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LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
20. TOTAL UNITHOLDERS’ FUNDS (CONT’D)
Issues in 2013:
In connection with the acquisitions of Pejaten Village and Binjai Supermall, acquisition fees paid to the Manager
pursuant to the Property Funds Guidelines and the Trust Deed were in the form of units. The Manager elects to receive
the Pejaten Village and Binjai Supermall acquisition fees in units based on the volume weighted average traded price
for all trades done on SGX-ST for the period of 10 business days immediately preceeding the completion dates of the
respective acquisition, as disclosed in the Circular to Unitholders of LMIR Trust dated 26 November 2012.
On 7 October 2013, 2,028,496 Units have been issued, at an issue price of $0.4684 per unit, as full payment of the
Pejaten Village acquisition fee of $950,148 and 629,344 Units have been issued, at an issue price of $0.4732 per unit,
as full payment of the Binjai Supermall acquisition fee of $297,806. The total units issued were 2,657,840 (Note 21).
A total number of 246,913,000 new Units were issued on 28 November 2013 at an issue price of $0.405 per new
Unit. The unit issue expenses totalled $2,256,000. The new units, upon issue and allotment, rank pari passu in all
respect with the Units of the Trust.
Issuable at end of the reporting year:
At the end of the reporting year, 4,001,835 (2013: 3,121,424) units and 10,622,065 (2013: Nil) units are issuable as
settlement for the performance fee element of the Manager’s management fees for the last quarter of the reporting
year (Note 7), and for the acquisition fee for purchase of Lippo Mall Kemang respectively. The new units, upon issue
and allotment, rank pari passu in all respect with the units of the Trust.
The issue price for determining the number of units issued and issuable as Manager’s management fees and acquisition
fees is calculated 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 last business day of the respective quarter
end date.
Each unit in the Trust presents an undivided interest in the Trust. The rights and interests of unitholders are contained
in the Trust Deed and include the right to:
s RECEIVE INCOME AND OTHER DISTRIBUTIONS ATTRIBUTABLE TO THE 5NITS HELD
s RECEIVE AUDITED lNANCIAL STATEMENTS AND THE ANNUAL REPORT OF THE 4RUST AND
s PARTICIPATE IN THE TERMINATION OF THE 4RUST 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.
No unitholder has a right to require that any assets of the Trust be transferred to him.
Further, unitholders cannot give directions to the Trustee or the Manager (whether at a meeting of unitholders duly
convened and held in accordance with the provisions of the Trust Deed or otherwise) if it would require the Trustee
or the Manager to do or omit doing anything which may result in:
s 4HE 4RUST CEASING TO COMPLY WITH APPLICABLE LAWS AND REGULATIONS OR
s 4HE EXERCISE OF ANY DISCRETION EXPRESSLY CONFERRED ON THE 4RUSTEE OR THE -ANAGER BY THE 4RUST $EED OR THE
determination of any matter which, under the Trust Deed, requires the agreement of either or both of the
Trustee and the Manager.
The Trust Deed contains provisions that are designed to limit the liability of a unitholder to the amount paid or payable
for any unit. The provisions seek to ensure that if the issue price of the units held by a unitholder has been fully paid,
no such unitholder, by reason alone of being a unitholder, will be personally liable to indemnify the Trustee or any
creditor of the Trust in the event that the liabilities of the Trust exceed its assets.
Under the Trust Deed, every unit carries the same voting rights.
Notes to the Financial Statements
(Cont’d)
31 December 2014
