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
20 Units in issue and to be issued
Trust
2015
2014
(’000)
(’000)
Units issued:
At the beginning of the financial year
2,402,522 2,398,946
Issue of new units:
– as payment of management fee
3,185
3,113
– as payment of acquisition fee
–
463
At the end of the financial year
2,405,707 2,402,522
Units to be issued:
Management fee payable in units
1,019
1,085
Acquisition fee payable in units
440
–
1,459
1,085
Total units issued and to be issued at the end of the financial year
2,407,166 2,403,607
During the year, 3,184,914 (2014: 3,112,708) new units amounting to $7,424,000 (2014: $6,964,000) were issued at
issue prices ranging from $2.3229 to $2.3396 (2014: $2.1621 to $2.3219) per unit, in respect of the payment of the base
management fee to the Manager in units. In addition, 440,000 (2014: Nil) new units amounting to $1,120,000 (2014: $Nil)
are estimated to be issued at an issue price of $2.5433 (2014: $Nil) per unit as payment of acquisition fees to the Manager
for acquisition of The Kendall.
In the previous financial year, 462,860 new units amounting to $1,260,000 were issued at an issue price of $2.7222 per
unit as payment of the acquisition fee for The Galen.
Each unit in the Trust represents an undivided interest in the Trust. The rights and interests of Unitholders are contained in
the Trust Deed and include the right to:
•
Receive income and other distributions attributable to the units held;
•
Participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation
of the assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust. However, a
Unitholder has no equitable or proprietary interest in the underlying assets of the Trust and is not entitled to the transfer
to it of any assets (or any part thereof) or of any estate or interest in any asset (or any part thereof) of the Trust;
•
Attend all Unitholders’ meetings. The Trustee or the Manager may (and the Manager shall at the request in writing
of not less than 50 Unitholders or one-tenth in number of the issued units) at any time convene a meeting of
Unitholders in accordance with the provisions of the Trust Deed; and
•
One vote per unit at a Unitholders’ meeting.
The restrictions to a Unitholder include the following:
•
A Unitholder’s right is limited to the right to require due administration of the Trust in accordance with the provisions
of the Trust Deed; and
•
A Unitholder has no right to request for redemption of their units while the units are listed on SGX-ST.
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