The purchase, with an enterprise value of A$30 billion including debt, would allow them to reap financial benefits when borders reopen and travel demand rebounds. At IFM, in seeking to act in the best interests of our investors, we pursue financial returns that aim to both protect and grow the long term value of their investments, and contribute to the social, economic and environmental wellbeing Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. Help using this website - Accessibility statement, has agreed to a $39 billion all-scrip deal with US payments company Square, Airports have best month since pandemic hit, The alarming workforce trend causing flight delays. 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%. All quotes delayed a minimum of 15 minutes. The indicative price is below where Sydney Airports security price traded before the pandemic.. Euphoria star Sydney . It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. This Master Plan is renewed every five years. The airport also makes a significant contribution to the local and national economies. 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. It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. 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. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. 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. We're co-investors in that. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Mr Pinn also argues that privatisations and takeovers of the nations infrastructure assets are not fairly redistributing wealth among Australians because many of the funds buying them are foreign entities that take advantage of tax havens. Some Sydney Airport investors dont want it to be sold off to big funds. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. If acquired by the consortium, Sydney Airports ownership would be dominated by IFM, which will hold the asset in both its Australian and global funds, and GIP. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. While many big investment funds plan to accept a cash offer of $8.75 per share from a consortium led by IFM Investors and New Yorks Global Infrastructure Partners, five small investors have now gone public to say that they will reject it. Sydney Airport, one of the few remaining airports still listed on a stock exchange anywhere in the world, has been snared by the global M&A boom after a group of big investors pounced on its pandemic-stricken share price to lob a $22 billion takeover bid. That's the first phase. Sydney Airport has stapled securities, which trade as if they were a single security. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. The consortium, named the Sydney Aviation Alliance, is understood to have a positive view on the eventual return of global air travel as vaccines are distributed, as well as Australias future economic and population growth and the need for people to fly around the country. 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. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. Air traffic controllers had an average 20 shifts off at short notice last year. Western Sydney International airport has been given its three-letter code by the International Air Transport Association in a show of confidence in the new gateway. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. It would also rank as the eighth-biggest deal globally this year and the second-largest airport purchase, behind the $30.2 billion buyout of Britain's Heathrow Airport in 2006. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. There is not a whole lot of choice out there if you trade through public exchanges. 2006 MAp Tax Statement Guide. He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. 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. JPMorgan forecasts the airports international passenger numbers will still be down 65 per cent in 2022 compared with 2019 and not return to pre-COVID-19 levels until 2024. Operational efficiency and continuous improvement, Cyber security, technology and innovation. Sydney Airport is one of Australia's most important pieces of infrastructure. Barrenjoey, UBS and Allens are advising Sydney Airport. The Sydney Airport investor who will vote against a sale Jenny Wiggins Infrastructure reporter Sep 22, 2021 - 5.10pm Some Sydney Airport investors plan to vote against a proposed $23.6 billion. Picture taken October 25, 2017. Shareholders in Sydney Airport have voted in favour of a takeover bid led by IFM Investors and Global Infrastructure Partners that will see the business delist from the Australian Securities Exchange in a deal worth A$23.6 billion ($16.7 billion; 14.6 billion). Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. in investment decisions on sustainability factors. 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. London, England, United Kingdom , Australia Sydney NSW. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. SYDNEY, Aug 16 (Reuters) - Sydney Airport Holdings Pty Ltd (SYD.AX) on Monday rejected an improved A$22.80 billion ($16.81 billion) bid from a group of infrastructure investors, saying. of the communities in which they live. 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. Trading volumes of Sydney Airport's shares have soared as some investors sell the company's stock and take profits rather than wait for a formal $23.6 billion takeover bid to land. 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. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. In a global first, Western Sydney International (Nancy-Bird Walton) Airport has provisionally secured its three-letter code more than three years ahead of opening, with the code WSI ensuring that the airport will truly take Western Sydney to the world. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. IFM has claimed that using locations like the Cayman Islands to manage its assets is a legitimate mechanism for preventing the double taxation of investors and that it has helped the group become a big successful international investor.. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. Sydney Airport declined to comment. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. 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 Airports biggest investor, UniSuper, which has a 15 per cent stake, reacted favourably to the takeover proposal, which requires that the superannuation fund keeps its equity holding and not sell for cash. 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. With record-low interest rates, funds are looking at infrastructure investments for higher yields. 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. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. 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. 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. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. Other investors said they would be disappointed to see Sydney Airport fall into private hands. 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. See here for a complete list of exchanges and delays. Sydney Airport is one of Australia's most important pieces of infrastructure. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The airport has long held a monopoly on traffic to and from Australia's most populous city, but that is due to end in 2026 with the opening of Western Sydney Airport. See Section 7.1 of Master Plan 2039 for more information. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. They pay higher fees than domestic travellers and also spent more money at airport shops. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. Hoxha Propertie investor. resume Sydney-Vancouver flights on December 17. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. The airport also makes a significant contribution to the local and national economies. Ben Clark, portfolio manager at TMS Capital which has owned the airports shares for a decade and currently has a stake of less than 1 per cent, said the takeover bid highlighted the short-term focus of some investors that had sold shares after COVID-19 broke out and most air travel stopped. 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. 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. For any questions about your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd (Sydney Airports security registry) by calling +61 (0)3 9415 4000 or 1300 850 505 (within Australia). Always looking for properties that require a little work transform homes to Lux level and rent to . Feb 2020 - Present3 years 2 months. 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. 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.. in-scope products. Edwina Pickles, The takeover parties are offering $8.75 per share because they think it is worth more than that. I am one of those Sydney Airport investors who is not happy to exit Sydney Airport and wont be voting in favour, Michael Pinn, director of Pinn Deavin, a financial advisory group, told The Australian Financial Review. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. Sydney Airport, one of the few remaining airports still listed on a stock exchange anywhere in the world, has been snared by the global M & A boom after a group of big investors pounced on . "In securing WSI, our new airport has joined . 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. SCACH Financial Report for the half year ended 30 June 2021. We recognise that the world around us is rapidly evolving. It's a great example of critical infrastructure IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. A rigorous development assessment process has been established to enable Sydney Airport to address its obligations under the Airports (Building Control) Regulations Act 1996. Sydney Airport shareholders were poised on Thursday to approve a A$23.6 billion ($16.8 billion) cash takeover by infrastructure investors, though many small retail investors voted against delisting Australia's only listed airport.. 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. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. Typically issued within 12 . 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. The industry leader for online information for tax, accounting and finance professionals. 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. 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. Sydney Airport is one of Australias most important pieces of infrastructure. Wed hate to lose it because where do you put that money? early this year which has met a cool reception from shareholders. It is understood IFM Investors . 2010 MAp Tax Statement Guide. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. The airport had delivered a $403.9 million profit the previous year. 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.. We see the revised offer price as fair, Mr Haralambidis said. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. Kroll said the airport was worth between $7.94 and $8.86 per share. Questions about your Securityholdings For questions on your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd. Sydney Aviation Alliance's acquisition of Sydney Airport We know that getting a rail link to the airport is important. See an overview of Sydney Airport including performance highlights. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. IFM Investors has secured access to Sydney Airport's books with a revised bid valuing the airport owner at more than $32 billion. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. "It's the right timing to be looking at these assets which have got a 75-year life when conditions are arguably at the bottom," said a Sydney Airport investor who declined to be named because the person's firm was still assessing the proposal. 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.. 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. 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. 2009 MAp Tax Statement Guide. UniSuper also has a favourable view of the consortium partners," the fund said. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. 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 Sydney Airport takeover, one of Australia's biggest-ever buyouts, was backed by 96% of proxy votes cast, but 20.4% of shareholders representing a 4% stake . Sydney Airport is the only publicly listed airport in Australia. Sydney Airport plays a vital role in the transport value chain, bringing together a wide range of parties that jointly facilitate tourism, personal and business travel and logistics. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. RBA. It has not made a final decision. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. The latest price offered by the consortium was pretty attractive over a one- to three-year horizon given uncertainty about when state and national border restrictions would ease and how fast air travel would rebound after the COVID-19 pandemic, Mr Clark said. Harry Dudley, investment analyst at Watermark Funds Management, said that while the bid appeared opportunistic, coming just after NSW reported its highest COVID-19 case numbers for 2021, the offer price was respectable. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. read more. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. 2011 MAp Tax Statement Guide. Family Property investors we do Rent to Rent /Sublet and we are Landlords of properties in Luxury areas in UK and Overseas. James Brickwood. SCACH Financial Report for the year ended 31 December 2021. SYDNEYA group of infrastructure investors submitted a nearly $17 billion takeover bid for Sydney Airport, the operator of Australia's busiest airport, signaling that investors are. This behaviour forces small investors to either consider poorer quality investments, or to allow these mega funds to manage their money for them so as to access the better quality investments.. It would imply a $32 billion plus valuation for the airport owner, including debt. Master plans include future land uses, noise and environmental impacts. Sydney Airport Trust 1 (SAT1) is an Attributed Managed Investment Trust (AMIT) for the purposes of Subdivisions 12A-A of Schedule 1 of the Taxation Administration Act 1953. Qantas wants Australians to be able to board international flights from December while Air Canada has announced it will re-start flights to Australia for vaccinated travellers, revealing plans to resume Sydney-Vancouver flights on December 17. Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. 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 declined to comment on how many retail investors it has but according to its most recent annual report, most of its investors are small shareholders. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. 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 . 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. rising power of industry superannuation funds. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. A successful deal would bring its ownership in line with the country's other major airports which are owned by consortia of infrastructure investors, primarily pension funds. 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. This is perhaps where a bid offers investors with some valuation uncertainty.. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. On 10 March 2021, the European Unions Sustainable Finance Disclosure Regulations (SFDR) became effective. "It's opportunistic in that regard, but understandable. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. View our latest financial statements and Annual Reports here. In the end, Sydney Airport did well to get two increases out of the Sydney Aviation Alliance, at a time when there has been no competing offer. ", 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. It is understood IFM Investors, represented by chairman Greg Combet and on behalf of the Sydney Aviation Alliance syndicate, presented Sydney Airport chairman David Gonski with the revised bid over the weekend. Please select the appropriate your current investor status noting that: If you encounter any issues when trying access the EU SFDR disclosure information, please contact our Investor Relations by emailing [emailprotected]. View distribution history, MIT notices, Non resident information and tax tools. 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. Within Master Plan 2039, the Airport Development Plan outlines options to improve to the airfield, aviation facilities, terminals and infrastructures to support the forecast increase in passenger numbers and aircraft movements to 2039. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. 2012 Sydney Airport Tax Statement Guide. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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. 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. Understanding and embracing change will shape our future and drive our strategic thinking. Follow the topics, people and companies that matter to you. 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. 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. 2021 Half Year Financial Report and Appendix 4D. We need to make sure that there is some diversity, and that the public has access [to assets], he said. 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. Sydney Airport noted the offer was below its pre-pandemic share price and said it would review the proposal, which is contingent on granting due diligence and recommending it to shareholders in the absence of a superior offer. Help using this website - Accessibility statement. AustralianSuper is part of the consortium trying to buy Sydney Airport and holds stakes in several other big infrastructure assets, including tollroads managed by Transurban and NSWs Port Botany. Sydney Airport shareholders on Thursday were poised to approve a A$23.6 billion ($16.85 billion) cash takeover by infrastructure investors, though many small retail investors voted against . The companys revenue and earnings were hit hard by the COVID-19 pandemic, which has seen Australian all-but close its borders to international travel and states clamp down on domestic travel. Relationships and human networks 2019 and is unsustainable Airservices Australia admits and the consortiums offer reflects potential to! 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