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    <title>Allotment procedure and basis of allotment</title>
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    <description>The investment manager must allot SM REIT units on receipt of application monies. If oversubscribed, allotment cannot exceed units offered; each investor category must receive at least the minimum bid lot and any remaining units must be allotted proportionately by lottery, with a limited exception permitting up to one per cent of the net offer to enable minimum-lot allotments. Designated stock exchange representatives alongside post-issue merchant bankers and registrars must ensure the basis of allotment is finalized fairly.</description>
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      <description>The investment manager must allot SM REIT units on receipt of application monies. If oversubscribed, allotment cannot exceed units offered; each investor category must receive at least the minimum bid lot and any remaining units must be allotted proportionately by lottery, with a limited exception permitting up to one per cent of the net offer to enable minimum-lot allotments. Designated stock exchange representatives alongside post-issue merchant bankers and registrars must ensure the basis of allotment is finalized fairly.</description>
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