Help using this website - Accessibility statement. 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. 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 QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. 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. 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. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. Help using this website - Accessibility statement. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. We see the revised offer price as fair, Mr Haralambidis said. 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.. But . Hoxha Propertie investor. 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. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. 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. If the deal completes, it would be the biggest ever cash takeover in Australias history. 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. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . 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. Our ambition is to be an industry leader in sustainability. It is understood IFM Investors . We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. https://www.sydneyairport.com.au/ The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. 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. Sydney Airport is the only publicly listed airport in Australia. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. 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. 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 . IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. an indicative offer priced at $8.25 per share. 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). 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. See here for a complete list of exchanges and delays. Theres a lot more value in this asset than the market has been ascribing. Other states have closed borders to Sydney residents. 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. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. 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]. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. "It's opportunistic in that regard, but understandable. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. early this year which has met a cool reception from shareholders. 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. Kroll said the airport was worth between $7.94 and $8.86 per share. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. REUTERS/Steven Saphore. 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. 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. 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. 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. Follow the topics, people and companies that matter to you. 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. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. Follow the topics, people and companies that matter to you. 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. See Section 7.1 of Master Plan 2039 for more information. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. 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. Operational efficiency and continuous improvement, Cyber security, technology and innovation. The consortium, meanwhile, was able to dash hopes of a $9 a share offer. 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. They pay higher fees than domestic travellers and also spent more money at airport shops. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. In a statement, Sydney Airport . The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. 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 . See our Response to the TCFD Recommendations for our detailed disclosure against its framework. 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. 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 ", 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. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. Sydney Airport did not pay a final dividend for 2020 after suffering a $145.6 million annual loss and is not planning to pay an interim dividend. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. We recognise that the world around us is rapidly evolving. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. 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. We know that getting a rail link to the airport is important. Sep 12, 2021 - 9.35pm. 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 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 Family Property investors we do Rent to Rent /Sublet and we are Landlords of properties in Luxury areas in UK and Overseas. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. 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. 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. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. Sign up for the latest offers That will create new opportunities for Sydney Airport . We're co-investors in that. The industry leader for online information for tax, accounting and finance professionals. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. But an earlier $9.6 billion all-cash bid by Canadas Brookfield Infrastructure, which also uses tax havens like Bermuda and the Cayman Islands, would require shareholders to sell out. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. Private Company. More small investors in Sydney Airport are publicly venting their opposition to the company's proposed $23.6 billion takeover as a vote on the deal looms in early February, arguing its board is . 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. 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 Sydney Airport board recommended shareholders vote to accept the offer. 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. 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 Airports current Master Plan runs through to 2039. 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. 2009 MAp Tax Statement Guide. 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. 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. Read more about the transaction here. Mr Clark said he would be reluctant to sell the airports shares into the current offer. All quotes delayed a minimum of 15 minutes. Sydney Airport is one of Australias most important pieces of infrastructure. IFM Investors has secured access to Sydney Airport's books with a revised bid valuing the airport owner at more than $32 billion. On 10 March 2021, the European Unions Sustainable Finance Disclosure Regulations (SFDR) became effective. That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. 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. See here for a complete list of exchanges and delays. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. 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. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. 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.. 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. The airport also makes a significant contribution to the local and national economies. 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. Our Sustainability Strategy has three pillars underpinned by 2021-2024 focus areas and strategic outcomes aligned with SYDs values: To read about our performance in progressing our sustainability strategy, see our annual sustainability reporting. Sydney Airport declined to comment. The airport operator's share price hit a record A$8.86 in January last year, before the novel coronavirus pandemic led to a collapse in travel demand. "UniSuper does however, in-principle, see merit in Sydney Airport being converted from a publicly listed company to an unlisted company. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. In Sustainalytics opinion, the loan aligns with the Loan Markets Association's Sustainability Linked Loan Principles. 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. Share. 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. SCACH Financial Report for the year ended 31 December 2021. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. 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. [1/2]Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. It's a great example of critical infrastructure of the communities in which they live. 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. Theres a lot more value in this asset than the market has been ascribing, 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. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 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. 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. Obviously, that was seen as the area that we wanted to do first. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 2012 Sydney Airport Tax Statement Guide. "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. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. 2006 MAp Tax Statement Guide. Operational efficiency and continuous improvement, Cyber security, technology and innovation. 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. James Brickwood. read more. Most airports are already owned by infrastructure and investment funds. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. 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. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. The indicative price is below where Sydney Airports security price traded before the pandemic.. James Brickwood. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Trading volumes of Sydney Airports shares have soared as some investors sell the companys stock and take profits rather than wait for a formal $23.6 billion takeover bid to land. Sydney Airport is one of Australia's most important pieces of infrastructure. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. 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). 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. The airport also makes a significant contribution to the local and national economies. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. Sydney Airport shares last traded at $8. 2021 half year. 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. 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. 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. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. 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.. 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 -A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Always looking for properties that require a little work transform homes to Lux level and rent to . It has not made a final decision. 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. 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. We see the revised offer comes after a two-month tussle between the consortium not! 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