FCOT definition
Examples of FCOT in a sentence
Rushmoor 834 704 ▇▇▇▇ 394 362 Surrey Heath 424 308 Guildford District 193 152 Waverley District 178 159 Bracknell Forest Unitary 145 106 Wokingham 83 63 Basingstoke & ▇▇▇▇▇ 28 59 Woking District 78 57 Other 139 343 In response to the Skills and Post 16 Education Act 2022, FCOT contributed to a review of the existing curriculum offer across the LSIP area, determining how well this meets local needs and ensuring that learners have the skills needed to secure local employment.
Frasers Centrepoint Asset Management (Commercial) Ltd., in its capacity as manager of Frasers Commercial Trust (“FCOT”, and as manager of FCOT, the “Manager”), wishes to announce that it has today entered into a property management agreement (the “PMA”) with Frasers Centrepoint Property Management Services Pte.
In respect of property management services provided by the Property Manager for a Singapore Property, the Property Manager shall be entitled to receive from FCOT, for each Fiscal Year1, a fee of 3.0% per annum of the gross revenue of the relevant property.
However, the value of the PMA, aggregated with all transactions between FCOT and FCL or its associates for the current financial year is below 3.0% of FCOT’s latest audited net tangible assets for the purposes of Chapter 9 of the Listing Manual.
Based on the rationale of the entry into the PMA, the Audit, Risk and Compliance Committee of the Manager is of the view that the terms of the PMA are on normal commercial terms and would not be prejudicial to the interests of FCOT and its minority Unitholders.
The Manager therefore believes that the entry into the proposed PMA will be beneficial to FCOT and Unitholders.
Therefore, for the purposes of Chapter 9 of the Listing Manual of Singapore Exchange Securities Trading Limited (the “Listing Manual”), the Property Manager (being wholly-owned by FCL, which is a “controlling unitholder” of FCOT and also a “controlling shareholder” of the Manager) is (for the purposes of the Listing Manual) an “interested person” of FCOT.
The Property Manager will be entitled to reimbursements by FCOT for remuneration costs of the Property Manager’s employees for services rendered under the PMA in respect of a Singapore Property, as approved by the Manager in the annual business plan and budget for the relevant Singapore Property.