18. UNITS IN ISSUE AND NET ASSETS VALUE ATTRIBUTABLE TO UNITHOLDERS (CONTINUED)
(d) The Trust introduced and implemented a Distribution Reinvestment Plan (“DRP”) on 9 January 2014 whereby the
unitholders have the option to receive their distribution in units instead of cash or a combination of units and cash.
15,506,000 (2013: Nil) new units at an issue price range of S$1.0163 to S$1.1887 (2013: Nil) per unit were issued
pursuant to the Distribution Reinvestment Plan.
Under the Trust Deed, every unit carries the same voting rights. Each unit represents an equal and undivided beneficial
interest in the assets of the Trust. Units have no conversion, retraction, redemption or pre-emptive rights. The rights
and interests of unitholders are contained in the Trust Deed and include the right to:
c
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02'!'. 2# ', 2&# 2#0+', 2'-, -$ 2&# 0312 7 0#!#'4',% 1& 0# -$ ** ,#2 ! 1& .0-!##"1 "#0'4#" $0-+ 2&# 0# *'1 2'-,
of the assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust.
No unitholder has a right to require that any assets of the Trust be transferred to him.
Further, unitholders cannot give directions to the Trustee or the Manager (whether at a meeting of unitholders duly
convened and held in accordance with the provisions of the Trust Deed or otherwise) if it would require the Trustee or
the Manager to do or omit doing anything which may result in:
c
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determination of any matter which, under the Trust Deed, requires the agreement of either or both of the Trustee
and the Manager.
The Trust Deed contains provisions that are designed to limit the liability of a unitholder to the amount paid or payable
for any unit. The provisions seek to ensure that if the issue price of the units held by a unitholder has been fully paid, no
such unitholder, by reason alone of being a unitholder, will be personally liable to indemnify the Trustee or any creditor
of the Trust in the event that the liabilities of the Trust exceeds its assets.
NOTES TO THE
FINANCIAL STATEMENTS
31 DECEMBER 2014
Group
Trust
2014
2013
2014
2013
S$’000
S$’000
S$’000
S$’000
Net assets value attributable to unitholders
at end of the year
744,950
682,899
394,273
392,173
Cents
Cents
Cents
Cents
Net assets value attributable to unitholders
per unit (in cents)
101.81
96.64
53.88
55.50
78
FIRST REIT
ANNUAL REPORT 2014
