Distribution

Distribution Policy (Revised to quarterly basis as of 12 August 2014)

Distributions will be declared and paid in Singapore dollars. Any proposed distributions by the Trust will be paid from its residual cash flows (“distributable free cash flows”). These cash flows are derived from dividends and principal and interest payments (net of applicable taxes and expenses) received by the Trust from the entities held within the Group. In addition, any other cash received by the Trust from the entities held within the Group also contribute towards distributable free cash flows.

The distributable free cash flows available to the Trust are after any cash required to: (i) pay the operating expenses of the Trust, including the Trustee-Manager’s fees, (ii) repay principal amounts (including any premium or fee) under any debt or financing arrangement of the Trust, (iii) pay interest or any other financing expense on any debt or financing arrangement of the Trust, (iv) provide for the cash flow needs of the Trust or to ensure that the Trust has sufficient funds and/or financing resources to meet the short-term liquidity needs of the Trust and (v) provide for the cash needs of the Trust for capital expenditure purposes.

The Trust intends to distribute 100% of its distributable free cash flows. Distributions will be made on a quarterly basis, with the amount calculated as at 31 March, 30 June, 30 September and 31 December each year for the three-month period ending on each of the said dates. The Trustee-Manager will pay the distributions no later than 90 days after the end of each distribution period.

 

Historical Distributions

The table below provides details of APTT’s historical distributions:

Distribution period Cents per unit
Six months ended:
30 June 2013 4.80
31 December 2013 4.13
30 June 2014 4.12
Quarter ended:
30 September 2014 2.00
31 December 2014 2.13
31 March 2015 2.00
30 June 2015 2.00
30 September 2015 2.00
31 December 2015 2.25
31 March 2016 1.625
30 June 2016 1.625
30 September 2016 1.625
31 December 2016 1.625
31 March 2017 1.625
30 June 2017 1.625
30 September 2017 1.625
31 December 2017 1.625
31 March 2018 1.625
30 June 2018 1.625
30 September 2018 1.625
31 December 2018 0.30
31 March 2019 0.30
30 June 2019 0.30
30 September 2019 0.30
31 December 2019 0.30
31 March 2020 0.30
30 June 2020 0.25
30 September 2020 0.25
31 December 2020 0.25
31 March 2021 0.25
30 June 2021 0.25
30 September 2021 0.25
31 December 2021 0.25
31 March 2022 (to be paid on 24 June 2022) 0.25

The foregoing are statements of the present intentions of the Trustee-Manager in relation to APTT and may be subject to modification (including the reduction or cancellation of any proposed distribution) in the sole and absolute discretion of the Trustee-Manager. The form, frequency and amount of future distributions (if any) on APTT’s Units will depend on the earnings, financial position and results of operations of APTT, as well as contractual restrictions, provisions of applicable law and other factors that the Trustee-Manager may deem relevant.

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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.