Sky also issued a capital charge notice today as it disclosed that the 21,801,325 shares were issued at a price of 92 cents - valuing them at $20.06m.
The deal - which will see a sporting code take a stake in a broadcaster for the first time in New Zealand - has been labelled as "revolutionary," entrepreneurial and innovative.
But the reality is companies typically include shares in a deal when they don't have enough cash to pay for it outright.
The two-year restriction crimps NZ Rugby, but not as much as some feared.
When the five per cent stake was first announced, one analyst even went as far as saying the deal effectively locked-out Spark Sport.
Sky and NZ Rugby would be "joined at the hip" as another analyst put it, with the sport code knowing that the value of its 5 per stake in Sky would crash if it handed post-2026 Sanzaar rights to Spark.
(And more conceptually, Dylan Cleaver worried the deal would "spread even more treacle on rugby's syrupy coverage.")
But the ability for NZ Rugby to offload its shares after two years - revealed later on the eve of Sky's AGM - gives the sporting body plenty of space to sell the shares before it has to renegotiate the five-yearly rugby rights again.
The 5 per cent shareholding will also make it very obvious when NZR sells out or even reduces its stake as any change in the holding will trigger a substantial shareholder notice to the stock exchange.
Analysts are bound to be watching out for this as a future indicator of whether Sky TV will continue to hold the rugby rights.
Sky shares were down 1.11 per cent to 89c in early afternoon trading.
The stock is down 60.18 per cent for the year.
