Structure of the Trust Group
- With the exception of the beneficial interest in 100% of the Ordinary Shares held by the Holders of Share Stapled Units and the Company’s indirect 100% interest in the Hotel Companies, all dotted lines indicate a contractual relationship between the entitles or distributions or funds flow and continuous lines indicate an interest in shares (or, in the case of Langham Hospitality Investments, an interest in the Units).
- As Langham Hospitality Investments is not a separate legal entity, all of the Trust Property, being the assets of Langham Hospitality Investments, will be held by the Trustee Manager for the benefit of the Registered Holders of Units. Subject to the exercise of the Exchange Right, all of the issued Ordinary Shares must be registered in the Principal Register of Members in the name of the Trustee-Manager (in its capacity as trustee-manager of Langham Hospitality Investments).
- The current intention of the Company Directors is to declare a dividend of and distribute (a) 100% of the Group Distributable Income in respect of the period from the Listing Date to 31 December 2013 and each financial year ending 31 December 2014 and 2015 and (b) not less than 90% of the Group Distributable Income in respect of each financial year thereafter.
- Under the Trust Deed, the Trustee-Manager (on behalf of Langham Hospitality Investments) is required to declare a dividend of and distribute 100% of the Trust Distributable Income.