ESR AR 2019 EN

Notes to the Consolidated Financial Statements 31 December 2019 222 Focused 43. PERPETUAL CAPITAL SECURITIES On 7 June 2017, the Company issued subordinated perpetual capital securities with aggregate net proceeds equivalent to USD98,845,000. The distribution rate is 8.25% per annum, with the first distribution rate resets falling on 7 June 2020 and subsequent resets occurring every three years thereafter. Distributions are payable semi-annually in arrears. Subject to the relevant terms and conditions in the offering circular, the Company may elect to defer making distributions on the perpetual capital securities and is not subject to any limits as to the number of times a distribution can be deferred. The perpetual capital securities may be redeemed at the option of the Company, on 7 June 2020 or upon the occurrence of certain redemption events specified in the conditions of the issuance. The perpetual capital securities are classified as equity instruments and recorded in equity in the consolidated statement of financial position. Movements of the perpetual capital securities are as follows: Principal Distribution Total USD’000 USD’000 USD’000 At 1 January 2018 98,845 – 98,845 Repurchase of perpetual capital securities (1,466) – (1,466) Profit attributable to holders of perpetual capital instruments – 8,192 8,192 Distribution to holders of perpetual capital instruments – (8,192) (8,192) At 31 December 2018 and 1 January 2019 97,379 – 97,379 Profit attributable to holders of perpetual capital instruments – 8,250 8,250 Distribution to holders of perpetual capital instruments – (8,250) (8,250) At 31 December 2019 97,379 – 97,379