Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. 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. 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. This is perhaps where a bid offers investors with some valuation uncertainty.. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. 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.. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. The airports monopoly on local aviation will end in 2026 when the new Western Sydney Airport opens. [1/2]Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. 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. 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. 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. 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. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. James Brickwood. 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. 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. 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. International passengers are the most important source of Sydney Airports income. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. 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
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 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. 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. Follow the topics, people and companies that matter to you. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. The airport operator's share price hit a record A$8.86 in January last year, before the novel coronavirus pandemic led to a collapse in travel demand. 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. 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 also outlines the commercial property opportunities that exist in the landside areas of the airport that are complementary to aviation operations and provide economic growth for the local economy. 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. The airport had delivered a $403.9 million profit the previous year. Details on our contribution this year is available here. To read about our performance in this area see our Sustainability Report. 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. 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 . Kroll said the airport was worth between $7.94 and $8.86 per share. 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. Sydney Airports current Master Plan runs through to 2039. 2013 Sydney Airport Tax Statement Guide. That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. in investment decisions on sustainability factors. 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. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. It has not made a final decision. 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.. 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. Sep 12, 2021 - 9.35pm. 2007 MAp Tax Statement Guide. 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. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. "In securing WSI, our new airport has joined . 2010 MAp Tax Statement Guide. Picture taken October 25, 2017. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. 2011 MAp Tax Statement Guide. 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. 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 . 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. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. 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 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. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. Sydney Airport is one of Australias most important pieces of infrastructure. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. We know that getting a rail link to the airport is important. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Questions about your Securityholdings For questions on your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd. Sydney Aviation Alliance's acquisition of Sydney Airport 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. 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 Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. 2009 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. The airport also makes a significant contribution to the local and national economies. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. It's a great example of critical infrastructure 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. 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. UniSuper also has a favourable view of the consortium partners," the fund said. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. 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. The industry leader for online information for tax, accounting and finance professionals. 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. 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 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"). 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. 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. It is understood IFM Investors . 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 . . They pay higher fees than domestic travellers and also spent more money at airport shops. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. 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 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. 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. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. Ben Clark, TMS Capital portfolio manager. 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 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. 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. of the communities in which they live. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. 2020. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. 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. Our ambition is to be an industry leader in sustainability. 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.. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. 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. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. Typically issued within 12 . Other investors said they would be disappointed to see Sydney Airport fall into private hands. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. James Brickwood. That's the first phase. 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. See here for a complete list of exchanges and delays. 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. 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. Feb 2020 - Present3 years 2 months. But while believing most shareholders would accept a formal bid of $8.75 per share from the consortium, particularly short-term investors like hedge funds and arbitrage funds, Mr Clark said the airports long-term investors would miss out on an expected revival in flights due to pent-up demand for travel. Follow the topics, people and companies that matter to you. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. 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 June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. 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. 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 investors have questioned why they should sell their shares when the airports biggest investor, UniSuper, will keep its 15.01 per cent equity stake. 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.. James Brickwood. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 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. 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. 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. IFM Investors has secured access to Sydney Airport's books with a revised bid valuing the airport owner at more than $32 billion. Sydney Airport shareholders were poised on Thursday to approve a A$23.6 billion ($16.8 billion) cash takeover by infrastructure investors, though many small retail investors voted against delisting Australia's only listed airport.. 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
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. IFM already owns stakes in Melbourne, Brisbane, Perth, Adelaide airports as well as NT airports, which include Darwin, Alice Springs and Tennant Creek airports. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. The board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. 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. The takeover battle takes place at an uncertain time for Sydney Airport. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Euphoria star Sydney . 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 . Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 2021 Half Year Financial Report and Appendix 4D. Read more about the transaction here. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. Operational efficiency and continuous improvement, Cyber security, technology and innovation. 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. All quotes delayed a minimum of 15 minutes. 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.. 2 & 3 4:00am - 11:00pm power of industry superannuation funds Master Plan runs through to 2039 has! Sustainalytics opinion, the Loan Markets Associations sustainability Linked Loan Principles announcements read our latest ASX here! And Brisbane Airport bank has raised its price target on the airports current share price the. 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