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FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
EXPENSES CHARGED TO FH-BT
The Trustee-Manager Board will carry out quarterly reviews to ensure that the expenses payable to the Trustee-Manager
out of the FH-BT Trust Property are appropriate and in accordance with the FH-BT Trust Deed, in the event FH-BT
becomes active.
For the period under review, no expenses were paid to the Trustee-Manager from the FH-BT Trust Property as FH-BT
remained dormant.
ACQUISITION FEE AND DIVESTMENT FEE PAYABLE TO THE TRUSTEE-MANAGER
The Trustee-Manager is entitled to:
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BO BDRVJTJUJPO GFF PG
GPS BDRVJTJUJPOT GSPN 3FMBUFE 1BSUJFT BOE GPS BMM PUIFS DBTFT PS TVDI MPXFS
percentage as may be determined by the Trustee-Manager in its absolute discretion) of any of the following as
is applicable (subject to there being no double counting):
(i)
in the case of an acquisition of real estate, the acquisition price of any real estate purchased by FH-BT,
whether directly or indirectly through one or more SPVs, plus any other payments in addition to the
acquisition price made by FH-BT or its SPVs to the vendor in connection with the purchase of the real
estate (pro-rated if applicable to the proportion of FH-BT’s interest);
(ii)
in the case of an acquisition of the equity interests of any vehicle holding directly or indirectly the real
estate, the underlying value of any real estate which is taken into account when computing the acquisition
price payable for the equity interests of any vehicle holding directly or indirectly the real estate, purchased
by FH-BT, whether directly or indirectly through one or more SPVs, plus any other payments made by
FH-BT or its SPVs to the vendor in connection with the purchase of such equity interests (pro-rated if
applicable to the proportion of FH-BT’s interest); or
(iii) the acquisition price of any investment purchased by FH-BT, whether directly or indirectly through one
or more SPVs, in any debt securities of any property corporation or other SPV owning or acquiring real
estate or any debt securities which are secured whether directly or indirectly by the rental income from
real estate.
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PG BOZ PG UIF GPMMPXJOH BT JT BQQMJDBCMF TVCKFDU UP UIFSF CFJOH OP EPVCMF DPVOUJOH
(i)
the sale price of any real estate sold or divested, whether directly or indirectly through one or more SPVs,
by FH-BT, plus any other payments in connection with the sale or divestment of the real estate (pro-rated
if applicable to the proportion of FH-BT’s interest);
(ii)
the underlying value of any real estate which is taken into account when computing the sale price for
the equity interests in any vehicle holding directly or indirectly the real estate, sold or divested by FH-BT,
whether directly or indirectly through one or more SPVs, plus any other payments received by the FH-BT
or its SPVs from the purchaser in connection with the sale or divestment of such equity interests (pro-
rated if applicable to the proportion of FH-BT’s interest); or
(iii) the sale price of the investment sold or divested by FH-BT, whether directly or indirectly through one
or more SPVs, in any debt securities of any property corporation or other SPV owning or acquiring real
estate or any debt securities which are secured whether directly or indirectly by the rental income from
real estate.
The acquisition fee and divestment fee are payable to the Trustee-Manager in the form of cash and/or Stapled Securities
or, as the case may be, FH-BT Units as the Trustee-Manager may elect, and in such proportion as may be determined
by the Trustee-Manager provided that in respect of any acquisition and sale or divestment of real estate assets from/
to Related Parties, such a fee should be in the form of Stapled Securities at prevailing market price(s) instead of cash.
The Stapled Securities issued to the Trustee-Manager as its acquisition or divestment fee should not be sold within one
year from the date of their issuance.
COMPLIANCE WITH THE BTA AND THE LISTING MANUAL
The Trustee-Manager will engage the services of and obtain advice from professional advisers and consultants from
time to time to ensure compliance with the requirements of the BTA and the Listing Manual in the event that FH-BT
becomes active.
STATEMENT ON THE POLICIES AND PRACTICES IN RELATION TO
THE MANAGEMENT AND GOVERNANCE OF THE TRUST
