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NOTES TO THE FINANCIAL STATEMENTS
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
11.
Units in issue (Cont’d)
Management fees paid in units
During the financial year, the Trust issued a total of 6.5 million units (2014: 3.4 million units comprising 0.9 million
issued units and 2.5 million units issued after the year end) to the Manager as partial payment for management
fees as follows:
Date of Issue
Number of
units issued
Issue price per
unit ($)
Period relating to
2015
16 January 2015
2,513,309
0.6813
1 October 2014 to 31 December 2014
24 April 2015
1,214,643
0.7173
1 January 2015 to 31 March 2015
28 July 2015
1,317,344
0.6856
1 April 2015 to 30 June 2015
27 October 2015
1,429,730
0.6230
1 July 2015 to 30 September 2015
2014
24 October 2014
917,480
0.7040
1 July 2014 to 30 September 2014
In 2014, the Manager elected payment in units for its total management fee for the quarter ended 31 December 2014.
These units, approximately 2.5 million, which were due for issuance as at 31 December 2014, were issued in
January 2015.
Units issued as partial settlement rank pari passu in all respects with the units in issue which include the entitlement
to all future distributions.
Unitholders’ rights
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.
