The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. 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 Help using this website - Accessibility statement. 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 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. 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. 2009 MAp Tax Statement Guide. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. 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. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. Feb 2020 - Present3 years 2 months. 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. 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. Macquarie Group divested its holdings in 2013 and UniSuper is now Sydney Airports biggest shareholder. It's a great example of critical infrastructure The airport had delivered a $403.9 million profit the previous year. Sydney Airports current Master Plan runs through to 2039. 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. Our ambition is to be an industry leader in sustainability. Analysts also believe the $8.75 per share offer is fair. 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 . resume Sydney-Vancouver flights on December 17. 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. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. UniSuper also has a favourable view of the consortium partners," the fund said. 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.. Trading volumes of Sydney Airports shares have soared as some investors sell the companys stock and take profits rather than wait for a formal $23.6 billion takeover bid to land. See here for a complete list of exchanges and delays. 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. Follow the topics, people and companies that matter to you. The $8.25 per share unsolicited cash offer, made on Friday evening by a consortium of investors that own stakes in other airports IFM Investors, Queensland superannuation fund QSuper and US-based Global Infrastructure Partners (GIP) comes as record low interest rates fuel sales of assets such as Telstras mobile tower network and Sydney toll road WestConnex. 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. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. Some Sydney Airport investors dont want it to be sold off to big funds. We know that getting a rail link to the airport is important. Sydney Airports shares jumped almost 5 per cent on Monday, hitting their highest levels since the outbreak of the pandemic, after a consortium led by IFM Investors raised their indicative takeover offer to $8.75 per share and gained access to the companys financial books to do due diligence. 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. There is not a whole lot of choice out there if you trade through public exchanges. The federal parliaments standing committee on economics is holding an inquiry into the ownership of public companies, and the influence exerted by big funds. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. 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. 2020. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. Thats up from 14 in 2019 and is unsustainable Airservices Australia admits. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. There is no long-term windfall in this offer for the current shareholders.. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Sydney Airports shares, which closed at $5.81 on Friday, were trading close to $9 before the pandemic broke out in early 2020. 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. 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 . [1/2]Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. Our Standards: The Thomson Reuters Trust Principles. 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. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. They also support the delivery of Sydney Airports strategy, which is underpinned by an aligned culture focused on sustainability. IFM Investors has secured access to Sydney Airport's books with a revised bid valuing the airport owner at more than $32 billion. 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. Kroll said the airport was worth between $7.94 and $8.86 per share. Hoxha Propertie investor. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 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. Sydney Airport declined to comment. cutting their 12-month price targets on the airports stock, after suffering a $145.6 million annual loss. Members of the government have become increasingly concerned about the rising power of industry superannuation funds. 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.. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. Follow the topics, people and companies that matter to you. That's the first phase. 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 need to make sure that there is some diversity, and that the public has access [to assets], he said. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. They pay higher fees than domestic travellers and also spent more money at airport shops. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. 2020. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. This is perhaps where a bid offers investors with some valuation uncertainty.. Euphoria star Sydney . 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. 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. 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. Follow the topics, people and companies that matter to you. ], he said to big funds be an industry leader in.! Consortium has not declared its offer to be final, which is underpinned by an culture. ), Sydney Aviation Alliances acquisition of Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and where... 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