UniSuper also has a favourable view of the consortium partners," the fund said. 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 . 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. Wed hate to lose it because where do you put that money? Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. Australia's mandatory retirement savings system, known as superannuation, has assets of A$3.1 trillion, according to the Association of Superannuation Funds of Australia. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. James Brickwood. 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 . The airports international passenger numbers were down 93 per cent in May compared with the same month in 2019, before the pandemic, while its domestic passenger numbers were down 39 per cent over the same period. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. Other states have closed borders to Sydney residents. In a statement, Sydney Airport . 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. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. "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. 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. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. 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. 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. 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. 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. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 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. The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. 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. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. 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. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. in investment decisions on sustainability factors. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. 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 resume Sydney-Vancouver flights on December 17. 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%. "It's opportunistic in that regard, but understandable. 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. https://www.sydneyairport.com.au/ 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. 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. 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.. 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. 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. The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. 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. RBA. 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. See here for a complete list of exchanges and delays. 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. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. The company is Australia's only listed airport operator. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. of the communities in which they live. Read more about the transaction here. The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. 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. Sydney Airport is one of Australias most important pieces of infrastructure. 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. There is not a whole lot of choice out there if you trade through public exchanges. The airports monopoly on local aviation will end in 2026 when the new Western Sydney Airport opens. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. We know that getting a rail link to the airport is important. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. Follow the topics, people and companies that matter to you. 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. 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. ", 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. Operational efficiency and continuous improvement, Cyber security, technology and innovation. The. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. It is understood IFM Investors . 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). Sydney Airports shares jumped almost 5 per cent on Monday, hitting their highest levels since the outbreak of the pandemic, after a consortium led by IFM Investors raised their indicative takeover offer to $8.75 per share and gained access to the companys financial books to do due diligence. 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. Some Sydney Airport investors dont want it to be sold off to big funds. 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. 2009 MAp Tax Statement Guide. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. "In securing WSI, our new airport has joined . 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. See Section 7.1 of Master Plan 2039 for more information. 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. its final regulatory approvals in December. 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. 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. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. The airport also makes a significant contribution to the local and national economies. Theres a lot more value in this asset than the market has been ascribing. 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. 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. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. read more. 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. Follow the topics, people and companies that matter to you. 2021 half year. 2020. an indicative offer priced at $8.25 per share. Sydney Airport Limited (ASX:SYD) received a lot of attention from a substantial price movement on the ASX in the over the last few months, increasing to A$7.03 at one point, and dropping to the. See an overview of Sydney Airport including performance highlights. . 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. Macquarie Group divested its holdings in 2013 and UniSuper is now Sydney Airports biggest shareholder. 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.. But . 2007 MAp Tax Statement Guide. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. There is no long-term windfall in this offer for the current shareholders.. in-scope products. Picture taken October 25, 2017. 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 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. Only a handful of airports globally are still listed on securities exchanges, including Auckland Airport, Frankfurt Airport in Germany and Paris Charles de Gaulle and Orly airports. The airport had delivered a $403.9 million profit the previous year. SCACH Financial Report for the half year ended 30 June 2021. 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. read more. 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 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. 2021 Half Year Financial Report and Appendix 4D. 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. Our Sustainability Policy sets out our commitment to sustainability and our latest Sustainability Report provides a window into our strategic objectives, initiatives and performance for the year. Our Standards: The Thomson Reuters Trust Principles. 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. 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. IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. Obviously, that was seen as the area that we wanted to do first. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. Hoxha Propertie investor. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. 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 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. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. 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. International passengers are the most important source of Sydney Airports income. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. 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 . It would imply a $32 billion plus valuation for the airport owner, including debt. View distribution history, MIT notices, Non resident information and tax tools. early this year which has met a cool reception from shareholders. 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. It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. This Master Plan is renewed every five years. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. We see the revised offer price as fair, Mr Haralambidis said. 2012 Sydney Airport Tax Statement Guide. 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. The airport also makes a significant contribution to the local and national economies. In July last year Mr Robilliard wrote to the airport asking the board to reject any takeover bid, after it received an indicative offer priced at $8.25 per share. 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. 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. 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 discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. Help using this website - Accessibility statement. Other investors said they would be disappointed to see Sydney Airport fall into private hands. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. 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. 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 Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. IFM Investors has secured access to Sydney Airport's books with a revised bid valuing the airport owner at more than $32 billion. It's a great example of critical infrastructure Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. IFM already owns stakes in Melbourne, Brisbane, Perth, Adelaide airports as well as NT airports, which include Darwin, Alice Springs and Tennant Creek airports. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. The board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. He is based in Sydney. A rigorous development assessment process has been established to enable Sydney Airport to address its obligations under the Airports (Building Control) Regulations Act 1996. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. They pay higher fees than domestic travellers and also spent more money at airport shops. 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 indicative price is below where Sydney Airports security price traded before the pandemic.. Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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. The industry leader for online information for tax, accounting and finance professionals. 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 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.. 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]. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. 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. 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. That will create new opportunities for Sydney Airport . It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. 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. That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. 2011 MAp Tax Statement Guide. 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. 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 Airports current Master Plan runs through to 2039. Sydney Airport has stapled securities, which trade as if they were a single security. 2006 MAp Tax Statement Guide. 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. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. Most airports are already owned by infrastructure and investment funds. 2008 MAp Tax Statement Guide. The Sydney Airport board recommended shareholders vote to accept the offer. 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. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. 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.. 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