This is perhaps where a bid offers investors with some valuation uncertainty.. Master plans include future land uses, noise and environmental impacts. IFM already owns stakes in Melbourne, Brisbane, Perth, Adelaide airports as well as NT airports, which include Darwin, Alice Springs and Tennant Creek airports. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Always looking for properties that require a little work transform homes to Lux level and rent to . It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. 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. 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. 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. Sydney Airport Holdings said on Monday it has agreed to accept a A$23.6 billion ($17.5 billion) takeover bid from an infrastructure investor group in one of Australia's biggest buyouts. While 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, 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. We see the revised offer price as fair, Mr Haralambidis said. 2021 half year. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. 2010 MAp Tax Statement Guide. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. James Brickwood. That's the first phase. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. 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. 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. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. 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. 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. 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. 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. The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. 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. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. 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. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. The. We're co-investors in that. 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. 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. 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. The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. [1/2]Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. 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. Analysts also believe the $8.75 per share offer is fair. 2020. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. 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. 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. Share. Air traffic controllers had an average 20 shifts off at short notice last year. 2006 MAp Tax Statement Guide. 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. 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. Follow the topics, people and companies that matter to you. 2021 half year. The indicative price is below where Sydney Airports security price traded before the pandemic.. 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 requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. Family Property investors we do Rent to Rent /Sublet and we are Landlords of properties in Luxury areas in UK and Overseas. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. an indicative offer priced at $8.25 per share. Mr Clark said he would be reluctant to sell the airports shares into the current offer. Ben Clark, TMS Capital portfolio manager. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. 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. The Sydney Airport board recommended shareholders vote to accept the offer. See Section 7.1 of Master Plan 2039 for more information. Macquarie Group divested its holdings in 2013 and UniSuper is now Sydney Airports biggest shareholder. 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. Picture taken October 25, 2017. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. 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. Operational efficiency and continuous improvement, Cyber security, technology and innovation. Understanding and embracing change will shape our future and drive our strategic thinking. It has not made a final decision. 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. 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. 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 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). Edwina Pickles, The takeover parties are offering $8.75 per share because they think it is worth more than that. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. If the deal completes, it would be the biggest ever cash takeover in Australias history. 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. 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. cutting their 12-month price targets on the airports stock, after suffering a $145.6 million annual loss. Follow the topics, people and companies that matter to you. . 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. 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. 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. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. 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. 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 our Response to the TCFD Recommendations for our detailed disclosure against its framework. 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. 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 has stapled securities, which trade as if they were a single security. 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. 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. Most airports are already owned by infrastructure and investment funds. 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. 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. See here for a complete list of exchanges and delays. "It's opportunistic in that regard, but understandable. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. Details on our contribution this year is available here. 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. 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. early this year which has met a cool reception from 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. Only a handful of airports globally are still listed on securities exchanges, including Auckland Airport, Frankfurt Airport in Germany and Paris Charles de Gaulle and Orly airports. 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. The consortium is understood to be happy with the airports management team and said it was not planning on making substantive changes to services, operations or target credit ratings. 2007 MAp Tax Statement Guide. If youre taking a three-to-five-year view, personally I think you might be better going through some short-term pain for a better long-term outcome, he said. Other investors said they would be disappointed to see Sydney Airport fall into private hands. "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. He is based in Sydney. Help using this website - Accessibility statement. SCACH Financial Report for the half year ended 30 June 2021. 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. They also support the delivery of Sydney Airports strategy, which is underpinned by an aligned culture focused on sustainability. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. 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. 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. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. Mr Pinn, who is also a director of the Association of Independently-Owned Financial Professionals, started buying shares in Australias biggest airport more than 20 years ago and has accumulated more than 100,000 shares. Hoxha Propertie investor. read more. 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. in investment decisions on sustainability factors. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. It is understood IFM Investors . ", Australia's international borders are widely expected to remain closed until at least the end of the year due partly to a slower vaccination programme than in most developed countries. The federal parliaments standing committee on economics is holding an inquiry into the ownership of public companies, and the influence exerted by big funds. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. its final regulatory approvals in December. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. 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. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. 2021 Half Year Financial Report and Appendix 4D. Sydney Airport is one of Australia's most important pieces of infrastructure. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. To read about our performance in this area see our Sustainability Report. 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.. 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. 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. The deal, occurring via a scheme of arrangement, needs approval from a majority of shareholders by number (and at least 75 per cent by value of shares held) at an investor meeting on February 3. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. 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. 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