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. There is not a whole lot of choice out there if you trade through public exchanges. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. James Brickwood. 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. Follow the topics, people and companies that matter to you. 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. 2012 Sydney Airport Tax Statement Guide. The federal parliaments standing committee on economics is holding an inquiry into the ownership of public companies, and the influence exerted by big funds. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. 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. 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. 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 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. 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. To read about our performance in this area see our Sustainability Report. Understanding and embracing change will shape our future and drive our strategic thinking. The indicative price is below where Sydney Airports security price traded before the pandemic.. Sydney Airport is one of Australia's most important pieces of infrastructure. Air traffic controllers had an average 20 shifts off at short notice last year. 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. 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. 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. Sydney Airport is the only publicly listed airport in Australia. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. . 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. Obviously, that was seen as the area that we wanted to do first. 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. 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. 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. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. Help using this website - Accessibility statement, The takeover parties are offering $8.75 per share, for preventing the double taxation of investors, has been backed by some institutional investors, proposed cash and stock takeover of AusNet Services, But an earlier $9.6 billion all-cash bid by Canadas Brookfield Infrastructure. View distribution history, MIT notices, Non resident information and tax tools. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. 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. He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. Other investors said they would be disappointed to see Sydney Airport fall into private hands. Mr Pinn also argues that privatisations and takeovers of the nations infrastructure assets are not fairly redistributing wealth among Australians because many of the funds buying them are foreign entities that take advantage of tax havens. Sydney Airports biggest investor, UniSuper, which has a 15 per cent stake, reacted favourably to the takeover proposal, which requires that the superannuation fund keeps its equity holding and not sell for cash. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. 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 . Other states have closed borders to Sydney residents. 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. 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. 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. IFM Investors has secured access to Sydney Airport's books with a revised bid valuing the airport owner at more than $32 billion. 2020. its final regulatory approvals in December. 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"). 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 takeover battle takes place at an uncertain time for Sydney Airport. Sep 12, 2021 - 9.35pm. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. 2021 half year. 2008 MAp Tax Statement Guide. 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.. 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. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 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. 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. Follow the topics, people and companies that matter to you. If the deal completes, it would be the biggest ever cash takeover in Australias history. 2021 Half Year Financial Report and Appendix 4D. 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. 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 . Barrenjoey, UBS and Allens are advising Sydney Airport. That will create new opportunities for Sydney Airport . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Sydney Airports current Master Plan runs through to 2039. 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
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. 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. RBA. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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 understood IFM Investors . He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. 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. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. 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. All quotes delayed a minimum of 15 minutes. 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. 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. "It's opportunistic in that regard, but understandable. That's the first phase. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. A $23.6 billion cash takeover offer is appealing to Sydney Airport investors who are uncertain about how fast domestic and international flights will resume. 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.. 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. Sydney Airport is one of Australia's most important pieces of infrastructure. 2006 MAp Tax Statement Guide. See an overview of Sydney Airport including performance highlights. Analysts also believe the $8.75 per share offer is fair. 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. Read more about the transaction here. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. rising power of industry superannuation funds. 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. 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. Feb 2020 - Present3 years 2 months. See here for a complete list of exchanges and delays. Mr Clark said he would be reluctant to sell the airports shares into the current offer. In May, Sydney Airport's international traffic was down more than 93% versus the same month of 2019, while domestic traffic was down 39.2%. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. 2014 Sydney Airport Tax Statement Guide. James Brickwood. 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. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. Sydney Airport has stapled securities, which trade as if they were a single security. 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. . The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. 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.. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. He is based in Sydney. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. 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. 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