Its been a while.7 Dec 2018 10:46
Some of you may remember that I sold out in the Summer citing a great deal of scepticism with this new management and its lack of forward thinking with regards to growth and acquisitions. Its probably the same reason why Liberty have taken their foot off the gas via Goldmans and have left the share price to drift to these low levels.
And I find it rather strange that there was no hedging facility in place either, which leaves me to believe that Liberty were quite content to let this go lower, but the question is how low ?
Some of you may recall my previous posts highlighting Liberty's initial stake in ITV acquired from BskybB, 485m shares at £1.85 a few years back and after the share reached an all time high around the £2.75 level, Liberty felt that this was too expensive especially as the $/£ was trading around the $1.50 level.
So at £2.75 a share and at $1.50 exchange rate with 4 billion odd shares in issue, at one time ITV was valued at $16.5billion