N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
17 Exchangeable Collateralised Securities and collateral loan (continued)
The Group, via Ruby Assets, issued $300.0 million ECS on 26 March 2010. The ECS bear a fixed coupon of 1.60% per annum
and have a legal maturity date of 1 February 2019. The collateral loan has the same terms mirroring that of the ECS.
The ECS are exchangeable by the ECS holders into new Units at the adjusted exchange price of $2.1394 (2014: $2.177) per
Unit, at any time on and after 6 May 2010 up to the close of business on 23 January 2017 (subject to satisfaction of certain
conditions). The Group has the option to pay cash in lieu of delivering the Units. There has been no exchange of any of the
ECS since the date of issue.
The ECS may be redeemed, in whole but not in part, at the option of the Group on or any time after 1 February 2015 but
not less than 7 business days prior to 1 February 2017 at the early redemption amount if the Volume Weighted Average
Price of the Units is at least 130% of the adjusted exchange price for 20 consecutive trading days (subject to the satisfaction
of certain conditions).
The ECS was also redeemable, in whole or in part, at the option of the ECS holders, on 1 February 2015 at the early
redemption amount of the ECS, representing the redemption price upon maturity which is equal to the principal amount
plus any accrued but unpaid interest up to but excluding the date of redemption. This option was not exercised by any ECS
holders and has since expired.
Unless previously redeemed, exchanged or purchased and cancelled, the ECS will be redeemed by the Trust at the principal
amount plus any accrued but unpaid interest on 1 February 2017.
Proceeds from the issuance of the ECS by Ruby Assets were on-lent to the Trust in the form of a collateral loan. The expected
maturity date of the collateral loan is 1 February 2017 and it bears a fixed interest rate of 1.6% per annum.
The ECS of the Group and the collateral loan of the Trust are collaterised on the following:
(i)
a mortgage over the 19 properties in the Trust portfolio (“Portfolio CL”);
(ii)
an assignment and charge of the rental proceeds and tenancy agreements of the above mentioned properties;
(iii)
an assignment of the insurance policies relating to the above mentioned properties; and
(iv)
a fixed and floating charge over certain assets of the Trust relating to the above mentioned properties.
18 Deferred tax liabilities
The movements in the deferred tax assets and liabilities during the year are as follows:
At
1 April
2013
Recognised
in
Statement
of Total
Return
(Note 26)
Exchange
differences
At
31 March
2014
Recognised
in
Statement
of Total
Return
(Note 26)
Exchange
differences
At
31 March
2015
$’000
$’000
$’000
$’000
$’000
$’000
$’000
(Restated)
(Restated)
Group
Deferred tax liabilities
Investment properties
2,359
21,188
128 23,675
2,818
2,060 28,553
As at 31 March 2015, deferred tax liabilities amounting to $2,148,600 (2014: $764,000) for temporary differences of
$21,486,000 (2014: $7,640,000) relating to the unremitted earnings of overseas subsidiaries were not recognised for taxes as
the Group controls whether the liability will be incurred and it is satisfied that it will not be incurred in the foreseeable future.
174 175
