The airport also makes a significant contribution to the local and national economies. Evolution in our business context is taking many forms whether it be advancements in the aviation sector, technological disruption, climate change, changing consumption trends and passenger travel patterns, global health crises, changing employee preferences or community expectations. Other investors said they would be disappointed to see Sydney Airport fall into private hands. Elon Musk was expected to reveal new EVs at Wednesday's Investor Day, but instead, he shared details of a $10 trillion Master Plan 3 to eliminate the use of fossil fuels. There is not a whole lot of choice out there if you trade through public exchanges. It also outlines the commercial property opportunities that exist in the landside areas of the airport that are complementary to aviation operations and provide economic growth for the local economy. Sydney property prices, the bellwether of the Australia market, advanced for the first time in 13 months in February in a positive sign for home values that have been under . 2020 Sydney Airport Full Year Results Release. The deal, occurring via a scheme of arrangement, needs approval from a majority of shareholders by number (and at least 75 per cent by value of shares held) at an investor meeting on February 3. early this year which has met a cool reception from shareholders. IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. The indicative price is below where Sydney Airports security price traded before the pandemic.. Their offer is contingent on UniSuper, Sydney Airport's largest shareholder with a 15% stake, agreeing to reinvest its equity interest for an equivalent equity holding in the consortium's vehicle. Infrastructure assets are attractive to big investment and superannuation funds because they provide stable long-term returns, and often have concessions that allow prices to be increased in line with or above the rate of inflation. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. Help using this website - Accessibility statement, The takeover parties are offering $8.75 per share, for preventing the double taxation of investors, has been backed by some institutional investors, proposed cash and stock takeover of AusNet Services, But an earlier $9.6 billion all-cash bid by Canadas Brookfield Infrastructure. Some Sydney Airport investors plan to vote against a proposed $23.6 billion takeover if it goes ahead, arguing that mega funds like IFM Investors are forcing smaller shareholders out of good Australian companies. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. More small investors in Sydney Airport are publicly venting their opposition to the company's proposed $23.6 billion takeover as a vote on the deal looms in early February, arguing its board is . 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The airport had delivered a $403.9 million profit the previous year. The new bid is understood to value Sydney Airport at about $8.75 a share, which is significantly higher than its initial offer at $8.25 and its first revised bid of $8.45. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. Sydney Airport is one of Australia's most important pieces of infrastructure. The news sent the stock up as much as 38% to A$8.04 in early Monday trade, though it later retreated to around A$7.55, indicating market uncertainty as to whether the deal will succeed. 2010 MAp Tax Statement Guide. Sydney Airports innovative Sustainability Linked Loan (SLL) determines if the companys bank debt facility margins will decrease or increase depending on our sustainability performance over time. Under this planning framework, airports prepare a Master Plan incorporating an Airport Environment Strategy (AES) which sets a 20-year strategic vision for the airport site. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. Sydney Airport has been a supporter of the TCFD since 2018 and has disclosed its climate change risk management in line with the TCFD reporting framework since that time. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. "In securing WSI, our new airport has joined . Sep 12, 2021 - 9.35pm. How retail investors decide to vote in the scheme meeting will be significant because they account for 93 per cent of the airports 128,567 registered security holders. While we are of the belief international travel will return to pre-COVID levels in 2024, the trajectory of the recovery despite vaccination rates improving globally remains uncertain, JPMorgan said. In May, Sydney Airport's international traffic was down more than 93% versus the same month of 2019, while domestic traffic was down 39.2%. The consortium is understood to be happy with the airports management team and said it was not planning on making substantive changes to services, operations or target credit ratings. Jarden analyst Anderson Chow raised his 12-month target price on the airports stock to $8.50 from $7.60 amid expectations the consortiums revised bid will be successful. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. Understanding and embracing change will shape our future and drive our strategic thinking. Ian Robilliard, who owns more than 14,000 shares with his wife, told The Australian Financial Review that while there may be a hiatus of several years in airline travel, he believed screening the health of travellers would eventually become as routine as increased security at airports following the September 11 terror attacks. The Australian Competition and Consumer Commission will take about three months to review the transaction while the Foreign Investment Review Board will take at least a month, with options to extend its review by up to six months. View distribution history, MIT notices, Non resident information and tax tools. Greencape Capital investor Steven Haralambidis said he had not sold any of the airports stock over the past week and that he expected the spread between the $8.75 per share offer and Sydney Airports current share price, which dropped 1.7 per cent on Tuesday to $8.23, to tighten. SCACH Financial Report for the half year ended 30 June 2021. Trading volumes of Sydney Airports shares have soared as some investors sell the companys stock and take profits rather than wait for a formal $23.6 billion takeover bid to land. SYDNEY -A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. IFM, run by chief executive David Neal and owned by 26 Australian industry superannuation funds, has been on the hunt for deals and launched an $8 billion bid for a 23 per cent stake in Spanish gas and electricity group Naturgy Energy early this year which has met a cool reception from shareholders. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. There is no long-term windfall in this offer for the current shareholders.. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. in-scope products. The airports monopoly on local aviation will end in 2026 when the new Western Sydney Airport opens. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. Always looking for properties that require a little work transform homes to Lux level and rent to . International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. James Brickwood. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. It means a binding deal could be signed as early as next month, and IFM Investors and the other investors could formally take control of the company early next year. In Sustainalytics opinion, the loan aligns with the Loan Markets Association's Sustainability Linked Loan Principles. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. They pay higher fees than domestic travellers and also spent more money at airport shops. It would imply a $32 billion plus valuation for the airport owner, including debt. The. The Sydney Aviation Alliance - a consortium comprising IFM Investors, QSuper and Global Infrastructure Partners - has offered A$8.25 per Sydney Airport (SYD.AX) share, a 42% premium to the stock's Friday close. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. Our Sustainability Strategy has three pillars underpinned by 2021-2024 focus areas and strategic outcomes aligned with SYDs values: To read about our performance in progressing our sustainability strategy, see our annual sustainability reporting. Sydney Airport is one of Australias most important domestic and international gateways it connects Sydney to more than 90 destinations around the world and handled over 44 million passengers in 2019. Sydney Airports board led by new chairman David Gonski, who replaced Trevor Gerber at the companys annual general meeting in May is still considering the takeover offer and has told shareholders to take no action. 2009 MAp Tax Statement Guide. Sydney Airport Holdings said on Monday it has agreed to accept a A$23.6 billion ($17.5 billion) takeover bid from an infrastructure investor group in one of Australia's biggest buyouts. For questions on your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd. Information for securityholders on the Sydney Aviation Alliances acquisition of Sydney Airport. Follow the topics, people and companies that matter to you. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. SCACH Financial Report for the year ended 31 December 2021. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. It's a great example of critical infrastructure He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. The numbers of investors holding stock is important because under the scheme of arrangement transaction proposed by the IFM consortium, at least 50 per cent of the number of shareholders who turn up to vote on the deal must approve it for the deal to succeed. Follow the topics, people and companies that matter to you. They also support the delivery of Sydney Airports strategy, which is underpinned by an aligned culture focused on sustainability. The airport operator's share price hit a record A$8.86 in January last year, before the novel coronavirus pandemic led to a collapse in travel demand. UniSuper, which also holds stakes in Adelaide and Brisbane airports, said it was not a consortium partner nor privy to any details outside information disclosed publicly. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. Sydney Airports current Master Plan runs through to 2039. Analysts have been cutting their 12-month price targets on the airports stock after the federal government signalled national borders were unlikely to open until mid-2022. Mr Clark said he would be reluctant to sell the airports shares into the current offer. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. To read about our performance in this area see our Sustainability Report. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. IFM, QSuper, Global Infrastructure Partners behind offer, Cash offer at 42% premium to last closing price on Friday, Offer contingent on UniSuper reinvesting 15% equity stake. It is understood IFM Investors . Most airports are already owned by infrastructure and investment funds. Kroll, the independent expert hired by Sydney Airport to review the deal, said UniSupers reasons for agreeing to keep its stake were open to conjecture but could include the super fund taking a long-term view on value.. We know that getting a rail link to the airport is important. The takeover battle takes place at an uncertain time for Sydney Airport. Our ambition is to be an industry leader in sustainability. The goal of this regulation is to create harmonised rules for financial market participants and financial advisers regarding the integration of sustainability risks in investment decision-making, and the consideration of adverse impacts International travellers are far more lucrative than domestic travellers for the airport because the fees charged on international passengers are much higher, and they spend more money at airport shops. Sydney Airport is one of Australia's most important pieces of infrastructure. Other states have closed borders to Sydney residents. 2008 MAp Tax Statement Guide. Operational efficiency and continuous improvement, Cyber security, technology and innovation. JPMorgan said the latest offer values the airport at an enterprise multiple of 23.3 times 2019 earnings, compared with its pre-COVID-19 valuation estimate of 21.5 times earnings. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. SYDNEY (Reuters) - A group of infrastructure investors has proposed a A$22.26 billion ($16.7 billion) buyout of Sydney Airport Holdings Pty Ltd, the operator of Australia's biggest. A $23.6 billion cash takeover offer is appealing to Sydney Airport investors who are uncertain about how fast domestic and international flights will resume. The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. If this [asset] disappears, it will be gone, and along with virtually every other airport will be unable to be invested in by retail or institutional investors.. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. It has been frustrated with the sporadic state border closures across Australia in 2020 and 2021, because they have disrupted domestic aviation and made it difficult for people to plan holidays. Sydney Airport, which makes most of its money from international travellers, has struggled during the pandemic and was forced to raise $2 billion of equity in August 2020 at $4.56 per share to strengthen its balance sheet. IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. 2021 Half Year Financial Report and Appendix 4D. As a result of this investment ethos, and in accordance with EUs SFDR, IFM is sharing the relevant environmental and social considerations with our European investors in relation to relevant See here for a complete list of exchanges and delays. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. This is perhaps where a bid offers investors with some valuation uncertainty.. The company is Australia's only listed airport operator. Most of Australias airports were privatised in the late 1990s, and Sydney Airport was sold in mid-2002 to Macquarie Airports, which listed the company on the Australian Securities Exchange the same year. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. Sydney Airport has stapled securities, which trade as if they were a single security. View our latest financial statements and Annual Reports here. International passengers are the most important source of Sydney Airports income. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. If the deal completes, it would be the biggest ever cash takeover in Australias history. See the Construction and development on the airport page in the Environment section of our website for more detail on our management approach to development on airport lands. QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. It has valued the airports equity at up to $24 billion, including the potential value of commercial property development, and deducted almost $50 million of liabilities plus another $28 million that would be used to pay out performance rights if the deal succeeds. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. 2021 half year. SYDNEY, July 5 (Reuters) - A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion ($16.7 billion) purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the pandemic-battered travel sector. The consortium requires UniSuper to retain as part of the takeover agreement so that it will have enough Australian-based owners to meet foreign ownership rules. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The board is assessing whether the proposal for a scheme of arrangement reflects the airports underlying value given the length of its concession it lasts until 2097 and the expected short-term impact of the pandemic. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. 2012 Sydney Airport Tax Statement Guide. But . The indicative proposal has been made during a global pandemic which has deeply affected the aviation industry and the Sydney Airport security price, the airport said. We think that it would be hard for an alternate bidder to come forward given the parties involved here are the key players of Australian infrastructure and foreign ownership is limited to 49 per cent.. The federal parliaments standing committee on economics is holding an inquiry into the ownership of public companies, and the influence exerted by big funds. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. In a statement, Sydney Airport . ", Australia's international borders are widely expected to remain closed until at least the end of the year due partly to a slower vaccination programme than in most developed countries. Share. The proposal is conditional on a unanimous recommendation from the airports six-member main board and a separate Sydney Airport Trust board as well as satisfactory due diligence and regulatory approvals from the Foreign Investment Review Board and the Australian Competition and Consumer Commission. If youre taking a three-to-five-year view, personally I think you might be better going through some short-term pain for a better long-term outcome, he said. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. More small investors in Sydney Airport are publicly venting their opposition to the companys proposed $23.6 billion takeover as a vote on the deal looms in early February, arguing its board is taking a short-term view. Private Company. There doesnt seem to be too much of a control premium being placed into this price and really youre getting less than you could get two years ago, he said. Sydney Airport is one of Australia's most important domestic and international gateways - it connects Sydney to more than 90 destinations around the world and handled over 44 million passengers in 2019. Sydney Airports Sustainable Design Guidelines embed sustainability considerations into the ideation, concept, design development, detailed design, delivery and implementation of all building projects at Sydney Airport by setting minimum requirements in key areas of sustainability. We need to make sure that there is some diversity, and that the public has access [to assets], he said. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. Help using this website - Accessibility statement, raised their indicative takeover offer to $8.75 per share, Qantas wants Australians to be able to board international flights. Mr Pinn, who is also a director of the Association of Independently-Owned Financial Professionals, started buying shares in Australias biggest airport more than 20 years ago and has accumulated more than 100,000 shares. UniSuper also has a favourable view of the consortium partners," the fund said. It used a discounted cash flow model based on information provided by the airport to calculate its valuation but said there were uncertainties in its underlying assumptions, including the timing of the aviation recovery, the outcome of negotiations with airlines on aeronautical charges in 2022 and 2023, and the airports ability to cut costs. UniSuper said it saw merit in the airport being converted from a publicly listed company to an unlisted company and that it had a favourable view of the consortium partners. 2007 MAp Tax Statement Guide. Any takeover is always based on the self-interest of the takeover group, and if they think theres an upside to justify their actions, then we hold the same view, and wish to benefit from our foresight in being shareholders, and not see that benefit passed off to a bunch of opportunists striking at a time of some corporate distress, Mr Robilliard wrote in the letter seen by the Financial Review. 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