Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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 acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. Follow the topics, people and companies that matter to you. That's the first phase. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we 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. It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. 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%. 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.. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. The Sydney Airport board recommended shareholders vote to accept the offer. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . Sydney Airport is one of Australia's most important pieces of infrastructure. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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 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 . Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. 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. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. read more. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. 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. James Brickwood. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. 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. 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.. Feb 2020 - Present3 years 2 months. . Euphoria star Sydney . Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. ", 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. 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. 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 . 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. 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. 2014 Sydney Airport Tax Statement Guide. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. 2020 Sydney Airport Full Year Results Release. Sep 12, 2021 - 9.35pm. 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. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. 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. Elon Musk was expected to reveal new EVs at Wednesday's Investor Day, but instead, he shared details of a $10 trillion Master Plan 3 to eliminate the use of fossil fuels. 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. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. 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. Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. 2021 half year. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. Sydney Airport shareholders on Thursday were poised to approve a A$23.6 billion ($16.85 billion) cash takeover by infrastructure investors, though many small retail investors voted against . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. Operational efficiency and continuous improvement, Cyber security, technology and innovation. 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. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. Help using this website - Accessibility statement. 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. We recognise that the world around us is rapidly evolving. See an overview of Sydney Airport including performance highlights. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. See here for a complete list of exchanges and delays. 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. 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. cutting their 12-month price targets on the airports stock, after suffering a $145.6 million annual loss. The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. Air traffic controllers had an average 20 shifts off at short notice last year. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. The. [1/2]Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. SCACH Financial Report for the half year ended 30 June 2021. 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. 2009 MAp Tax Statement Guide. . Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. There is no long-term windfall in this offer for the current shareholders.. 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 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. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. 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. If the deal completes, it would be the biggest ever cash takeover in Australias history. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. It has not made a final decision. Follow the topics, people and companies that matter to you. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. 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 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 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. Mr Clark said he would be reluctant to sell the airports shares into the current offer. 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. 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. James Brickwood. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. The Australian Competition and Consumer Commission will take about three months to review the transaction while the Foreign Investment Review Board will take at least a month, with options to extend its review by up to six months. We see the revised offer price as fair, Mr Haralambidis said. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. 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. Infrastructure assets are attractive to big investment and superannuation funds because they provide stable long-term returns, and often have concessions that allow prices to be increased in line with or above the rate of inflation. Always looking for properties that require a little work transform homes to Lux level and rent to . IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. 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. 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. 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. 2011 MAp Tax Statement Guide. IFM already owns stakes in Melbourne, Brisbane, Perth, Adelaide airports as well as NT airports, which include Darwin, Alice Springs and Tennant Creek airports. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. 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. 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.. 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. Sign up for the latest offers 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 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. 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. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. Analysts also believe the $8.75 per share offer is fair. 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. 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 . 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. 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. Share. rising power of industry superannuation funds. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. In a statement, Sydney Airport . 2021 Half Year Financial Report and Appendix 4D. an indicative offer priced at $8.25 per share. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. There is not a whole lot of choice out there if you trade through public exchanges. 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. 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. To read about our performance in this area see our Sustainability Report. in-scope products. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. Some Sydney Airport investors dont want it to be sold off to big funds. Sydney Airports innovative Sustainability Linked Loan (SLL) determines if the companys bank debt facility margins will decrease or increase depending on our sustainability performance over time. 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. Other investors said they would be disappointed to see Sydney Airport fall into private hands. 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 revised offer comes after a two-month tussle between the consortium and Sydney Airport. 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See Section 7.1 of Master Plan 2039 for more information. IFM has claimed that using locations like the Cayman Islands to manage its assets is a legitimate mechanism for preventing the double taxation of investors and that it has helped the group become a big successful international investor.. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. 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. IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. 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 latest price offered by the consortium was pretty attractive over a one- to three-year horizon given uncertainty about when state and national border restrictions would ease and how fast air travel would rebound after the COVID-19 pandemic, Mr Clark said. See here for a complete list of exchanges and delays. Kroll said the airport was worth between $7.94 and $8.86 per share. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Sydney Airport shares last traded at $8. 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. Follow the topics, people and companies that matter to you. Sydney Airport is one of Australia's most important pieces of infrastructure. 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. 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. That will create new opportunities for Sydney Airport . The company is Australia's only listed airport operator. The indicative price is below where Sydney Airports security price traded before the pandemic.. He is based in Sydney. Most airports are already owned by infrastructure and investment funds. The airport also makes a significant contribution to the local and national economies. 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. 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. 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. 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. 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. of the communities in which they live. "It's opportunistic in that regard, but understandable. 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 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. 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. Sydney Airports current Master Plan runs through to 2039. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. 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. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. James Brickwood. 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]. News and content in a highly-customised workflow experience on desktop, web and mobile Asia! 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