18 UNITS IN ISSUE AND PERPETUAL SECURITIES
(continued)
(a) Units in issue
(continued)
(d) On 12 December 2013, the Trust issued 253,749,218 Units at an issue price of $1.00
per rights unit on a renounceable basis to eligible Unitholders on a pro rata basis of
one rights unit for every five existing Units held.
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 of any assets (or part thereof) or of 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 the 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 restrictions of 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 the Manager to redeem his Units while the Units
are listed on SGX-ST.
A Unitholder’s liability is limited to the amount paid or payable for any Units in the Trust.
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.
(b) Perpetual securities
On 27 October 2014, the Trust issued $150.0 million of fixed rate perpetual securities with
an initial distribution rate of 5.0% per annum with the first distribution rate reset falling on
27 October 2019 and subsequent resets occurring every five years thereafter. The
perpetual securities have no fixed redemption date and redemption is at the option of the
Trust in accordance with the terms of issue of the securities. The distribution will be
payable semi-annually at the discretion of the Trust and will be non-cumulative.
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