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Notes to the financial statements
The ECS may be redeemed, in whole or in part, at the option of the ECS Holders on 1 February 2015 at the
early redemption amount of the ECS. The ECS may also be redeemed in whole but not in part, at the option
of Ruby Assets on or any time after 1 February 2015 but not less than 7 business days prior to 1 February 2017
(subject to the satisfaction of certain conditions). The early redemption amount represents the redemption price
upon maturity which is equal to the principal amount, together with any accrued but unpaid interest up to but
excluding the date of redemption.
16. Units on issue
No. of units
2010 2009
(‘000) (‘000)
At 1 April 1,683,473 1,325,560
Issue of new units:
- As payment of base management fees 2,681 2,706
- As payment of performance fees - 3,224
- As payment of acquisition fees - 273
- Pursuant to private placement 185,000 258,000
- Pursuant to preferential offering - 93,710
At 31 March 1,871,154 1,683,473
During the financial year, A-REIT issued 2,680,667 (2009: 2,705,838) new units at the issue price range of $1.5715
to $1.8985 (2009: $1.2232 to $2.2436) per unit, in respect of the payment of the base management fee to the
Manager in units. During the previous financial year, A-REIT issued 3,223,302 new units at the issue price of
$2.6023 per unit as payment of the performance fee for the financial year ended 31 March 2008 and 273,382 new
units at the issue price of $2.5521 per unit as payment of the acquisition fees for CGG Veritas Hub and Science
Hub & Rutherford. The issue prices were determined based on the volume weighted average traded price for
all trades done on SGX-ST in the ordinary course of trading for 10 business days immediately preceding the
respective date of issue of the units.
In addition, 185,000,000 new units (“Private Placement units”) were issued on 20 August 2009 at an issue price
of $1.63 per unit. Unitholders on the register with The Central Depository (Pte) Limited (“CDP”) on 19 August
2009 received advance distribution of 1.94 cents per unit for the period from 1 July 2009 to 19 August 2009.
Thereafter, the Private Placement Units ranked pari passu in all respects with the units on issue prior to 20
August 2009, including the entitlement of all future distributions.
8th Annual Report FY09/10
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