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Name of Announcer * FORTUNE REAL ESTATE INV TRUST
Company Registration No. N/A
Announcement submitted on behalf of FORTUNE REAL ESTATE INV TRUST
Announcement is submitted with respect to *
FORTUNE REAL ESTATE INV TRUST
Announcement is submitted by * Anthony Ang
Designation * Director and Chief Executive Officer
Date & Time of Broadcast 04-Jan-2012 17:54:25
Announcement No. 00058
>> Announcement Details
The details of the announcement start here ...
Announcement Title * ANNOUNCEMENT POSTED BY THE MANAGER ON HONG KONG STOCK EXCHANGE WEB-SITE ON 4
JANUARY 2012 - PAYMENT OF BASE FEE BY WAY OF UNITS IN FORTUNE REAL ESTATE INVESTMENT TRUST
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https://www1.sgxnet.sgx.com/sgxnet/LCAnncSubmission.nsf/vwprint/814B3E02B7677934482...
4 January 2012
The Securities and Futures Commission of Hong Kong, Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Fortune Real Estate Investment Trust(a Hong Kong collective investment scheme authorized under section 104
of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong))
(Stock Code: 778) Managed byARA Asset Management (Fortune) Limited
PAYMENT OF MANAGER'S BASE FEE TO ARA ASSET MANAGEMENT (FORTUNE) LIMITED BY WAY OF UNITS IN FORTUNE REAL ESTATE INVESTMENT TRUST
The Board announces that on 4 January 2012, the Manager
received an aggregate of 3,321,723 Base Fee Units in
Singapore, as payment to the Manager of the Base Fee in the
amount of HK$12,392,022, being full payment in arrears of the
Base Fee component of its management fees for the period from
1
October 2011 to 31 December 2011 (both dates inclusive). The
Base Fee Units were issued at a price
of HK$3.7306 (being the Singapore Market Price) per Unit.
The payment of the Base Fee by way of the Base Fee Units is
in accordance with the terms of the Trust Deed and does not
require the specific prior approval of the Unitholders
pursuant to a waiver granted by the SFC.
The Manager held 3,399,646 Units immediately before the issue
of the Base Fee Units. Immediately after the issue of the
Base Fee Units, the Manager holds 6,721,369 Units,
representing approximately
0.40% of the 1,684,017,665 Units in issue (after the issue of
the Base Fee Units).
Pursuant to the Trust Deed, the Manager is entitled to, among
other management fees, the Base Fee. The Base Fee is payable
quarterly in arrears, and will be in the form of Units.
Pursuant to the Trust Deed, the Manager may elect to receive
such Units as Units listed on the SGX-ST or Units listed on
the HK Stock Exchange. The Manager shall receive such number
of Units as may be purchased for the relevant amount of the
Base Fee at the prevailing market price on the SGX-ST if it
elects to receive Units in Singapore or at the prevailing
market price on the HK Stock Exchange if it elects to receive
Units in Hong Kong, at the time of the issue of such
Units.
The Board announces that on 4 January 2012, the Manager
received an aggregate of 3,321,723 Base Fee Units in
Singapore, as payment to the Manager of the Base Fee in the
amount of HK$12,392,022, being full payment in arrears of the
Base Fee component of its management fees for the period from
1
October 2011 to 31 December 2011 (both dates inclusive). The
Base Fee Units were issued at a price of HK$3.7306 (being the
Singapore Market Price) per Unit. The number of Base Fee
Units issued was
determined on a basis which is consistent with the relevant
provisions of the Trust Deed.
The payment of the Base Fee by way of the Base Fee Units is
in accordance with the terms of the Trust Deed and does not
require the specific prior approval of the Unitholders
pursuant to a waiver granted by the SFC.
Under the waiver, for the purposes of the REIT Code and among
other conditions, the number of Units issued to the Manager
as payment of all or part of the Manager's Fees for each
financial year of Fortune REIT shall be counted as part of
the 20% of outstanding Units that the Manager may issue in
each financial year without Unitholders' approval pursuant to
paragraph 12.2 of the REIT Code. Further, in respect of each
financial year, the maximum number of Units that may be
issued to the Manager as payment of all or part of the
Manager's Fees for that financial year shall, in the
aggregate, be limited to such number of Units as represents
3% of the total number of Units outstanding as at the last
day of the immediately preceding financial year plus the
number of Units, if any, issued in that financial year for
the purpose of financing any acquisition or divestment (where
applicable) of real estate by Fortune REIT. Immediately after
the issue of the Base Fee Units, the number of Units issued
to the Manager as payment of all or part of the Manager's
Fees for the period from 1 January 2011 to
31 December 2011 represents approximately 0.74% of the total
number of Units outstanding as at 31
December 2010.
The Manager held 3,399,646 Units immediately before the issue
of the Base Fee Units. Immediately after the issue of the
Base Fee Units, the Manager holds 6,721,369 Units,
representing approximately
0.40% of the 1,684,017,665 Units in issue (after the issue of
the Base Fee Units).
This announcement is made pursuant to paragraph 10.4(k) of
the REIT Code.
"Base Fee" The Manager's base fee which is 0.3% per annum of
the Property
Values and payable quarterly in arrears
"Base Fee Units" The 3,321,723 Units which are the subject of
this announcement
"Board" The board of directors of the Manager
"Fortune REIT" Fortune Real Estate Investment Trust
"HK Stock Exchange" The Stock Exchange of Hong Kong
Limited
"Manager" ARA Asset Management (Fortune) Limited (as manager
of Fortune
REIT)
"Manager's Fee" The Base Fee and, where applicable, the
acquisition fee or divestment fee payable to the Manager
"Property Values" The values of all the properties owned by
Fortune REIT, whether directly held by the Trustee or
indirectly held by the Trustee through a property holding
company, including a property company
"REIT Code" The Code on Real Estate Investment Trusts
published by the SFC, as amended, supplemented or otherwise
modified from time to time
"SFC" The Securities and Futures Commission of Hong Kong
"SGX-ST" The Singapore Exchange Securities Trading
Limited
"Singapore Market Price" The volume weighted average price
for a Unit for all trades done on the SGX-ST in the ordinary
course of trading on the SGX-ST for the period of 10 Business
Days (as defined in the Trust Deed) immediately preceding the
date of issue of Units to the Manager
"Trustee" HSBC Institutional Trust Services (Singapore)
Limited (as trustee of
Fortune REIT)
"Trust Deed" The deed of trust entered into between the
Trustee and the Manager constituting Fortune REIT, originally
dated 4 July 2003 and as amended and restated from time to
time
"Unitholders" Holders of the Units
"Units" The units of Fortune REIT
By order of the board of directors of
(in its capacity as manager of Fortune Real Estate Investment Trust)
ANG Meng Huat, AnthonyExecutive Director and Chief Executive Officer
Hong Kong, 4 January 2012
The Directors of the Manager as at the date of this announcement are Mr. Chiu Kwok Hung, Justin (Chairman), Mr. Lim Hwee Chiang, Mr. Ip Tak Chuen, Edmond and Ms. Yeung, Eirene as Non-executive Directors; Mr. Ang Meng Huat, Anthony and Ms. Chiu Yu, Justina as Executive Directors; Mr. Lim Lee Meng, Mrs. Sng Sow-Mei (alias Poon Sow Mei) and Mr. Lan Hong Tsung, David as Independent Non-executive Directors; and Mr. Ma Lai Chee, Gerald as Alternate Director to Mr. Ip Tak Chuen, Edmond.
distribué par | Ce noodl a été diffusé par Fortune Real Estate Investment Trust et initialement mise en ligne sur le site http://www.fortunereit.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-04 12:48:11 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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Announcement posted by the Manager on the Hong Kong Stock Exchange website on 4 Jan 2012 - Payment of base fee by way of units in Fortune REIT |