Page 59 - SAR141018_Forterra AR 2013

FORTERRA
ANNUAL REPORT 2013
REPORT OF THE TRUSTEE-MANAGER
OF FORTERRA TRUST
57
Directors’ Interests
According to the register kept by the Trustee-Manager for the purposes of Section 76 of the Singapore
Business Trusts Act, Chapter 31A (the “Act”), no Director who held office at the end of the financial
year was interested in any Units of, or debentures of the Trust either at the beginning of the financial
year or date of appointment, if later, and at the end of the financial year.
There were no changes in any of the above mentioned interest in the Trust between the end of the
financial year and 21 January 2014.
Except as disclosed in the “Unit Options” section of this report, neither at the end of, nor at any time
during the financial year, was the Trustee-Manager a party to any arrangement whose objects are, or
one of whose objects is, to enable the Directors of the Trustee-Manager to acquire benefits by means
of the acquisition of Units in or debentures of the Trust.
During the financial year, no Director received or was entitled to receive a benefit in the Trust by
reason of a contract made by the Trustee-Manager, on behalf of the Trust or related corporation, with
the Director, or with a company of which such Director was a member or had a substantial financial
interest, except as disclosed in Note 31 to the financial statements.
Unit options
Under the Jersey Scheme of Arrangement, shareholders in China Real Estate Opportunities Limited
(“CREO”) voted to authorise the Board of the Trustee-Manager to grant options on equivalent terms
over units (the “Forterra Substitution Options”, formerly known as TCT Substitution Options) pursuant
to the Forterra Unit Option Scheme (formerly known as TCT Unit Option Scheme) to the directors
of CREO and employees of companies within the Treasury Holdings Group who held options over
CREO shares pursuant to grants under the CREO Share Scheme which were subsisting on the Listing
Date of the Trust on 21 June 2010, and which were surrendered by such directors and employees, in
consideration thereafter.