It's a great example of critical infrastructure Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. In Sustainalytics opinion, the loan aligns with the Loan Markets Association's Sustainability Linked Loan Principles. 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. 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. 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. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. Share. London, England, United Kingdom , Australia Sydney NSW. 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. To read about our performance in this area see our Sustainability Report. The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. 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. 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. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. 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, 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. 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 . That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. IFM Investors has secured access to Sydney Airport's books with a revised bid valuing the airport owner at more than $32 billion. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. Sydney Airport is one of Australia's most important pieces of infrastructure. 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. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. "UniSuper does however, in-principle, see merit in Sydney Airport being converted from a publicly listed company to an unlisted company. 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. Operational efficiency and continuous improvement, Cyber security, technology and innovation. With record-low interest rates, funds are looking at infrastructure investments for higher yields. Follow the topics, people and companies that matter to you. 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. 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 Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. 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. Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. It is understood IFM Investors . That will create new opportunities for Sydney Airport . 2020. 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. 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. 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. Sign up for the latest offers He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. 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. 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. 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. Typically issued within 12 . 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. 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. Sydney Airport Securityholders who held Sydney Airport Securities at the Scheme Record Date (7.00pm (Sydney time) on Wednesday, 16 February 2022), received cash consideration of $8.75 per Sydney Airport Security ("Scheme Consideration"). 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.. Feb 2020 - Present3 years 2 months. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. 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"It's opportunistic in that regard, but understandable. There is no long-term windfall in this offer for the current shareholders.. Sydney Airport is one of Australia's most important pieces of infrastructure. 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. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. If the deal completes, it would be the biggest ever cash takeover in Australias history. 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. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. Obviously, that was seen as the area that we wanted to do first. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. 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. 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. Master plans include future land uses, noise and environmental impacts. 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. 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'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. SCACH Financial Report for the year ended 31 December 2021, 2021 Half Year Financial Report and Appendix 4D, SCACH Financial Report for the half year ended 30 June 2021, 2020 Sydney Airport Full Year Results Release, 2020 Sydney Airport Annual Report and Appendix 4E, SCACH Financial Report for the full year ended 31 December 2020, 2020 Half Year Financial Report and Appendix 4D, SCACH Financial Report for the half year ended 30 June 2020, 2019 Sydney Airport Full Year Results Release, 2019 Sydney Airport Annual Report and Appendix 4E, SCACH Financial Report for the full year ended 31 December 2019, 2019 Half Year Financial Report and Appendix 4D, SCACH Financial Report for the half year ended 30 June 2019, 2018 Annual Report for the Full Year ended 31 December 2018 and Appendix 4E, SCACH Group Financial Report for the full year ended 31 December 2018, Sydney Airport Group Financial report for the half year ended 30 June 2018, SCACH Financial Report for the half year ended 30 June 2018, 2017 Annual Report for the Full Year ended 31 December 2017 and Appendix 4E, SCACH Financial Report for the full year ended 31 December 2017, Sydney Airport Group Financial Report for the half year ended 30 June 2017, SCACH Financial Report for the half year ended 30 June 2017, Sydney Airport Group Financial Report for the full year ended 31 December 2016, SCACH Financial Report for the full year ended 31 December 2016, Sydney Airport Group Financial Report for the half year ended 30 June 2016, SCACH Financial Report for the half year ended 30 June 2016, Sydney Airport Group Financial Report for year ended 31 December 2015, SCACH Financial Report for year ended 31 December 2015, Sydney Airport Group Financial Report for the half year ended 30 June 2015, SCACH Financial Report for the half year ended 30 June 2015, Sydney Airport Group Financial Report for year ended 31 December 2014, SCACH Financial Report for year ended 31 December 2014, Sydney Airport Group Financial Report for the half year ended 30 June 2014, SCACH Financial Report for the half year ended 30 June 2014, Sydney Airport Group Financial Report for the year ended 31 December 2013, SCACH Financial Report for the year ended 31 December 2013, Sydney Airport Group Financial Report for the half year ended 30 June 2013, SCACH Financial Report for the half year ended 30 June 2013, Sydney Airport Group Financial Report for the year ended 31 December 2012, SCACH Financial Report for the year ended 31 December 2012, Sydney Airport Group Financial Report for the half year ended 30 June 2012, SCACH Financial Report for the half year ended 30 June 2012, Sydney Airport Group Financial Report for the year ended 31 December 2011, SCACH Financial Report for the year ended 31 December 2011, Sydney Airport Group Financial Report for the half year ended 30 June 2011, SCACH Financial Report for the half year ended 30 June 2011, Sydney Airport Group Financial Report for the year ended 31 December 2010, SCACH Financial Report for the year ended 31 December 2010, Sydney Airport Group Financial Report for the half year ended 30 June 2010, SCACH Financial Report for the half year ended 30 June 2010, Sydney Airport Group Financial Report for the year ended 31 December 2009, SCACH Financial Report for the year ended 31 December 2009, Sydney Airport Group Financial Report for the half year ended 30 June 2009, SCACH Financial Report for the half year ended 30 June 2009, Sydney Airport Group Financial Report for the year ended 31 December 2008, SCACH Financial Report for the year ended 31 December 2008, Sydney Airport Group Financial Report for the half year ended 30 June 2008, SCACH Financial Report for the half year ended 30 June 2008, Sydney Airport Group Financial Report for the year ended 31 December 2007, Sydney Airport Group Financial Report for the half year ended 30 June 2007. The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. 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. International passengers are the most important source of Sydney Airports income. 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 See here for a complete list of exchanges and delays. Hoxha Propertie investor. Always looking for properties that require a little work transform homes to Lux level and rent to . 2011 MAp Tax Statement Guide. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. Our Standards: The Thomson Reuters Trust Principles. hit back at suggestions it exerts excessive influence. The Omicron variant of COVID-19 has disrupted the aviation industrys recovery, with Virgin Australia suspending flights because of staff being ill with the virus or isolating. We 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.. 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. Their offer is contingent on UniSuper, Sydney Airport's largest shareholder with a 15% stake, agreeing to reinvest its equity interest for an equivalent equity holding in the consortium's vehicle. 2021 half year. 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. 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 a statement, Sydney Airport . Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. 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. James Brickwood. in-scope products. 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 Airports current Master Plan runs through to 2039. 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. 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. 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. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. The airport also makes a significant contribution to the local and national economies. QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. 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 biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. We see the revised offer price as fair, Mr Haralambidis said. 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. 2021 Half Year Financial Report and Appendix 4D. 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. "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. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. He is based in Sydney. 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. Operational efficiency and continuous improvement, Cyber security, technology and innovation. 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. IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. Private Company. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . Family Property investors we do Rent to Rent /Sublet and we are Landlords of properties in Luxury areas in UK and Overseas. Analysts also believe the $8.75 per share offer is fair. Our ambition is to be an industry leader in sustainability. We recognise that the world around us is rapidly evolving. 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 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. 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. 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 is one of Australias most important pieces of infrastructure. But . early this year which has met a cool reception from shareholders. Air traffic controllers had an average 20 shifts off at short notice last year. 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. 2020 Sydney Airport Full Year Results Release. Sydney Airport has been a supporter of the TCFD since 2018 and has disclosed its climate change risk management in line with the TCFD reporting framework since that time. We're co-investors in that. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. We know that getting a rail link to the airport is important. Sydney Airport, which makes most of its money from international travellers, has struggled during the pandemic and was forced to raise $2 billion of equity in August 2020 at $4.56 per share to strengthen its balance sheet. resume Sydney-Vancouver flights on December 17. 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. It has not made a final decision. 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 our Response to the TCFD Recommendations for our detailed disclosure against its framework. 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. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. The industry leader for online information for tax, accounting and finance professionals. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. 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 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. Some Sydney Airport investors dont want it to be sold off to big funds. The company is Australia's only listed airport operator. Follow the topics, people and companies that matter to you. 2012 Sydney Airport Tax Statement Guide. Barrenjoey, UBS and Allens are advising Sydney Airport. Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. Most airports are already owned by infrastructure and investment funds. 2010 MAp Tax Statement Guide. 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