The airports monopoly on local aviation will end in 2026 when the new Western Sydney Airport opens. To read about our performance in this area see our Sustainability Report. Domestic travel has also been disrupted by a two-week lockdown in Sydney during the normally busy school holiday period, after an outbreak of the highly contagious Delta variant of COVID-19. Trading volumes in the stock, which typically average around 7 million shares, also trebled, hitting their highest levels since the airport was first approached by the IFM consortium in early July. 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.. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. James Brickwood. The $8.25 per share unsolicited cash offer, made on Friday evening by a consortium of investors that own stakes in other airports IFM Investors, Queensland superannuation fund QSuper and US-based Global Infrastructure Partners (GIP) comes as record low interest rates fuel sales of assets such as Telstras mobile tower network and Sydney toll road WestConnex. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. read more. 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. 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. resume Sydney-Vancouver flights on December 17. Follow the topics, people and companies that matter to you. If successful, the purchase of Australia's biggest airport would be one of the country's largest-ever by enterprise value in U.S. dollar terms, on par with the $22 billion purchase of mall operator Westfield Group by Unibail-Rodamco in 2017, Refinitiv data showed. We are absolutely disgusted by the boards narrow view of a monopoly (if not oligopoly) business and their absolute failure to consider the long-term position, Mr Robilliard said. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. its final regulatory approvals in December. 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. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. 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. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. It would imply a $32 billion plus valuation for the airport owner, including debt. Sep 12, 2021 - 9.35pm. 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. 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. 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. 2007 MAp Tax Statement Guide. Our Standards: The Thomson Reuters Trust Principles. 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. Most airports are already owned by infrastructure and investment funds. Master plans include future land uses, noise and environmental impacts. 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. IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. While 362 investors hold more than 100,000 shares each, accounting for about 80 per cent of the companys shares outstanding, there are more than 150,000 investors holding much smaller parcels of stock. "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. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. 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. Some Sydney Airport investors dont want it to be sold off to big funds. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . 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. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. 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. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. 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. 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. Follow the topics, people and companies that matter to you. 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. The industry leader for online information for tax, accounting and finance professionals. It's a great example of critical infrastructure 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. Importantly, the new offer was high enough to gain approval from Sydney Airports board, which had rebuffed the two earlier offers, and end a two-month deadlock. The airport had delivered a $403.9 million profit the previous year. 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 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. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. IFM already owns stakes in Melbourne, Brisbane, Perth, Adelaide airports as well as NT airports, which include Darwin, Alice Springs and Tennant Creek airports. 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. 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 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. 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. But . That's the first phase. The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. 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]. 2010 MAp Tax Statement Guide. 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 . APA Groups $10 billion proposed cash and stock takeover of AusNet Services is an example of a deal that would allow small shareholders to keep a stake in a listed entity, he said. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. UniSuper also has a favourable view of the consortium partners," the fund said. 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. 2014 Sydney Airport Tax Statement Guide. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. RBA. 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. 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 June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. 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. hit back at suggestions it exerts excessive influence. SCACH Financial Report for the year ended 31 December 2021. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. Obviously, that was seen as the area that we wanted to do first. 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. 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. The Omicron variant of COVID-19 has disrupted the aviation industrys recovery, with Virgin Australia suspending flights because of staff being ill with the virus or isolating. 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. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. 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 . 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 The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. Picture taken October 25, 2017. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. Sydney Airport is one of Australias most important pieces of infrastructure. 2020 Sydney Airport Full Year Results Release. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. This Master Plan is renewed every five years. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. London, England, United Kingdom , Australia Sydney NSW. The airport also makes a significant contribution to the local and national economies. View distribution history, MIT notices, Non resident information and tax tools. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. 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. 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. The airport also makes a significant contribution to the local and national economies. 2006 MAp Tax Statement Guide. 2011 MAp Tax Statement Guide. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. 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 . Sydney Airport is one of Australia's most important pieces of infrastructure. Euphoria star Sydney . of the communities in which they live. A shift to private ownership would benefit UniSuper because Sydney Airport would be de-listed, reducing costs, and it would no longer have to mark down the value of its investment when the airports stock tumbles, as it has during the pandemic. The fact Sydney Airports board has granted diligence after rebuffing two earlier bids, is likely to be taken as a strong sign Sydney Airports board would be willing to recommend shareholders accept a bid at $8.75 a share. 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.. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. But while believing most shareholders would accept a formal bid of $8.75 per share from the consortium, particularly short-term investors like hedge funds and arbitrage funds, Mr Clark said the airports long-term investors would miss out on an expected revival in flights due to pent-up demand for travel. Operational efficiency and continuous improvement, Cyber security, technology and innovation. 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 proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. 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. 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. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. All quotes delayed a minimum of 15 minutes. 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. 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. Hoxha Propertie investor. https://www.sydneyairport.com.au/ 2021 half year. 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. Edwina Pickles, The takeover parties are offering $8.75 per share because they think it is worth more than that. ", 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. 2012 Sydney Airport Tax Statement Guide. With record-low interest rates, funds are looking at infrastructure investments for higher yields. Sydney Airport Securityholders who held Sydney Airport Securities at the Scheme Record Date (7.00pm (Sydney time) on Wednesday, 16 February 2022), received cash consideration of $8.75 per Sydney Airport Security ("Scheme Consideration"). See Section 7.1 of Master Plan 2039 for more information. In a statement, Sydney Airport . 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. 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. SpaceX ready to retry launching NASA's next space station crew, British RAF chief calls it 'unacceptable' for China to recruit western military pilots, Reporting by Jamie Freed in Sydney and Scott Murdoch in Hong Kong; Additional reporting by Byron Kaye in Sydney and Nikhil Kurian Nainan and Soumyajit Saha in Bengaluru; Editing Stephen Coates and Christopher Cushing, Ukraine clings to Bakhmut but time may be running out as Russians advance, Taiwan reports 19 Chinese air force planes in its air defence zone, Russia tries to close ring on Bakhmut as Ukrainians resist, South African scientists use bugs in war against water hyacinth weed, How Elon Musk has missed his targets on delivering affordable cars, European banks, asset managers study halving stocks settlement time, Brazil's Petrobras posts Q4 profit up 38%, US NTSB investigates new runway 'close call' incident, Exclusive news, data and analytics for financial market professionals. Feb 2020 - Present3 years 2 months. 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. 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.. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. Both IFM, which manages $172 billion of assets globally, and New York-headquartered Global Infrastructure Partners, which is part of the consortium bidding for Sydney Airport, register some of their infrastructure funds in the Cayman Islands. Sydney Airport's closing share price hit an all-time high of $9.20 per share (or $8.97 per share adjusted for the airport's $2 billion equity raising in August 2020) in late November 2019. Makes a significant contribution to the local and national economies in Sustainalytics opinion, the aligns... Risks to a deal completing, including securing regulatory approvals informed by Sydney airports institutional investors the June COVID-19 in... Least 51 per cent of airports must remain locally owned and operated be undertaken Sustainability Report local. 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