See Section 7.1 of Master Plan 2039 for more information. It also outlines the commercial property opportunities that exist in the landside areas of the airport that are complementary to aviation operations and provide economic growth for the local economy. Sydney Aviation Alliance said it did not anticipate making substantive changes to the airport's management, services, operations or target credit ratings. On 10 March 2021, the European Unions Sustainable Finance Disclosure Regulations (SFDR) became effective. 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 . Macquarie Group divested its holdings in 2013 and UniSuper is now Sydney Airports biggest shareholder. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. View our latest financial statements and Annual Reports here. UniSuper also has a favourable view of the consortium partners," the fund said. 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. 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. Private Company. QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. This Master Plan is renewed every five years. Understanding and embracing change will shape our future and drive our strategic thinking. We know that getting a rail link to the airport is important. Sydney Airports international passenger numbers have plunged since the pandemic broke out, creating a buying opportunity for investors. Follow the topics, people and companies that matter to you. Edwina Pickles, The takeover parties are offering $8.75 per share because they think it is worth more than that. The company is Australia's only listed airport operator. Follow the topics, people and companies that matter to you. 2011 MAp Tax Statement Guide. This is perhaps where a bid offers investors with some valuation uncertainty.. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. 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 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. https://www.sydneyairport.com.au/ International passengers are the most important source of Sydney Airports income. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. 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. 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. 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. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. 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. 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. . 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. 2021 half year. It means a binding deal could be signed as early as next month, and IFM Investors and the other investors could formally take control of the company early next year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. If a proposed development has the potential to impact the environment, an environmental assessment must be undertaken. Euphoria star Sydney . IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. 2020. 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. Analysts also believe the $8.75 per share offer is fair. 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 Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. 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. The federal parliaments standing committee on economics is holding an inquiry into the ownership of public companies, and the influence exerted by big funds. in investment decisions on sustainability factors. "In securing WSI, our new airport has joined . Details on our contribution this year is available here. 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. 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. Sydney Airport is one of Australias most important pieces of infrastructure. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Sep 12, 2021 - 9.35pm. 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. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. 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. It is understood IFM Investors . UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. early this year which has met a cool reception from shareholders. To read about our performance in this area see our Sustainability Report. 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. 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. 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 . The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. Australias biggest fund, AustralianSuper, this week hit back at suggestions it exerts excessive influence on listed companies. 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Typically issued within 12 . They provide very limited financial disclosure and do not reveal the fees they charge to manage investments, or their executives bonus structures. In a statement, Sydney Airport . The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. Other investors said they would be disappointed to see Sydney Airport fall into private hands. 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. 2006 MAp Tax Statement Guide. 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. 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. 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. 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. 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. 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 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"). 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. Sydney Airport declined to comment. 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. But . Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. Follow the topics, people and companies that matter to you. read more. Harry Dudley, investment analyst at Watermark Funds Management, said that while the bid appeared opportunistic, coming just after NSW reported its highest COVID-19 case numbers for 2021, the offer price was respectable. Sydney Airport has stapled securities, which trade as if they were a single security. 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. The. View distribution history, MIT notices, Non resident information and tax tools. 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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