SCACH Financial Report for the half year ended 30 June 2021. The airport also makes a significant contribution to the local and national economies. 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 board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. 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. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. The indicative price is below where Sydney Airports security price traded before the pandemic.. 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. All quotes delayed a minimum of 15 minutes. 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. 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. The airports monopoly on local aviation will end in 2026 when the new Western Sydney Airport opens. Sydney Airport is one of Australias most important pieces of infrastructure. 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. London, England, United Kingdom , Australia Sydney NSW. 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. Sydney Airports innovative Sustainability Linked Loan (SLL) determines if the companys bank debt facility margins will decrease or increase depending on our sustainability performance over time. 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. 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. Understanding and embracing change will shape our future and drive our strategic thinking. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. 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. We're co-investors in that. 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 . Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. Wed hate to lose it because where do you put that money? Read more about the transaction here. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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. View distribution history, MIT notices, Non resident information and tax tools. SYDNEY, July 5 (Reuters) - A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion ($16.7 billion) purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the pandemic-battered travel sector. 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. Always looking for properties that require a little work transform homes to Lux level and rent to . 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. 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. 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 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 acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. UniSuper, which also holds stakes in Adelaide and Brisbane airports, said it was not a consortium partner nor privy to any details outside information disclosed publicly. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. 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). 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. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. Sydney Airports current Master Plan runs through to 2039. The airport had delivered a $403.9 million profit the previous year. 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. 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. early this year which has met a cool reception from shareholders. 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. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. The Sydney Airport investor who will vote against a sale Jenny Wiggins Infrastructure reporter Sep 22, 2021 - 5.10pm Some Sydney Airport investors plan to vote against a proposed $23.6 billion. Ben Clark, TMS Capital portfolio manager. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. 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. 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.. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. read more. 2012 Sydney Airport Tax Statement Guide. We recognise that the world around us is rapidly evolving. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. We need to make sure that there is some diversity, and that the public has access [to assets], he said. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. 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. The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. To read about our performance in this area see our Sustainability Report. 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. Analysts also believe the $8.75 per share offer is fair. Other states have closed borders to Sydney residents. 2020. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we 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. It is understood IFM Investors . https://www.sydneyairport.com.au/ 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). 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. 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. 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. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. Barrenjoey, UBS and Allens are advising Sydney Airport. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. Sydney Airport declined to comment on how many retail investors it has but according to its most recent annual report, most of its investors are small shareholders. "It's opportunistic in that regard, but understandable. 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. With record-low interest rates, funds are looking at infrastructure investments for higher yields. 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. 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. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. Most airports are already owned by infrastructure and investment funds. There is not a whole lot of choice out there if you trade through public exchanges. 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 . 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. 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. Euphoria star Sydney . 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. 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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 theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. its final regulatory approvals in December. The industry leader for online information for tax, accounting and finance professionals. Trading volumes in the stock, which typically average around 7 million shares, also trebled, hitting their highest levels since the airport was first approached by the IFM consortium in early July. This Master Plan is renewed every five years. 2007 MAp Tax Statement Guide. See Section 7.1 of Master Plan 2039 for more information. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. If the deal completes, it would be the biggest ever cash takeover in Australias history. 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. 2020. 2020 Sydney Airport Full Year Results Release. 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. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. 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. . "In securing WSI, our new airport has joined . 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. 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 proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. 2021 half year. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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