Chief sees plenty of blue Sky

Friday 8th June 2001

John Fellet

Sky Television chief executive John Fellet yesterday said his decision to sell 300,000 of his own Sky shares last week is not a sign of a lack of confidence in his own company.

"Ninety-nine per cent of my net worth ... remains tied up in Sky," said Mr Fellet. "No one I know has more net worth tied up in Sky."

The CEO and board member has 2.1 million share and share options but Mr Fellet declined to say how many he had actually bought and how many were options.

At today's share price of $3.50 the 2.1 million share and share options would be worth $7.3 million.

When INL lifted its stake in Sky a little over a week ago, Mr Fellet took the option to sell 300,000 shares.

He described the move as "hedging my bets" in anticipation of a drop in the share price, which did move from $3.85 to about $3.30 before recovering.

"And if the price drops again I will be the first back to buy more," said Mr Fellet.

- Nick Smith

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