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. read more. 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. 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. On 10 March 2021, the European Unions Sustainable Finance Disclosure Regulations (SFDR) became effective. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. Follow the topics, people and companies that matter to you. 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. 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). That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. 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. 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. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. 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. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. 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. It has not made a final decision. its final regulatory approvals in December. View distribution history, MIT notices, Non resident information and tax tools. 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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. 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. 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. 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. Mr Clark said he would be reluctant to sell the airports shares into the current offer. 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]. 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. 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. But . 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. Analysts also believe the $8.75 per share offer is fair. 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. 2007 MAp Tax Statement Guide. 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.. If the deal completes, it would be the biggest ever cash takeover in Australias history. 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. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. 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. Sydney Airport has stapled securities, which trade as if they were a single security. 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. Help using this website - Accessibility statement. 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 . 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. The airports monopoly on local aviation will end in 2026 when the new Western Sydney Airport opens. 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. 2020. The airport also makes a significant contribution to the local and national economies. 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. Ian Robilliard, who owns more than 14,000 shares with his wife, told The Australian Financial Review that while there may be a hiatus of several years in airline travel, he believed screening the health of travellers would eventually become as routine as increased security at airports following the September 11 terror attacks. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. 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. Sydney Airport is the only publicly listed airport in Australia. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. Euphoria star Sydney . 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. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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 bank has raised its price target on the stock to $8.75 per share from $8.45 per share. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 2012 Sydney Airport Tax Statement Guide. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. 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. They also support the delivery of Sydney Airports strategy, which is underpinned by an aligned culture focused on sustainability. Follow the topics, people and companies that matter to you. Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. 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. 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. 2020 Sydney Airport Full Year Results Release. Both sides of the deal have spent ample time talking to Sydney Airports institutional 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. 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. It has been frustrated with the sporadic state border closures across Australia in 2020 and 2021, because they have disrupted domestic aviation and made it difficult for people to plan holidays. 2008 MAp Tax Statement Guide. In May, Sydney Airport's international traffic was down more than 93% versus the same month of 2019, while domestic traffic was down 39.2%. "It's 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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. an indicative offer priced at $8.25 per share. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. SCACH Financial Report for the year ended 31 December 2021. Sydney Airport is one of Australias most important pieces of infrastructure. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. It would imply a $32 billion plus valuation for the airport owner, including debt. 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. cutting their 12-month price targets on the airports stock, after suffering a $145.6 million annual loss. 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. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. 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. Air traffic controllers had an average 20 shifts off at short notice last year. 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. There is not a whole lot of choice out there if you trade through public exchanges. 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. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. 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. 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. The Sydney Airport investor who will vote against a sale Jenny Wiggins Infrastructure reporter Sep 22, 2021 - 5.10pm Some Sydney Airport investors plan to vote against a proposed $23.6 billion. Sydney Airport is one of Australia's most important pieces of infrastructure. To read about our performance in this area see our Sustainability Report. 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 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. 2021 Half Year Financial Report and Appendix 4D. The federal parliaments standing committee on economics is holding an inquiry into the ownership of public companies, and the influence exerted by big funds. 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. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. 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. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. hit back at suggestions it exerts excessive influence. With record-low interest rates, funds are looking at infrastructure investments for higher yields. 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. 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. Follow the topics, people and companies that matter to you. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. Always looking for properties that require a little work transform homes to Lux level and rent to . 2021 half year. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . Theres a lot more value in this asset than the market has been ascribing. 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. Some Sydney Airport investors dont want it to be sold off to big funds. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. Hoxha Propertie investor. We're co-investors in that. 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. 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 . 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 Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. The industry leader for online information for tax, accounting and finance professionals. 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. 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 is based in Sydney. Master plans include future land uses, noise and environmental impacts. Operational efficiency and continuous improvement, Cyber security, technology and innovation. 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