ASCENDAS india trust ANNUAL REPORT 2014/15
Fees payable to the Trustee-Manager (Continued)
For transactions, the Trustee-Manager is entitled to:
• 1% of the value of the underlying real estate (after deducting the interest of any co-owners or co-participants purchased by
the Trustee-Manager on behalf of the Trust, whether directly or indirectly through a special purposes vehicle (“SPV”), or 1%
of the acquisition price of any authorised investment acquired by the Trustee-Manager on behalf of a-iTrust; and
• 0.5% of the value of the underlying real estate (after deducting the interest of any co-owners or co-participants) sold or
divested by the Trustee-Manager on behalf of a-iTrust, whether directly or indirectly through an SPV, or 0.5% of the sale
price of any authorised investment sold or divested by the Trustee-Manager on behalf of the Trust.
The acquisition fee and the divestment fee are payable to the Trustee-Manager in the form of cash and/or Units (as the
Trustee-Manager may elect) at the then prevailing price. In accordance with the Trust Deed, when the Trust acquires or
disposes of real estate from an interested person, the acquisition or, as the case may be, the divestment fee may be in the
form of cash and/or Units issued at prevailing market price, and, if received in the form of Units by the Trustee-Manager,
such Units shall not be sold within one year from the date of issuance.
Any payment to third party agents or brokers in connection with the acquisition or divestment of any asset of the Trust shall be
paid by the Trustee-Manager to such persons out of the property of the Trust or the assets of the relevant SPV, and not out of the
acquisition fee or the divestment fee received or to be received by the Trustee-Manager.
Any increase in the maximum permitted level of the Trustee-Manager’s acquisition fee or disposal fee must be approved by an
extraordinary resolution passed at a Unitholders’ meeting duly convened and held in accordance with the provisions of the Trust Deed.
Under the Trust Deed, the Trustee-Manager is entitled to a trustee fee in cash of up to 0.02% per annum of the value of the
property of the Trust.
Any increase in the maximum permitted amount or any change in the structure of the trustee fee must be approved by an extraordinary
resolution passed at a Unitholders’ meeting duly convened and held in accordance with the provisions of the Trust Deed.
The table below sets out the fees earned by the Trustee-Manager for the financial year ended 31 March 2015:
Amount ($’000)
Management Fee
4,181
Performance Fee
2,925
Trustee Fee
165
Acquisition Fee
351
Total
7,622
The Board meets every quarter to review the expenses charged to the Trust against the budget approved by the Board.
The expenses charged to the Trust for the financial year ended 31 March 2015 are set out below:
Amount ($’000)
Travel & Entertainment
77
Compliance with the Business Trusts Act and Listing Rules
The Joint Company Secretaries and Compliance Officer monitor compliance by the Trust with the Business Trusts Act and Listing Rules.
S t a t e m e n t o n P o l i c i e s a n d P r a c t i c e s
In Relation to the Management and Governance of the Trust Pursuant to Section 87 of the Business Trusts Act, Chapter 31A of Singapore
