retail Entitlement Offer may only be offered and sold to persons that are not in the United
States and are not acting for the account or benefit of persons in the United States, in “offshore transactions”
(as defined in Rule 902(h) of the U.S. Securities Act) in reliance on Regulation S under the U.S. Securities
Act.

The provision of this letter is not, and should not be considered as, financial product advice. The information
in this letter is general information only, and does not take into account your individual objectives, taxation
position, financial situation or needs. If you are unsure of your position, please contact your accountant, tax
advisor, stockbroker or other professional advisor.

Important information

No representation or warranty is given as to the accuracy or likelihood of achievement of any forward-looking
statement in this document, or any events or results expressed or implied in any forward-looking statement.
These statements can generally be identified by the use of words such as "anticipate", "believe", "expect",
"project", "forecast", "estimate", "likely", "intend", "should", "could", "may", "target", "predict", "guidance",
"plan" and other similar expressions. Indications of, and guidance on, future earnings and financial position
and performance are also forward-looking statements. Such forward-looking statements are not guarantees
of future performance and are by their nature subject to significant uncertainties, risks and contingencies.
Actual results or events may differ materially from any expressed or implied in any forward-looking statement
and deviations are both normal and to be expected. Past performance is not a reliable indicator of future
performance.