SEO Version
FORTERRA
ANNUAL REPORT 2013
NOTES TO THE
FINANCIAL STATEMENTS
111
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.
17
FORTERRA UNIT OPTION SCHEME
Prior to the constitution of the Trust, certain directors of CREO and the employees of Treasury
Holdings China Limited (“THCL”) and Treasury Holdings, were granted CREO Share Options in
the implementation of the CREO Share Scheme as approved by the Board of Directors of CREO.
In conjunction with the acquisition of CREO and the listing of the Trust on the mainboard of
the SGX-ST, a Forterra Unit Option Scheme (formerly known as TCT Unit Option Scheme) was
introduced to replace the CREO Share Scheme on 21 June 2010. As such, the Trustee-Manager
granted the Forterra Unit Options to the existing holders of the CREO Share Options, in
consideration for any CREO Share Options which they surrender prior to, and conditional upon,
the listing of the Units of the Trust on the mainboard of the SGX-ST. The terms of the Forterra
Unit Option are equivalent to the terms of the CREO Share Options, so that the rights of the
holders of the CREO Share Options will not be prejudiced.
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