Past version: Effective up to 28 Sep 2011
(1) Any issue of new units and convertible securities by a REIT may be made without the prior specific approval of unitholders in a general meeting if:—
(a) the issue (together with any other issue of units or convertible securities in the same financial year) would not exceed 10% of the number of units in issue; or
(b) the following requirements are complied with:—
(i) unitholders have given a general mandate, by ordinary resolution in a general meeting, for the issue of a number of units and convertible securities not exceeding 50% of the number of units in issue, of which the aggregate number of units and convertible securities issued other than on a pro rata basis to existing unitholders must not be more than 20% of the number of units in issue; and
(ii) the issue (together with any other issue of units or convertible securities in the 12-month period following the date of passing of the resolution approving the general mandate) does not exceed 50% of the number of units in issue, of which the aggregate number of units and convertible securities issued other than on a pro rata basis to existing unitholders must not be more than 20% of the number of units in issue.
(2) For the purpose of Rule 887(1)(a), the percentage of the number of units in issue is based on the number of units in issue at the end of the last financial year. Without limiting the generality of the foregoing, for the duration from the listing of the REIT to its first financial year end, any issue (together with any other issue of units or convertible securities in the same duration) must not exceed 10% of the units in issue as at the listing date of the REIT. For the purpose of Rule 887(1)(b), the limit is based on the issued unit capital at the date of the passing of the resolution approving the general mandate.
(3) The general mandate referred to in Rule 887(1)(b)(i) may remain in force until the earlier of the following:—
(a) the end of the 12-month period following the date of passing of the resolution approving the general mandate; or
(b) the revocation or variation of the general mandate by ordinary resolution of the unitholders in a general meeting.
(4) Where the general mandate referred to in Rule 887(1)(b) has been obtained upon listing, such a mandate is deemed as approved by subscription.