Ordinary Shares

 

All net income earned by the Trust is attributable to the Ordinary Shares and the Trust intends to distribute substantially the whole of its net income in each financial year in accordance with the Trust’s investment objective.

In addition, Ordinary Shareholders are entitled to the net assets of the Trust on a winding up, after all liabilities of the Trust have been settled and the entitlements of the ZDP Shares have been met. Ordinary Shareholders will also be entitled on a winding up to receive any undistributed revenue reserves of the Trust (which will be paid in the form of a preliquidation dividend or during the course of the liquidation), subject to all creditors of the Trust having been paid out in full and even if the cover multiple on the ZDP Shares is at the time less than 1.