NOTES TO THE FINANCIAL STATEMENTS
12 Units in issue (Cont’d)
Units issued in lieu of distribution payment pursuant to DRP rank pari passu in all respects with the units in issue
which include the entitlement to all future distributions.
On 24 October 2014, the Trust issued 917,480 units (2013: Nil) at $0.7040 per unit. The issuance, representing
a payment of approximately $0.65 million was in part payment of the management fee for the quarter ended
30 September 2014.
The Manager agreed to receive payment in units of its total management fee for the quarter ended 31 December
2014. These units, which were due for issuance as at 31 December 2014, were issued on 16 January 2015. This
resulted in the issuance of 2,513,309 units at $0.6813 per unit in payment of the fee of approximately $1.7 million.
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 part thereof) or any estate or interest in any
asset (or 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 Unitholders, whichever is lesser) at
any time convene a meeting of Unitholders in accordance with the provisions of the Trust Deed; and
•
one vote per unit.
The limitations on a Unitholder’s rights 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 the Manager to redeem his units while the units are listed on the
SGX-ST.
A Unitholder’s liability is limited to the amount paid or payable for any unit in the Trust. The provisions of the Trust
Deed provide that no Unitholder will be personally liable to indemnify the Trustee or any creditor of the Trustee
in the event that the liabilities of the Trust exceed its assets.
13 Gross revenue
Group and Trust
2014
2013
$’000
$’000
Property rental income
99,278
96,341
Other income
64
148
99,342
96,489
CAMBRIDGE INDUSTRIAL TRUST | A WINNING FORMULA
149
