Members of the government have become increasingly concerned about the rising power of industry superannuation funds. 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. Theres a lot more value in this asset than the market has been ascribing. See here for a complete list of exchanges and delays. 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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. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. Help using this website - Accessibility statement. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. of the communities in which they live. The airport also makes a significant contribution to the local and national economies. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. 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. Euphoria star Sydney . 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. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. Operational efficiency and continuous improvement, Cyber security, technology and innovation. He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 2013 Sydney Airport Tax Statement Guide. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. 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. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. 2006 MAp Tax Statement Guide. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. 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. 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 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.. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. 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. 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. There is not a whole lot of choice out there if you trade through public exchanges. 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. The airport also makes a significant contribution to the local and national economies. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. IFM has claimed that using locations like the Cayman Islands to manage its assets is a legitimate mechanism for preventing the double taxation of investors and that it has helped the group become a big successful international investor.. The indicative price is below where Sydney Airports security price traded before the pandemic.. 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. . 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. Details on our contribution this year is available here. 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. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . "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. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. We're co-investors in that. The airport had delivered a $403.9 million profit the previous year. For any questions about your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd (Sydney Airports security registry) by calling +61 (0)3 9415 4000 or 1300 850 505 (within Australia). Feb 2020 - Present3 years 2 months. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. Mr Clark said he would be reluctant to sell the airports shares into the current offer. 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. Sydney Airport is one of Australia's most important pieces of infrastructure. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. We know that getting a rail link to the airport is important. 2021 half year. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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 Sustainable Design Guidelines embed sustainability considerations into the ideation, concept, design development, detailed design, delivery and implementation of all building projects at Sydney Airport by setting minimum requirements in key areas of sustainability. in investment decisions on sustainability factors. In the end, Sydney Airport did well to get two increases out of the Sydney Aviation Alliance, at a time when there has been no competing offer. Sydney Airport is one of Australias most important pieces of infrastructure. That will create new opportunities for Sydney Airport . 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. 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. Follow the topics, people and companies that matter to you. Sydney Airport has stapled securities, which trade as if they were a single security. ", 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 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. It is understood IFM Investors . Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. 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. We see the revised offer price as fair, Mr Haralambidis said. 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. With record-low interest rates, funds are looking at infrastructure investments for higher yields. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. Sydney Airport declined to comment. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. 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. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. After adjusting the financials to reflect normal operating conditions, we estimate the bid to be at a 15 per cent premium to Sydney Airports pre-pandemic EV/EBITDA [enterprise value/earnings before interest, tax, depreciation and amortisation] multiple, Mr Dudley said. 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. 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. That's the first phase. 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. 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. 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"). We recognise that the world around us is rapidly evolving. If successful, the purchase of Australia's biggest airport would be one of the country's largest-ever by enterprise value in U.S. dollar terms, on par with the $22 billion purchase of mall operator Westfield Group by Unibail-Rodamco in 2017, Refinitiv data showed. 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. 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. 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. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. This is perhaps where a bid offers investors with some valuation uncertainty.. The board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. 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. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. 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. 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 The company is Australia's only listed airport operator. Private Company. 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. Barrenjoey, UBS and Allens are advising Sydney Airport. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. At IFM, in seeking to act in the best interests of our investors, we pursue financial returns that aim to both protect and grow the long term value of their investments, and contribute to the social, economic and environmental wellbeing 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. Understanding and embracing change will shape our future and drive our strategic thinking. 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 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.. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. 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. 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 consortium, meanwhile, was able to dash hopes of a $9 a share offer. The. 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. Under this planning framework, airports prepare a Master Plan incorporating an Airport Environment Strategy (AES) which sets a 20-year strategic vision for the airport site. 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. 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 . It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. View distribution history, MIT notices, Non resident information and tax tools. 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. an indicative offer priced at $8.25 per share. Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. Obviously, that was seen as the area that we wanted to do first. James Brickwood. Share. 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]. 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). It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. 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. 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 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 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. The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. Our Standards: The Thomson Reuters Trust Principles. Sydney Airport is one of Australia's most important pieces of infrastructure. 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. Help using this website - Accessibility statement. 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. read more. 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.. 2010 MAp Tax Statement Guide. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. View our latest financial statements and Annual Reports here. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. Master plans include future land uses, noise and environmental impacts. See an overview of Sydney Airport including performance highlights. Follow the topics, people and companies that matter to you. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. 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. 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. 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. 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. Operational efficiency and continuous improvement, Cyber security, technology and innovation. 2020 Sydney Airport Full Year Results Release. 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. 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. SYDNEYA group of infrastructure investors submitted a nearly $17 billion takeover bid for Sydney Airport, the operator of Australia's busiest airport, signaling that investors are. read more. Sign up for the latest offers 2014 Sydney Airport Tax Statement Guide. 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. 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. For questions on your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd. Information for securityholders on the Sydney Aviation Alliances acquisition of Sydney Airport. See here for a complete list of exchanges and delays. 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