Notes to the financial statements Year ended 31 December 2024 16. UNITS IN ISSUE AND PERPETUAL SECURITIES (continued) (a) Units in issue (continued) Units issued during the year ended 31 December 2023 are as follows: (a) On 29 March 2023, the Trust issued 1,473,597 new Units at an issue price of $1.216 per Unit as payment of distribution under the distribution reinvestment plan for the period from 1 July 2022 to 31 December 2022; and (b) On 16 May 2023, the Trust issued 5,563,663 and 7,931,958 new Units at an issue price of $1.1378 per Unit as partial payment of the base and performance management fee respectively for the period from 1 January 2022 to 31 December 2022; The issue prices were determined based on the volume weighted average traded price for all trades done on the SGX-ST in the ordinary course of trading for the last 10 business days of the relevant periods in which the management fees accrue. 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: • one vote per Unit; • 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 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 Unitholders, whichever is lesser) at any time convene a meeting of Unitholders in accordance with the provisions of the Trust Deed. 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 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. (b) Perpetual securities On 27 October 2020, the Trust issued $100.0 million of fixed rate subordinated perpetual securities under the $1.0 billion multicurrency Debt Issuance Programme with an initial distribution rate of 3.375% per annum, with the first distribution rate reset falling on 27 October 2025 and subsequent resets occurring every five years thereafter. The Perpetual Securities will 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. 137 Annual Report 2024
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