13 UNITS IN ISSUE AND TO BE ISSUED
Group and Trust
2014
2013
’000
’000
Units in issue:
At beginning of the year
690,775
640,490
Units issued:
- Private placement
–
40,000
- Purchase consideration of an investment property paid in Units
23,464
–
- Manager’s fees paid in Units
4,776
4,000
- Conversion of Convertible Sukuk
–
6,285
- DRP
5,609
–
724,624
690,775
Units to be issued:
- Manager’s fees payable in Units
1,359
1,184
Total Units issued and to be issued at end of the year
725,983
691,959
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 and available for purposes of such distribution 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 part thereof) or of any estate or interest in any asset (or part thereof)
of the Trust; and
• 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 Unitholders,
whichever is the lesser) at any time convene a meeting of Unitholders in accordance with the
provisions of the Trust Deed.
The Unitholders cannot give any directions to the Manager or the Trustee (whether at a meeting of
Unitholders or otherwise) if it would require the Trustee or the Manager to do or omit doing anything which
may result in:
• the Trust ceasing to comply with the Listing Manual issued by SGX-ST or the Property Funds
Appendix; or
• the exercise of any discretion expressly conferred on the Trustee or the Manager by the Trust Deed
or the determination of any matter for which the agreement of either or both the Trustee and the
Manager is required under the Trust Deed.
A Unitholder’s liability is limited to the amount paid or payable for any Units. The provisions of the Trust
Deed provide that no Unitholders will be personally liable to indemnify the Trustee or any creditor of the
Trustee in the event that liabilities of the Trust exceed its assets.
Year ended 31 December 2014
NOTES TO THE FINANCIAL STATEMENTS
SABANA REIT
|
ANNUAL REPORT 2014
123
