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. Ben Clark, TMS Capital portfolio manager. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . Operational efficiency and continuous improvement, Cyber security, technology and innovation. early this year which has met a cool reception from shareholders. Follow the topics, people and companies that matter to you. London, England, United Kingdom , Australia Sydney NSW. It has not made a final decision. To read about our performance in this area see our Sustainability Report. A rigorous development assessment process has been established to enable Sydney Airport to address its obligations under the Airports (Building Control) Regulations Act 1996. Sign up for the latest offers Sydney Airport is the only publicly listed airport in Australia. 2014 Sydney Airport Tax Statement Guide. Operational efficiency and continuous improvement, Cyber security, technology and innovation. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. Analysts also believe the $8.75 per share offer is fair. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. 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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. 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. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. He is based in Sydney. Most airports are already owned by infrastructure and investment funds. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. Air traffic controllers had an average 20 shifts off at short notice last year. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. 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. 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. 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. 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. 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. This Master Plan is renewed every five years. 2009 MAp Tax Statement Guide. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. 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. 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. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. 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. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. Sydney Airport has stapled securities, which trade as if they were a single security. 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. 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. The takeover battle takes place at an uncertain time for Sydney Airport. On 10 March 2021, the European Unions Sustainable Finance Disclosure Regulations (SFDR) became effective. 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. 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 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. Wed hate to lose it because where do you put that money? The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. [1/2]Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. 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. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. 2013 Sydney Airport Tax Statement Guide. He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. cutting their 12-month price targets on the airports stock, after suffering a $145.6 million annual loss. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. 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. See here for a complete list of exchanges and delays. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. 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. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. rising power of industry superannuation funds. 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. Help using this website - Accessibility statement. Our ambition is to be an industry leader in sustainability. Feb 2020 - Present3 years 2 months. It's a great example of critical infrastructure The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 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. 2007 MAp Tax Statement Guide. 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]. They pay higher fees than domestic travellers and also spent more money at airport shops. See Section 7.1 of Master Plan 2039 for more information. 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"). 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 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 $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. While we are of the belief international travel will return to pre-COVID levels in 2024, the trajectory of the recovery despite vaccination rates improving globally remains uncertain, JPMorgan said. View our latest financial statements and Annual Reports here. 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. James Brickwood. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. UniSuper also has a favourable view of the consortium partners," the fund said. 2021 half year. Share. Always looking for properties that require a little work transform homes to Lux level and rent to . of the communities in which they live. 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. 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. Sydney Airport is one of Australia's most important pieces of infrastructure. 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.. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. 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. 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. 2021 half year. 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.. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. Details on our contribution this year is available here. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. IFM already owns stakes in Melbourne, Brisbane, Perth, Adelaide airports as well as NT airports, which include Darwin, Alice Springs and Tennant Creek airports. https://www.sydneyairport.com.au/ Some Sydney Airport investors dont want it to be sold off to big funds. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. 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. 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. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. 2020. 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. 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. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. REUTERS/Steven Saphore. If the deal completes, it would be the biggest ever cash takeover in Australias history. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. resume Sydney-Vancouver flights on December 17. 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. 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. 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. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Sydney Airport declined to comment. Mr Clark said he would be reluctant to sell the airports shares into the current offer. Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. in investment decisions on sustainability factors. Other states have closed borders to Sydney residents. See the Construction and development on the airport page in the Environment section of our website for more detail on our management approach to development on airport lands. Sydney Airports current Master Plan runs through to 2039. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. All quotes delayed a minimum of 15 minutes. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. 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. 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. 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. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. The consortium, meanwhile, was able to dash hopes of a $9 a share offer. Follow the topics, people and companies that matter to you. "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. ", 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 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. 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. 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. 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 airport also makes a significant contribution to the local and national economies. 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