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Trustee-Manager Fees

Categories Amount payable
Base fee1 Fixed fee of S$7.0m p.a., subject to % increase in line with Singapore CPI

  • With a further upward adjustment when the Trust makes an acquisition
  • With a downward adjustment if the Trust makes a divestment
Performance fee1 Payable when the actual DPU of the Trust exceeds the CPI Adjusted Base DPU2,3,4:

  • A fee of 3.0% of the first 25% of excess DPU as compared to the CPI Adjusted Base DPU
  • an additional fee of 6.0% of the next 25.0% of excess DPU as compared to the CPI Adjusted Base DPU (that is, excess DPU above 25.0% and up to 50.0% of the CPI Adjusted Base DPU);
  • a further fee of 12.0% of the next 25.0% of excess DPU as compared to the CPI Adjusted Base DPU (that is, excess DPU above 50.0% and up to 75.0% of the CPI Adjusted Base DPU); and
  • an additional further fee of 18.0% of any excess DPU above 75.0% of the CPI Adjusted Base DPU
Acquisition fee Where Sponsor has direct or indirect interests of > 50.0% in any investments acquired by the Trust

  • 0.5% (or such lower %) of EV of the investments
  • All other cases, 1.0% (or such lower %) of the EV of any investments
Divestment fee 0.5% (or such lower %) of the EV of any investments sold by the Trust
Termination fee If Trustee-Manager is removed by an Extraordinary Resolution within five years from the Listing Date,

  • 1 year’s Base Fee based on its effective date of its removal and without any further adjustment
  1. Trustee-Manager has the option to elect for Base Fee, Performance Fee, Acquisition Fee and Divestment Fee to be paid in the form of cash and/ or Units out of the Trust Property
  2. For FY2014, Base DPU defined as FY2014 forecast DPU will be used instead of CPI Adjusted Base DPU described below
  3. CPI Adjusted Base DPU is defined as Base DPU after adjusting upwards for the cumulative percentage increase in the Taiwan CPI following each financial year post Projection Year 2014
  4. In the event where Excess DPU is less than zero, such deficit shall be brought forward to subsequent periods to be offset from any Excess DPU before any Performance Fee can be paid
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The Asian Pay Television Trust information on this website is general in nature. All securities and financial product or instrument transactions involve risks. Past performance of any product described on this site is not a reliable indication of future performance.

No PRC Person shall hold or control Units in Asian Pay Television Trust in breach of the PRC Investment Restrictions and no Restricted Party shall hold or control Units in breach of the Taiwan Government Ownership Restrictions. The Trustee-Manager may, in the case of a breach of the PRC Investment Restrictions and/or the Taiwan Government Ownership Restrictions and/or where a corporate entity which provides cable television services in Taiwan (as determined by the Trustee-Manager in its sole discretion) holds or acquires more than one-third of the total issued Units, take all steps and do all things as they may in their absolute discretion deem necessary to ensure that the restrictions thereunder are complied with. In particular, the Trust Deed provides that the Trustee-Manager has the power to require the relevant Unitholders to dispose of their Units and, if such request is not complied with within 21 days after such request (or such shorter period as the Trustee-Manager shall consider reasonable), the power to arrange for the sale of the Units. Pending such sale, the Trustee-Manager has the power to suspend the voting rights of such Units and/or to restrict the transfer of such Units. The Trustee-Manager shall not be required to give any reason for, and shall not under any circumstances be liable to or be responsible for any losses incurred by, any person as a result of, any decision, declaration or action taken or made in this regard.