We see the revised offer price as fair, Mr Haralambidis said. Air traffic controllers had an average 20 shifts off at short notice last year. 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. Most airports are already owned by infrastructure and investment funds. 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. resume Sydney-Vancouver flights on December 17. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. View distribution history, MIT notices, Non resident information and tax tools. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. "UniSuper does however, in-principle, see merit in Sydney Airport being converted from a publicly listed company to an unlisted company. 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. 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. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. 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 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. It's a great example of critical infrastructure 2014 Sydney Airport Tax Statement Guide. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. We're co-investors in that. https://www.sydneyairport.com.au/ Sydney Airport has stapled securities, which trade as if they were a single security. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. 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. 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 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.. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. In a statement, Sydney Airport . Follow the topics, people and companies that matter to you. More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. 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. 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. 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. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. 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. 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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. "It's opportunistic in that regard, but understandable. Sydney Airport declined to comment. 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. 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. It is understood IFM Investors . 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. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. 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. See here for a complete list of exchanges and delays. It would imply a $32 billion plus valuation for the airport owner, including debt. The company is Australia's only listed airport operator. rising power of industry superannuation funds. James Brickwood. 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, Global Infrastructure Partners and QSuper all have existing investments in airports. 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 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"). We need to make sure that there is some diversity, and that the public has access [to assets], he said. in investment decisions on sustainability factors. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. For questions on your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd. Information for securityholders on the Sydney Aviation Alliances acquisition of Sydney Airport. SCACH Financial Report for the year ended 31 December 2021. 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. 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. Other states have closed borders to Sydney residents. 2021 half year. Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. 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. Sign up for the latest offers 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 The takeover battle takes place at an uncertain time for Sydney Airport. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The airport also makes a significant contribution to the local and national economies. Sydney Airport shareholders on Thursday were poised to approve a A$23.6 billion ($16.85 billion) cash takeover by infrastructure investors, though many small retail investors voted against . UniSuper also has a favourable view of the consortium partners," the fund said. Any takeover is always based on the self-interest of the takeover group, and if they think theres an upside to justify their actions, then we hold the same view, and wish to benefit from our foresight in being shareholders, and not see that benefit passed off to a bunch of opportunists striking at a time of some corporate distress, Mr Robilliard wrote in the letter seen by the Financial Review. 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 . Wed hate to lose it because where do you put that money? The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. 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. 2008 MAp Tax Statement Guide. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Follow the topics, people and companies that matter to you. They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. 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. 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. 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. The airport had delivered a $403.9 million profit the previous year. The. Euphoria star Sydney . I am one of those Sydney Airport investors who is not happy to exit Sydney Airport and wont be voting in favour, Michael Pinn, director of Pinn Deavin, a financial advisory group, told The Australian Financial Review. 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. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. its final regulatory approvals in December. 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. He is based in Sydney. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. 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. 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. IFM already owns stakes in Melbourne, Brisbane, Perth, Adelaide airports as well as NT airports, which include Darwin, Alice Springs and Tennant Creek airports. 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. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. Sydney Airport is one of Australia's most important pieces of infrastructure. 2020 Sydney Airport Full Year Results Release. Sydney Airport plays a vital role in the transport value chain, bringing together a wide range of parties that jointly facilitate tourism, personal and business travel and logistics. That's the first phase. 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. 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. 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). To read about our performance in this area see our Sustainability Report. 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 . 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