Singapore-listed CDL Hospitality Trust has issued 3,903,398 stapled securities to its manager as payment of 80% of its performance fee for the 2016 financial year.
The stapled securities, comprising one unit in CDL Hospitality REIT and CDL Hospitality Business Trust each, were issued on 7 April, at an issue price of SGD1.3157 per unit.
The performance fee is equal to a rate of 5.0% per annum of CDL Hospitality REIT’s net property income.
Issue price of the stapled securities were determined in accordance to the volume weighted average price per unit for all trades on Singapore Exchange for the last ten business days of the period in which the management fee accrued.
With this issue, the manager now holds an aggregate of 53,870,887 stapled securities, and the total number of units in issue is now 996,599,892.
Units of CDL Hospitality Trust are currently listed on the Singapore Exchange at SGD1.485.