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 . UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. 2020. View our latest financial statements and Annual Reports here. 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. Operational efficiency and continuous improvement, Cyber security, technology and innovation. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. 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. The airport had delivered a $403.9 million profit the previous year. [1/2]Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. 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. 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. Other states have closed borders to Sydney residents. 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 international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. The Melbourne Airport's 12 megawatt (MW) solar farm is the largest of its kind at any Australian airport. 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 . 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. . Mr Clark said he would be reluctant to sell the airports shares into the current offer. 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 revised offer comes after a two-month tussle between the consortium and Sydney 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. 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. its final regulatory approvals in December. Sydney Airport has stapled securities, which trade as if they were a single security. an indicative offer priced at $8.25 per share. James Brickwood. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. We see the revised offer price as fair, Mr Haralambidis said. 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. 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. 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. This Master Plan is renewed every five years. Other investors said they would be disappointed to see Sydney Airport fall into private hands. rising power of industry superannuation funds. 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. 2014 Sydney Airport Tax Statement Guide. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 2020. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. See here for a complete list of exchanges and delays. 2020 Sydney Airport Full Year Results Release. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. 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. 2007 MAp Tax Statement Guide. The news sent the stock up as much as 38% to A$8.04 in early Monday trade, though it later retreated to around A$7.55, indicating market uncertainty as to whether the deal will succeed. Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. 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. 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. Sydney Airport declined to comment. International passengers are the most important source of Sydney Airports income. 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. 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. In a statement, Sydney Airport . Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. It has not made a final decision. 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. "In securing WSI, our new airport has joined . Sydney Airport is one of Australia's most important pieces of infrastructure. 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.. 2008 MAp Tax Statement Guide. 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. 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. That's the first phase. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. Sydney Airport is the only publicly listed airport in Australia. 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 Section 7.1 of Master Plan 2039 for more information. 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. To read about our performance in this area see our Sustainability Report. 2021 half year. Always looking for properties that require a little work transform homes to Lux level and rent to . The takeover battle takes place at an uncertain time for Sydney Airport. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. The. 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. 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. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. Macquarie Group divested its holdings in 2013 and UniSuper is now Sydney Airports biggest shareholder. 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. 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. 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). Our ambition is to be an industry leader in sustainability. We know that getting a rail link to the airport is important. 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. 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. Follow the topics, people and companies that matter to you. 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. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 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%. in investment decisions on sustainability factors. REUTERS/Steven Saphore. 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. hit back at suggestions it exerts excessive influence. 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. 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. Our Standards: The Thomson Reuters Trust Principles. He is based in Sydney. ", 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. Ben Clark, TMS Capital portfolio manager. 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. We have mapped the SDG framework against our sustainability strategy to show how we are contributing to the achievement of the SDGs. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. 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. 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. With record-low interest rates, funds are looking at infrastructure investments for higher yields. Follow the topics, people and companies that matter to you. 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. 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. 2012 Sydney Airport Tax Statement Guide. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. 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. Wed hate to lose it because where do you put that money? Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . 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. 2013 Sydney Airport Tax Statement Guide. 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. James Brickwood. At IFM, in seeking to act in the best interests of our investors, we pursue financial returns that aim to both protect and grow the long term value of their investments, and contribute to the social, economic and environmental wellbeing 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. "UniSuper does however, in-principle, see merit in Sydney Airport being converted from a publicly listed company to an unlisted company. 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. Australias Airports Act requires that at least 51 per cent of airports must remain locally owned and operated. 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. 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.. 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. The consortium, named the Sydney Aviation Alliance, is understood to have a positive view on the eventual return of global air travel as vaccines are distributed, as well as Australias future economic and population growth and the need for people to fly around the country. RBA. 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. in-scope products. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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.. Help using this website - Accessibility statement. 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. Sign up for the latest offers UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. 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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. See an overview of Sydney Airport including performance highlights. The board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. 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. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. resume Sydney-Vancouver flights on December 17. This is perhaps where a bid offers investors with some valuation uncertainty.. 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. Picture taken October 25, 2017. 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. 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). And design for future Sydney Airport acknowledges the Traditional Custodians of the SDGs TMS,... Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport Traditional of... 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