193 ANNUAL REPORT 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 16 UNITS IN ISSUE AND TO BE ISSUED Group and Trust 31 December 2025 31 December 2024 No. of Units ’000 US$’000 No. of Units ’000 US$’000 Units in issue: At the beginning of the financial year 589,691 386,342 581,668 391,645 Capital distribution (1) – (9,614) – (8,737) New Units issued for DRP 15,773 7,333 8,023 3,434 Total Units issued as at the end of the financial year 605,464 384,061 589,691 386,342 Units to be issued: Manager’s performance fees payable in Units 976 493 – – Total Units issued and to be issued as at the end of the financial year 606,440 384,554 589,691 386,342 Footnote: (1) Capital distribution represents a return of capital to Unitholders for Singapore income tax purpose during the financial year. Rights and restrictions of Unitholders Each Unit in the Trust represents an undivided interest in the Trust. The rights and interests of Unitholders are contained in the Trust Deed and include the right to: • receive income and other distributions attributable to the Units held; • participate in the termination of the Trust 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; and • have the right to receive notice of, attend and one vote per Unit at any meeting of the Unitholders. The Unitholders are entitled to receive all distributions declared and paid by the Trust. Upon winding up, the Unitholders are entitled to a return of capital based on the asset value per Unit of the Trust. The restrictions on Unitholders include the following: • a Unitholder’s right is limited to the right to require due administration of the Trust in accordance with the provisions of the Trust Deed; and • a Unitholder has no right to request the Manager to redeem his Units while the Units are listed on SGX-ST. A Unitholder’s liability is limited to the amount paid or payable for any Units. The provisions of the Trust Deed provide that no Unitholders will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that liabilities of the Trust exceed its assets.
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