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FORTERRA
ANNUAL REPORT 2012
NOTES TO THE
FINANCIAL STATEMENTS
16 UNITS IN ISSUE (CONTINUED)
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 of any estate or interest in any asset (or part thereof) of the Trust;
and
•
attend all Unitholders’ meetings. The Trustee-Manager may (and the Trustee-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.
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 Trustee-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 for indemnifying
the Trustee-Manager or any creditor of the Trustee-Manager in the event that liabilities of the Trust
(excluding net assets attributable to Unitholders) exceed its assets. Under the Trust Deed, every
Unit carries the same voting rights.
Since the second quarter of 2011, the Trust launched a unit buy-back programme to acquire its
own units as part of its ongoing proactive management strategy to provide a strong platform for
stable growth to its Unitholders. There were 3,296,000 units acquired and cancelled under the unit
buy-back programme.
During the financial year ended 31 December 2011, the Group issued 265,650 units pursuant to the
Distribution Reinvestment Plan.