Annual Report 2007 - The Link REIT

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68 The Link Real Estate Investment Trust Annual Report 2007 Corporate Governance Report iii) unitholders cannot vote on business in which they have a material interest which is different from the interests of other unitholders and cannot be counted in the quorum; iv) the Manager is a dedicated manager to The Link REIT and does not manage any other real estate investment trusts; and v) all connected party transactions will be managed in accordance with the procedures set out in the REIT Code, the compliance manual, the Memorandum and Articles of Association of the Manager and other relevant policies and guidelines issued and adopted by The Link REIT. Major Customers and Suppliers The percentages of the five largest customers combined and the five largest suppliers combined are less than 30% of the Group’s total turnover and purchases, respectively. Unitholders Information As at 31 March 2007, an analysis of the unitholders of The Link REIT is as follows: Range of Units Held Number of Holders Number of Units Percentage 0-1,000 12,652 9,460,500 0.44% 1,001-5,000 17,258 37,065,000 1.74% 5,001-10,000 738 5,163,000 0.24% 10,001-100,000 232 5,392,000 0.25% 100,001 or over 9 2,080,373,500 97.33% Total 30,889 2,137,454,000 100.00% Compliance During the year ended 31 March 2007, the Manager and The Link REIT has complied with the provisions of the REIT Code published by the SFC, the relevant provisions of the SFO, the relevant sections of the Listing Rules, the Trust Deed and the requirements and procedures laid down in the compliance manual of the Manager adopted for use in relation to the management of The Link REIT. The Board has reviewed and accepted the quarterly compliance reports which were examined and endorsed by the Audit Committee. The Manager and The Link REIT have also met the code provisions as set out in the Code on Corporate Governance Practices contained in Appendix 14 to the Listing Rules, where appropriate. Public Float As far as the Manager is aware, more than 25% of the issued and outstanding units of The Link REIT were held in public hands as at 31 March 2007.
Annual Report 2007 The Link Real Estate Investment Trust 69 Connected Party Transactions Chapter 8 of the REIT Code governs transactions between a real estate investment trust and its connected persons and such transactions will constitute connected party transactions for the purpose of the REIT Code. Waivers from strict compliance with the disclosure and unitholders’ approval requirements under Chapter 8 of the REIT Code in respect of certain transactions entered into by The Link REIT with its connected persons (the “Waivers”) have been granted by the SFC upon listing of The Link REIT. Set out below is information in respect of connected party transactions entered into by The Link REIT during thefinancial year ended 31 March 2007 – Connected Party Transactions – Income The following table sets forth information on connected party transactions from which The Link REIT derived its income during the year. Rental Deposit Name of Relationship with Nature of the Income Received as at Connected Person The Link REIT Transaction Derived 31 March 2007 HK$’M HK$’M HSBC Group (1) Trustee’s associate Tenancies of 13.3 (3) 0.4 property of The Link REIT (2) The Hongkong and Trustee’s associate Interest Income 52.8 N/A Shanghai Banking Corporation Limited (1) HSBC Group means The Hongkong and Shanghai Banking Corporation Limited and its subsidiaries and, unless otherwise expressly stated herein, excludes the Trustee and its proprietary subsidiaries. (2) For shops and ATMs installed at various locations. (3) Amount excluding deposits received.
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