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assets, the maintenance of proper accounting records, the
reliability of fnancial information, compliance with appropriate
legislation, regulation and best practice, and the identifcation
and containment of business risk. The Board notes all internal
control systems contain inherent limitations and no system
of internal controls can provide absolute assurance against
the occurrence of material errors, poor judgment in decision-
making, human error losses, fraud or other irregularities.
Based on the internal controls established and maintained
by the Trustee-Manager, work performed by the internal
and external auditors, and reviews performed by
Management, various Board committees and the Board,
the Audit Committee and the Board are of the opinion
that the internal controls, addressing fnancial, operational
and compliance risks of the Trust and its subsidiaries,
were adequate as at 31 March 2013.
COMMUNICATION WITH UNITHOLDERS
The Trustee-Manager is committed to open and regular
communication with the investment community, in particular,
with the Unitholders. Quarterly results with detailed fnancial
and operational metrics are publicly available on the Trust’s
and SGX-ST’s websites. The Trust’s website also contains
the Trust’s disclosed fnancial information, annual reports,
investor presentation slides, distribution notices, press
releases and other material developments announced
through the SGX-ST’s website.
Investor relations matters are handled by Management.
Management meets with analysts and institutional investors
regularly to promote the Trust, communicate its business
performance and developments, and gather views and
feedback. Management participates in local and overseas
conferences organised by securities houses and banks.
Management also addresses queries raised by retail
Unitholders via phone calls, emails or the website. Such
regular interactions allow Management to consider feedback
from the investment community before formulating capital
management strategies and Unitholders’ resolutions. An
investor relations policy has been put in place as part of the
Trustee-Manager’s commitment to promote regular, effective
and fair communication with the investment community.
Conduct of Unitholders’ Meetings
For the forthcoming Annual General Meeting (“AGM”), the
Board will be in attendance to address Unitholders’ queries.
EY, the external auditor for the Trust, has also been invited to
attend the AGM and assist directors in addressing queries
from Unitholders relating to the conduct of the audit and the
preparation and content of the audited fnancial statements
of the Trust.
The Board fully supports Unitholders’ participation at AGMs.
A registered Unitholder may appoint a proxy to attend and
vote, or may vote in absentia by facsimile. The Trustee-
Manager had employed electronic poll voting since the AGM
in 2012. It also promptly issues a detailed announcement of
the poll results (both in absolute numbers and percentages of
votes cast for and against a resolution) on SGX-ST’s website
after the close of the general meeting.
The Company Secretary prepares minutes of Unitholders’
meetings, which incorporate substantial comments or
queries from Unitholders and responses from the Board and
Management. These minutes are available to Unitholders
upon request in writing.
DEALINGS IN UNITS
The Trust has adopted a trading policy based on SGX-
ST’s best practices on dealings in securities. Directors and
employees of the Trustee-Manager and relevant employees
of the Trustee-Manager’s related corporations have been
informed about the prohibition from dealing in the Units as
follows:
• during the period commencing one month before the
public announcement of the Trust’s annual fnancial results
and two weeks before the public announcement of the
Trust’s quarterly fnancial results, and ending on the date of
announcement of the relevant results; and
• at any time while in possession of price sensitive
information.
The policy also discourages trading on short-term
considerations.
Each director of the Trustee-Manager is required to give notice
inwriting to the Trustee-Manager of his/her acquisition of Units
or changes to the number of Units held in his/her interests,
within two business days after such director is appointed or
upon the occurrence of any of the aforesaid events.
All dealings in Units by directors will be announced via
SGXNET, with the announcement to be posted on the
internet on SGX-ST’s website http://www.sgx.com and the
Trust’s website http://www.a-itrust.com.
In addition, the Trustee-Manager will announce to the SGX-
ST the particulars of its holdings in the Units and any changes
thereto, by the end of the business day following the day on
which it acquires or disposes of any Units.
USE OF PROCEEDS FOR PRIVATE PLACEMENT
COMPLETED ON 9 OCTOBER 2012
Of the proceeds of the private placement of 139,000,000
new units issued on 9 October 2012 at a price of S$0.72
per unit, S$25 million and S$60 million of the net proceeds
were utilised on 9 October 2012 and 9 November 2012
respectively to repay outstanding borrowings, as announced
on 10 October 2012 and 21 November 2012. The balance of
the proceeds were utilised in accordance with the intended
uses set out in paragraphs 5(iii) and 5(iv) of the announcement
on 28 September 2012 in relation to the launch of the private
placement for repayment of outstanding borrowings, general
corporate and working capital purposes and fees, including
professional fees and expenses incurred by the Trust for the
private placement.