A Primer on Real Estate Investment Trusts, Business Trusts and Stapled Trusts in Singapore

5.4.1

In a Trust Scheme, the acquiror typically acquires all the units or stapled securities of a Target Entity in consideration for cash and/or the issuance of new securities of the acquiror to the existing unitholders or stapled securityholders of the Target Entity. A Trust Scheme will typically be adopted in a situation where the acquiror wishes to acquire all the units or stapled securities of a Target Entity.

5.4.2

A Trust Scheme will typically require:

(a)

the approval by the unitholders or stapled securityholders of the Target Entity to amend the trust deed constituting the Target Entity to include

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