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 has not made a final decision. Operational efficiency and continuous improvement, Cyber security, technology and innovation. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Barrenjoey, UBS and Allens are advising Sydney Airport. an indicative offer priced at $8.25 per share. 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 board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. 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. 2011 MAp Tax Statement Guide. If this [asset] disappears, it will be gone, and along with virtually every other airport will be unable to be invested in by retail or institutional investors.. The new bid is understood to value Sydney Airport at about $8.75 a share, which is significantly higher than its initial offer at $8.25 and its first revised bid of $8.45. 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. There is no long-term windfall in this offer for the current shareholders.. Sydney Airport Trust 1 (SAT1) is an Attributed Managed Investment Trust (AMIT) for the purposes of Subdivisions 12A-A of Schedule 1 of the Taxation Administration Act 1953. 2021 Half Year Financial Report and Appendix 4D. its final regulatory approvals in December. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. Private Company. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. 2010 MAp Tax Statement Guide. Family Property investors we do Rent to Rent /Sublet and we are Landlords of properties in Luxury areas in UK and Overseas. "In securing WSI, our new airport has joined . 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. Feb 2020 - Present3 years 2 months. 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.. 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. Sydney Airport declined to comment. read more. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. The consortium, meanwhile, was able to dash hopes of a $9 a share offer. 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. On 10 March 2021, the European Unions Sustainable Finance Disclosure Regulations (SFDR) became effective. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. 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. The federal parliaments standing committee on economics is holding an inquiry into the ownership of public companies, and the influence exerted by big funds. 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. Macquarie Group divested its holdings in 2013 and UniSuper is now Sydney Airports biggest shareholder. Sydney Airport shares last traded at $8. Our Standards: The Thomson Reuters Trust Principles. The indicative price is below where Sydney Airports security price traded before the pandemic.. in investment decisions on sustainability factors. 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. Sep 12, 2021 - 9.35pm. 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. Master plans include future land uses, noise and environmental impacts. 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. Edwina Pickles, The takeover parties are offering $8.75 per share because they think it is worth more than that. . 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. The revised offer comes after a two-month tussle between the consortium and Sydney Airport. 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. View distribution history, MIT notices, Non resident information and tax tools. Sydney Airports current Master Plan runs through to 2039. 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. 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. 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The airport also makes a significant contribution to the local and national economies. This is perhaps where a bid offers investors with some valuation uncertainty.. 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]. 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. early this year which has met a cool reception from shareholders. 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. Other investors said they would be disappointed to see Sydney Airport fall into private hands. 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. It is our international gateway and an essential part of our transport network, connecting to more than 90 destinations around the world. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. Help using this website - Accessibility statement. Sydney Airport Limited (ASX:SYD) received a lot of attention from a substantial price movement on the ASX in the over the last few months, increasing to A$7.03 at one point, and dropping to the. It would imply a $32 billion plus valuation for the airport owner, including debt. 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. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. https://www.sydneyairport.com.au/ Kroll said the airport was worth between $7.94 and $8.86 per share. SCACH Financial Report for the half year ended 30 June 2021. 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. Mr Clark said he would be reluctant to sell the airports shares into the current offer. 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.. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. Sydney Airport is the only publicly listed airport in Australia. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. Details on our contribution this year is available here. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Sign up for the latest offers Wed hate to lose it because where do you put that money? 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 discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. Follow the topics, people and companies that matter to you. UniSuper also has a favourable view of the consortium partners," the fund said. Picture taken October 25, 2017. RBA. Theres a lot more value in this asset than the market has been ascribing. That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. JPMorgan forecasts the airports international passenger numbers will still be down 65 per cent in 2022 compared with 2019 and not return to pre-COVID-19 levels until 2024. 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. 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 is one of Australias most important pieces of infrastructure. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. read more. 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. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. 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 He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. 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. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. 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. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. 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 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. 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. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. The Omicron variant of COVID-19 has disrupted the aviation industrys recovery, with Virgin Australia suspending flights because of staff being ill with the virus or isolating. 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. 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. 2020. Ben Clark, TMS Capital portfolio manager. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. See here for a complete list of exchanges and delays. Obviously, that was seen as the area that we wanted to do first. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Analysts also believe the $8.75 per share offer is fair. 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. 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 consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. In a statement, Sydney Airport . 2008 MAp Tax Statement Guide. With record-low interest rates, funds are looking at infrastructure investments for higher yields. 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. 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. We're co-investors in that. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. To read about our performance in this area see our Sustainability Report. 2007 MAp Tax Statement Guide. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. 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. Most airports are already owned by infrastructure and investment funds. 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. That will create new opportunities for Sydney Airport . Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. SYDNEY -A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the. 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 sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. 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