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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 airport also makes a significant contribution to the local and national economies. 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. Elon Musk was expected to reveal new EVs at Wednesday's Investor Day, but instead, he shared details of a $10 trillion Master Plan 3 to eliminate the use of fossil fuels. Sydney Airport is one of Australias most important pieces of infrastructure. 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. RBA. See here for a complete list of exchanges and delays. 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 acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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 . Help using this website - Accessibility statement. The takeover battle takes place at an uncertain time for Sydney Airport. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. 2007 MAp Tax Statement Guide. "It's the right timing to be looking at these assets which have got a 75-year life when conditions are arguably at the bottom," said a Sydney Airport investor who declined to be named because the person's firm was still assessing the proposal. 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. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. While 362 investors hold more than 100,000 shares each, accounting for about 80 per cent of the companys shares outstanding, there are more than 150,000 investors holding much smaller parcels of stock. SYDNEY (Reuters) - A group of infrastructure investors has proposed a A$22.26 billion ($16.7 billion) buyout of Sydney Airport Holdings Pty Ltd, the operator of Australia's biggest. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. 2020. Sydney Airport is one of Australia's most important pieces of infrastructure. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. Sydney Airport is the only publicly listed airport in Australia. View our latest financial statements and Annual Reports here. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. Other states have closed borders to Sydney residents. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Always looking for properties that require a little work transform homes to Lux level and rent to . IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. 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. 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. SCACH Financial Report for the half year ended 30 June 2021. 2008 MAp Tax Statement Guide. read more. 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. We see the revised offer price as fair, Mr Haralambidis said. Operational efficiency and continuous improvement, Cyber security, technology and innovation. A shift to private ownership would benefit UniSuper because Sydney Airport would be de-listed, reducing costs, and it would no longer have to mark down the value of its investment when the airports stock tumbles, as it has during the pandemic. It's a great example of critical infrastructure He is based in Sydney. It has not made a final decision. International passengers are the most important source of Sydney Airports income. Sep 12, 2021 - 9.35pm. 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. Sydney Airport has stapled securities, which trade as if they were a single security. 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. It also sets out our approach to incorporate sustainability into the planning and design for future Sydney Airport expansion. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. 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. The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. 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. 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. James Brickwood. 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. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. ", 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. This Master Plan is renewed every five years. 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 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. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. The company is Australia's only listed airport operator. 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. 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. 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. All quotes delayed a minimum of 15 minutes. If theyre rejecting [the cash offer] then why isnt everybody else? said Michael Pinn, director of Pinn Deavin, a financial advisory group. With record-low interest rates, funds are looking at infrastructure investments for higher yields. Sydney Airport shares last traded at $8. 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. 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. He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. Follow the topics, people and companies that matter to you. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. Details on our contribution this year is available here. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. Only a handful of airports globally are still listed on securities exchanges, including Auckland Airport, Frankfurt Airport in Germany and Paris Charles de Gaulle and Orly airports. 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. 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. Picture taken October 25, 2017. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. 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. 2021 Half Year Financial Report and Appendix 4D. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. Follow the topics, people and companies that matter to you. 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. IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. cutting their 12-month price targets on the airports stock, after suffering a $145.6 million annual loss. 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. 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. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. 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. We recognise that the world around us is rapidly evolving. This is perhaps where a bid offers investors with some valuation uncertainty.. 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"). 2011 MAp Tax Statement Guide. It would imply a $32 billion plus valuation for the airport owner, including debt. 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. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. "It's opportunistic in that regard, but understandable. 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. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. There is no long-term windfall in this offer for the current shareholders.. 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. See Section 7.1 of Master Plan 2039 for more information. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. resume Sydney-Vancouver flights on December 17. Typically issued within 12 . Some Sydney Airport investors dont want it to be sold off to big funds. 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 . Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. 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. 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. 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 . Read more about the transaction here. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. 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. 2006 MAp 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. . Feb 2020 - Present3 years 2 months. hit back at suggestions it exerts excessive influence. 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. We need to make sure that there is some diversity, and that the public has access [to assets], he said. The airport had delivered a $403.9 million profit the previous year. 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). 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. https://www.sydneyairport.com.au/ 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. They also support the delivery of Sydney Airports strategy, which is underpinned by an aligned culture focused on sustainability. 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. Sydney Airport declined to comment. 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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. It has valued the airports equity at up to $24 billion, including the potential value of commercial property development, and deducted almost $50 million of liabilities plus another $28 million that would be used to pay out performance rights if the deal succeeds. 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. Mr Clark said he would be reluctant to sell the airports shares into the current offer. in-scope products. The Australian Competition and Consumer Commission will take about three months to review the transaction while the Foreign Investment Review Board will take at least a month, with options to extend its review by up to six months. 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