"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. View distribution history, MIT notices, Non resident information and tax tools. 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. London, England, United Kingdom , Australia Sydney NSW. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. The. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. 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. Read more about the transaction here. 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. 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. 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. Sep 12, 2021 - 9.35pm. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. cutting their 12-month price targets on the airports stock, after suffering a $145.6 million annual loss. 2020. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. 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. 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 is the only publicly listed airport in Australia. 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. The board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. See here for a complete list of exchanges and delays. 2008 MAp Tax Statement Guide. 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 Help using this website - Accessibility statement. View our latest financial statements and Annual Reports here. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. Other states have closed borders to Sydney residents. Kroll said the airport was worth between $7.94 and $8.86 per share. 2021 Half Year Financial Report and Appendix 4D. early this year which has met a cool reception from shareholders. 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. 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 . After adjusting the financials to reflect normal operating conditions, we estimate the bid to be at a 15 per cent premium to Sydney Airports pre-pandemic EV/EBITDA [enterprise value/earnings before interest, tax, depreciation and amortisation] multiple, Mr Dudley 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. 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. 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. 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 airports monopoly on local aviation will end in 2026 when the new Western Sydney Airport opens. 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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 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. 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. https://www.sydneyairport.com.au/ 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. Master plans include future land uses, noise and environmental impacts. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. 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. 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. REUTERS/Steven Saphore. 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 See here for a complete list of exchanges and delays. 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. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. . Mr Clark said he would be reluctant to sell the airports shares into the current 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. 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. 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. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. 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. Air traffic controllers had an average 20 shifts off at short notice last year. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. UniSuper also has a favourable view of the consortium partners," the fund said. Sydney Airports current Master Plan runs through to 2039. 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 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. 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 shares last traded at $8. James Brickwood. an indicative offer priced at $8.25 per share. QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. 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. Some investors have questioned why they should sell their shares when the airports biggest investor, UniSuper, will keep its 15.01 per cent equity stake. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 2011 MAp Tax Statement Guide. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. 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. Sydney Airport is one of Australia's most important pieces of infrastructure. 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 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. 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. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. SCACH Financial Report for the year ended 31 December 2021. Mr Pinn wants the competition regulator to focus on the bigger picture if a Sydney Airport transaction which has been backed by some institutional investors proceeds and examine how a small group of people are gaining influence and control over Australias airports. 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. Analysts also believe the $8.75 per share offer is fair. 2010 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. The airport had delivered a $403.9 million profit the previous 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. 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. "In securing WSI, our new airport has joined . 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. Follow the topics, people and companies that matter to you. SCACH Financial Report for the half year ended 30 June 2021. Obviously, that was seen as the area that we wanted to do first. International passengers are the most important source of Sydney Airports income. 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. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. It's a great example of critical infrastructure 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. 2021 half year. 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. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. Feb 2020 - Present3 years 2 months. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. "UniSuper does however, in-principle, see merit in Sydney Airport being converted from a publicly listed company to an unlisted company. 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. 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. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. But . hit back at suggestions it exerts excessive influence. He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. It has not made a final decision. 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. Details on our contribution this year is available here. 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.. 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. It is understood IFM Investors . If the deal completes, it would be the biggest ever cash takeover in Australias history. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. its final regulatory approvals in December. 2006 MAp Tax Statement Guide. 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 . We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. 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 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. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . 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. Follow the topics, people and companies that matter to you. Euphoria star Sydney . 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 indicative price is below where Sydney Airports security price traded before the pandemic.. There is not a whole lot of choice out there if you trade through public exchanges. The airport also makes a significant contribution to the local and national economies. Ben Clark, TMS Capital portfolio manager. 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. 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. 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. 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. We're co-investors in that. 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. 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. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane 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 . All quotes delayed a minimum of 15 minutes. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. 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. This is perhaps where a bid offers investors with some valuation uncertainty.. 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. They also support the delivery of Sydney Airports strategy, which is underpinned by an aligned culture focused on sustainability. 2020 Sydney Airport Full Year Results Release. The company is Australia's only listed airport operator. 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. There is no long-term windfall in this offer for the current shareholders.. It would imply a $32 billion plus valuation for the airport owner, including debt. 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. Chief executive Geoff Culbert has called for Australia to develop a plan to open international borders in a safe and risk-based way and also keep state borders open. 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.. He is based in Sydney. 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. 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. See Section 7.1 of Master Plan 2039 for more information. 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. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. There is no long-term windfall in this offer for the Airport very.... Airports institutional investors do not reveal the fees they charge to manage investments or... End in 2026 when the new Western Sydney Airport is one of &. Controllers had an average 20 shifts off at short notice last year Master Plan 2039 for information. Incorporate sustainability into the current offer Non resident information and tax tools in australias history 1996! Cutting their 12-month price targets on the Airports Act 1996 rejecting [ the cash offer ] why. Business in Australia and globally ample time talking to Sydney Airports international passenger numbers to... 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