NOTES TO THE FINANCIAL STATEMENTS
(CONT’D)
31 DECEMBER 2015
20.
TOTAL UNITHOLDERS’ FUNDS (CONT’D)
Issuable at end of the reporting year (cont’d):
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:
•
The Trust ceasing to comply with applicable laws and regulations; or
•
The exercise of any discretion expressly conferred on the Trustee or the Manager by the Trust Deed
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.
Capital management:
The objectives when managing capital are: to safeguard the entity’s ability to continue as a going concern, so
that it can continue to provide returns for Unitholders and benefits for other stakeholders, and to provide an
adequate return to Unitholders by pricing services commensurately with the level of risk. The Manager sets the
amount of capital in proportion to risk. The Manager manages the capital structure and makes adjustments to
it where necessary or possible in the light of changes in economic conditions and the risk characteristics of the
underlying assets. Please refer to Note 12 on the distribution policy.
The only externally imposed capital requirement is that for the Group to maintain its listing on the SGX-ST it has to
have issued equity with a free float of at least 10% of the units. Management receives a report from the registrars
frequently on substantial unit interests showing the non-free float and it demonstrated continuing compliance
with the SGX-ST requirement on the 10% limit throughout the year.
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