My final view on the performance before somebody hit the nail on my coffin lid...

Stop talking nonsense about at the relative performance with the confusing gimmicks.

I think he should just shut his mouth.....show me the money......I call you lek chai when NAV = 5.00 in 2-3 years from today.....30/10/2023. Why talking nonsense with this MSCI that MSCI, this cash that cash! All thrash thrash!

Shareholders demographic since iCAP inception
'000 shares
(1)Year******(2)Company**(3)Individual**(4)Insiders**(5)Instituition**(6)Top 30 total***(7)The rest of us
2006***** 4,315**** 24,409**** 3,000**** 5,177****** 36,901******* 103,099
2007***** 4,928**** 21,712**** 3,000**** 5,200**** 34,840******* 105,160
2008***** 5,437**** 19,293**** 3,539**** 4,192**** 32,461******* 107,539
2009***** 5,514**** 19,069**** 3,689 ***** 1,397***** 29,669****** 110,331
2010***** 5,056**** 19,501**** 3,689****** 2,060***** 30,306 ****** 109,694
2011***** 5,263**** 20,143**** 3,389****** 8,432****** 37,227****** 102,773
2012**** 5,214**** 18,464*** 3,389******* 17,563**** 44,630****** 95,370
2013**** 5,698**** 21,616*** 3,489******* 15,727**** 46,530****** 93,470
2014**** 5,698**** 22,304*** 3,489******* 15,431**** 46,922****** 93,078
2015**** 5,698**** 22,635*** 3,489******* 18,086 **** 49,908****** 90,092
2016**** 5,698**** 17,510*** 3,489******* 18,850***** 45,547****** 94,453
2017**** 5,698**** 16,742*** 3,539******** 22,110**** 48,089****** 91,911
2018**** 5,698**** 16,943*** 2,800******** 26,428**** 51,869****** 88,131
2019**** 5,698**** 18,747*** 2,800******** 25,687***** 52,932***** 87,068
2020**** 5,629**** 20,866*** 2,800******** 27,767***** 57,062***** 82,938
2021**** 4,620**** 21,062*** 2,800******** 28,798***** 57,280***** 82,720
2022**** 5,608**** 18,653*** 4,775******** 30,454***** 59,490****** 80,510
2023**** 6,877**** 18,664*** 4,738********* 30,434***** 60,713******* 79,287

A few observations - % based Top 30 in 2023
1. Quite stable holding by company(5%)
2. Individuals-large - stable- (13%)
3. Institution quite a big increase but mainly by COL(22%)
3. Insiders increasing slowly(3%)
4. The rest of us has been declining very steadily from 103 million in 2006 to 79 million... I have no privilege to access, beyond top 30 largest shareholders, I believe the decline is even more serious because beyond top 30, not will be classified as individuals.

The writing is on the wall, the rest of using are losing faiths in the fund manager. Yet he is still lan si lan yeong. Instead of finding ways to regain our trust, he said NAV is his job, the rest, f U. He is shifting the blame to the "institutions".

He doesn't need to blame the rest of the institutions, there is only 1 institution(singular not plural, I got it right) COL is the largest holder. Hold a four-eye meeting with them, settle things privately. Don't drag the rest us into the muds. Nia mah!

@JohnD0ugh..I think I can save $49 annual subscription fees to iCAP since you are giving out freely these days.

Short reply to your long posting, another long reply later when I'm free:

The fund manager needs to change the color of his underwear, change from RED to BLUE. He is thinking RED color will bring him lucks forever. In case it doesn't work, switch to a RED panties....before he is losing his underwear or panties 😂😂

If he can just say like what 3i quoted:

"It is more honest to say I don't know and that my past predictions were sometimes very wrong."

He will get lesser bad lucks....how to be in good luck when so many people cursing you instead of blessing you?

If anyone of you have a book The Singapore story Memoirs of Lee Kuan Yew, read chapter 36. You know how certain party using media to their advantage. This is a business forum/blog. Let's stay away from politics related issues.

If we see news with political headlines, stay out from the crossfire.

As much as I have criticized the fund manager, we need to stay objective and rational. AK, hit out at the fund manager supported current government for his bullish call partly seeing positive changes & more stable government.

“If we look back at the five-year period from Jan 1, 2019, Bursa Malaysia only rose once to 1,707.73 points on Feb 1, 2019 when Tun Dr Mahathir Mohamad (who is known as Atok to Madani supporters) was the prime minister (PM) of the then PH government.”

Only to his advantage yea...the not relevant part...flush down to the toilet

but better don't praise you too much else the fund manager can get jealous....he can be very childish even coming to 70 years old

@dumbMoney - I think you are a real PHD holder but you are too humble about it and doesn't care about all with those title😂😂

*doesn't(correction)

That is why once the theorem is set and validated, it is very difficult to say gravity does exist!

So long story short, I believe simplest answer still, If I don't take, he takes, so better I take.

So I want to call his bluff, go ahead and get it done, see whether he can get it done in 3 months...if still ee...ehhh...eehh. then you know he is full of shits

But I believe your are real Dr.

@dumbMoney - paiseh....nowadays easy to impress people by just google up in the internet or ask Chat GPT. But can also buy a PHD Doctorate like Dr Lim from Top Glove😂😂

Teminal value = NAV/(d-g) where d is investor discount rate, g is iCAP management expected growth rate.

So it will become negative as soon as g > d, negative value is not adding value but subtracting value from sum of the PV of dividend d1/(1+d)+d2/(1+d)^2+......dn/(1+d)^n + NAV/(d-g)

It's more like a math logic, hopefully I got it right....1/2 past 6 student

Or actually real cost is 3 since that's all you paid regardless of invoice price. Sell price 7 - 3 = $ 4

Geng

@dumbMoney, since it's a free tutorial, I will try to thick face lo.

Chinaman business skill geng....Sell Price(7)-cost(10-3) = 0 but going IPO, get $ 4? His competitors die, his creditors die, IPO money masuk pocket.

😂😂

Yeah, bo choice😭😭 on his second variable on the formula...as you pointed out.

For a simple folk like me, 1%, 2%, 3%, 4%, 5% or 6%, dun care ady... Take any penny off the table. I don't take, he takes, so better I take. 😂😂

😝🙈

My final thoughts on iCAP innovative dividend – it’s time to call his bluff.

The fund manager has been very clever, every now and then, he will come out with programs to appease the shareholders. Unfortunately, each time a proposal was rejected, thing would end up with status quo.

The shareholders won many small battles but losing a war. Meaning, shareholders apa pun tak dapat while they continue to charge at FULL NAV! He just buys time goyang kaki and collect the toll fees! How shrewd!

We must not fall into his trap again and again. For pragmatic reasons, we should accept this proposal for a very good reason. It will help to reduce NAV ex-dividend hence it will reduce the management fees.

Assuming all takes cash, put the money in our own pockets.

Using last week 25/10/2023 NAV/share 3.52 for an example

NAV(before dividend) = RM 492 million ---> Management fees(1.5%) = RM 7.4 million

NAV(assume 15 million dividend paid) = RM 477 million(subtract 15 million from 492 milion) ---> Management fees(1.5%) = RM 7.15 million

Savings of management fees to shareholders = 245 k.

Do not under-estimate this small number, if we project it to 10 years out, cumulatively there will be a 2.45 million lesser management fees charge to the shareholders.

Even though I will accept it for the pragmatic reasons but for the record: I protest/disagree with the logics listed below here:

1. The innovative dividend payout formula is very negative(reactive) and having an implied 24% discount perpetually to get 4% dividend.

2. I am on the same page with dumbMoney:

(a) DRIP issued at a 10% discount is discriminatory to those shareholders who are willing to accept cash dividend.

(b) DRIP holders can always sell the “free 10% discount” shares that will create additional supply to the market that may leads to further discounts to NAV.

(c) The statement by iCAP saying this program will reduce price discounts. Strongly disagree. Will let someone to sort it out with the Dividend Irrelevance Theory at the Q&A session with the Koala Bear Professor. (P/S He solved the discount problems by using his own clients’ money, CDAM, to buy more shares)

This innovative dividend is only at the proposal level and is not a resolution to be voted. Don’t fall into his famous crying wolf( lang lai leh!), they are coming to murder the program again because they hate me. For the record, fund manager, Sarang Hae Yo! Chin chiah Sarang Hae Yo! 💞

We don’t need to be so “kan cheong”. When the times come, accept it - Vote FOR- put the money in our pockets for the pragmatic reasons despite of his flaw’s logics and unsound frameworks.

Have I given up the iCAP PUT? NO, NEVEEEER! But I can wait. Why?

Not urgent now because there is no IRRATIONAL discounts or PANICS (so ban ban lai). Will push hard after the dividend program is implemented. The logic is simple, your fund manager had done it via CDAM! Kamsiah lu, fund manager.

Each year we say NO, the fund manager will keep more money in his pockets. It’s time to call his bluff! Take the money OFF the table.

Those invested with hedge funds or PE and etc are high nett worth people. That is why a minimum nett worth not counting their house will be at least $ 3 million ringgit, losing $1 million Riggit won't kill them. But for those only have 500-1 million in their 50s, those with 100-200 k shares with iCAP, a mishaps, "Tzar doh mo ler"(semua hanggus).

iCAP is not a big issue at the moment except the fund manager is a bit actions....talk big sometimes, "si ai bein"(want face), insulting people especially people people disagree with him, seeking a BOD or from Michigan, from Beijing is OK. I merely want to give him a small slap on his wrist out of "Kong Wu Ye Hei". He got some inconsistencies on what he said and did. You have read those. He still got bottomline in his integrity. But this is a public company, a check and balance system needs to be there. I don't want my grandchildren to be a victim down the line if I choose to buy and hold forever. Who knows his successor becoming a Darth Vader and no more Yoda Master around? 😝....

For those those think corporate governance doesn't matter or buy and hold forever no need to think, here is a small recap on Pan-Electric Industries scandal. Tan Koon Swoon was the ex-president of MCA.

Pan-Electric Industries was a Singapore-based company that specialised in marine salvage work, and had 71 subsidiary companies, including hotel and property interests, with a market capitalization of S$230 million.[1][2] The company collapsed in December of 1985[3] due to massive unsettled forward contracts, forcing the Stock Exchange of Singapore (SES) and Kuala Lumpur Stock Exchange (KLSE) to shut down for three days.[4][5] At its demise, the company had a total debt of S$480 million, and all its shares held by 5,500 shareholders were found to be worthless overnight. As of 2000, it remains the largest corporate collapse in Singapore's history, and the only instance where the SES had to be unexpectedly closed.[1]

In the aftermath of the collapse, key people in the company such as Peter Tham, Tan Kok Liang, and Tan Koon Swan were prosecuted and given varying jail sentences. The collapse of the company shook public confidence in the SES, causing prices of stocks to plunge and resulted in the bankruptcy of some stockbroking firms.[6] New securities laws were introduced in March 1986 to ensure that stockbroking firms could protect themselves against credit risks.[1][7]

https://en.m.wikipedia.org/wiki/Pan-Electric_Industries

If you want to invest in any conglomerate with many subsidiaries, they can hide a lot of things.

This can be a topic we can talk about after AGM....I have a few more of my thoughts related to iCAP I want to share in the new few days.

I want to emphasize, iCAP IS NOT in this category. Second Repeat: ICAP IS NOT in this category. Third Repeat: iCAP IS NOT in this category.

@ 3i - My apology to you accusing you iCAP machai. You suddenly drown me with messages that day esspecially a lot of them with very distinct black twisted Ceasar 2012 coup. We are good, will be friend. Plese also fire me if sometimes I talk nonsense. Cheers. Morning beers 🍻

Ya..you are out from Kong Wu long time ago, I think. The wild wild west apa pun boleh...like UEM-Renong, Bank Bumiputra scandals etc...that's the topic for another day.

Haiz... Nia Mah😤

Here are the purchases by CDAM since iCAP inception extracted from Top 30 largest shareholders

'000***** # of shares****Changes***Remarks
2006***********Not in Top 30
2007***********Not in Top 30
2008****** 539**** + 539 ***2007-2008 Global Financial Crisis, discounts to NAV 6-13%
2009****** 689**** +150****2007-2008 Global Financial Crisis, discounts to NAV 7-12%
2010****** 689*** + 0
2011****** 689*** +0
2012****** 689*** +0
2013****** 689*** +0
2014****** 689*** +0
2015****** 689*** +0
2016****** 689*** +0
2017****** 739*** +50
2018************Drop off from Top 30
2019************Drop off from Top 30
2020************Drop off from Top 30
2021************Drop off from Top 30
2022****** 1,860***** +1,121******Discount to NAV 30-40%
2023****** 3,077***** +1,217******Discount to NAV 30-40%, until recently(Sept-Oct) 25% range. Most purchased done earlier than August 2023

You can see clearly his buying behavior fitted exactly what I described as iCAP PUT. He stepped in during the Great Financial Crisis even though the discounts were not that fantastics. He even boasted it's very resilient against KLCI. Of course he didn't shout, hey guys and gals, I am buying. Only in retrospective, when I put on a microscope on him, found out he did it out of his natural instincts to buy during panics.

In other years that he didn't buy anything, the discounts to NAV ranges in between 20 - 25%. (More rational level)

He stepped in again when discounts were widening of which I called IRRATIONAL levels. I am going keep eye on him whether he will continue to buy when it reaches 20-25% range or till the discounts reaches 0-10%. If he did, my only conclusion is he wants to gain more controls via CDAM or his other investment vehicles.

This is why I'm pissed off when he consistently refusing SBB to buy on behalf of iCAP's shareholders, especially now he decided to return a portion of cash back to shareholders.

I am perfectly happy if he buys only 4 out of 18 years. Denying iCAP PUT is like denying gravity doesn't exist-- something I could not swallow. I don't think other shareholders can if they see this.

This data clearly defined what is a horse. PANICS, RATIONAL and IRRATIONAL discounts.

Lo fu, Lo chai loh .....no problemo.....choi -- cheong hei(long winded)😜

The fund manager didn't answer my call, thinking I want to sell him personal loan 😂😂

Someone told me, publicly they cannot tell the whole world discounts is not their problem. But privately they have engineered equivalent to iCAP SBB by using CDAM to buy iCAP shares. But they also said, they cannot give COL the credits because right after the injunction lifted, COL started to buy from 7 August - 15 September, the share price had a massive breakout from 2.3 till 2.9++. During these periods, COL accounted for almost 36% of the buying activities. In the same period, CDMA bought very little shares but was getting jealous. So, iCAP stopped COL from buying with SICDA and the roadshows. And then, and then ah...... CDAM just keep buying on dips.

Sekian terima kasih, laporan terkini daripade berite "3(Sam) Ku 6(Loke) Poh"

>>>>>>>>>>>>>
@FastMoney How many times must I tell you that the discount is not management's problem, it is the shareholders' who ask them crazy enough to sell at a discount in the first place. As far as the manager is concerned, his KPI is NAV and his fees are based on that, not market cap. Different pages on the same book, and since your Chinese is so geng one, same bed, but different dreams
>>>>>>>>>>>>>>

@dumbMoney - today eat wrong medicine ya....😂😂 or you went shopping buying a black hat? 😂😂

Why ask me so many tough questions......wait ha, I call the fund manager and get an answer for you.

*poor fund manager. Normally I always pity old people

@Zhangwin, you must be new to this channel....some answers can be found in our FAQs especially after dumbMoney and I sparred almost 300 posts. Short answer: CDAM bought a lot of shares by eliminating his competition COL!

Now a bit long answer.

If you are new to iCapital.biz, you must work hard ya. Because the fund manager will always project his performance in the most positive way. Not wrong but as an investor, must do homework ya.

Now a little bit long answer.

In 2018, iCAP NAV was almost $3.70, then it went down a lot lau sai until $2.8. Then its NAV hit more than $ 4 in mid 2011, then it lau sai, dropped as low as 3.2 and there you are now around 3.50. if you take 2.8 the low lau sai point or some where around there, it's look very good like you said about 32.7% but my calculation is less than that.

So hindsight ya...if the fund manager manage to take profit for the last 2-3 cycles, then our poor almost coming to70s don't have to do so many roadshows.


Visit our channel frequently ya.

Cheers!!🍻

@dumbMoney - CDAM is welcome to buy, why 25% only le? I always wanted him to buy till 38% . Like i3lurker always said iCAP fengshui is very bad, he is welcomed to take it back at anytime....but make sure those discounts disappear first.

"‘Now, what I want is, Facts. Teach these boys and girls nothing but Facts. Facts alone
are wanted in life. Plant nothing else, and root out everything else. You can only form
the minds of reasoning animals upon Facts: nothing else will ever be of any service to
them. This is the principle on which I bring up my own children, and this is the
principle on which I bring up these children. Stick to Facts, sir!’"

"‘Bitzer,’ said Thomas Gradgrind. ‘Your definition of a horse.’

‘Quadruped. Graminivorous. Forty teeth, namely twenty-four grinders, four eye-teeth,
and twelve incisive. Sheds coat in the spring; in marshy countries, sheds hoofs,
too. Hoofs hard, but requiring to be shod with iron. Age known by marks in
mouth.’ Thus (and much more) Bitzer.

‘Now girl number twenty,’ said Mr. Gradgrind. ‘You know what a horse is.’"

Hard Times by Charles Dickens

I need wrap up the "Brutus" Conspiracy theory and moving on to other things.

I went back to 2012 AGM Meeting Minutes

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download/?name=EA_GM_Attachments&id=6053

Numbers don't lies. It is super easy understand why such a small issue had been blown out of proportions - Making a big mountain out of a small molehill.

There were 8 nominees - 5 seeking re-elections and 3 new nominees. Here were the results:

1 Datuk Ng Peng Hong @ Ng Peng Hay(Re-election)
For/% 80,795,355 / 95.88%
Against/% 3,473,000 / 4.12%
Total 84,268,355

2 Dato’ Dr. Norraesah Binti Mohamad(Re-election)
For/% 82,907,654 / 98.36%
Against/% 1,380,401 / 1.64%
Total 84,288,055

3 Tunku Abdul Aziz Bin Tunku Ibrahim(Re-election)
For/% 79,027,655 / 96.88%
Against/% 2,546,200 / 3.12%
Total 81,573,855

4 YM Tunku Tan Sri Dato’ Seri Ahmad Bin Tunku Yahaya(Re-election)
For/% 73,674,455 / 87.85%
Against/% 10,188,400 / 12.15%
Total 83,862,855

5 Tan Ang Meng(Relection)
For/% 74,203,705 / 87.48%
Against/% 10,615,150 / 12.52%
Total 84,818,855

6 Andrew Pegge(Laxey Partner) ** NEW**
For/% 11,347,951 / 13.44%
Against/% 73,110,804 / 86.56%
Total 84,458,755

7 Lo Kok Kee(iCAP Member nomination) **NEW**
For/% 10,637,601 / 12.63%
Against/% 73,606,654 / 87.37%
Total 84,244,255

8 Low Nyap Heng(COL) ** NEW **
For/% 11,138,951 / 13.2%
Against/% 73,122,204 / 86.8%
Total 84,261,155

At that point of time, Laxey has about 9.6 million shares and COL has 9.3 million shares.

If it is true that COL+ Laxey joint hands, you will see at least 18.9 million shares(9.6+9.3 million-kingdee math) for COL and Laxey each. On the contrary, COL had only 11.1 million and Laxey 11.3 million. That means they gi gi ku gi gi(teow chew lang saying) – each take care of themselves. It is totally untrue when I read another report in the news paper that Laxey asked people to vote for all 3 of them. Numbers said otherwise, you know who is telling the truth!

2. COL, Laxey and Lo were extremely professional, for those qualified directors, they voted for them. That is why you can see 97- 98%. If all 3 of them voted against, you will have to subtract 30+millions resulted they received only about 70%.

3. There were 2 directors that seeking reelection received 12% against votes, this must be either 1 of the 3 parties voted against them. Rumors had it, COL objected one of the directors age was above 70 years old that need special resolutions. Despite that the director received > 75% approval. Hence re-elected. This riled the fund manager as reported by the Star.

Looking purely on the "facts", I don't think it fit the theory of sacking all the BODs that seeking re-election and installed new directors, took over the company and liquidate them. It is total UNTRUE! I am not smart but definite not a PAK CHEE kia.

I rest my case and do not think I need to waste time to dwell in this topic. It is incurable if the Brutus conspiracy magic spells created by the fund manager still bonding you.

By looking into today's share price, people believe is more convinced that liquidation is out of the questions and taking some money off the table. Whoever want to stay, it is only betting on the fund manager will perform or perhaps still hanging on a small hope of improved governance. This could be his last chance. Don't screw it up!

No problem...I googled that and got it translated...need the original Mandarin to understand it. You have done that....I am just geh poh geh poh. 😂😂

Haha! As an Asian, certain words are best to say it in Asians way -- can't find it in English. We will know exactly what it means without wasting our breath("sai hei").....Jalan jalan in Kong Wu, cari makan in Malaya needs to know a few dialects. 😂😂

@dumMoney,
>>>>>>>>>>>
I had to take English, which included Shakespeare, in my first year in U, and that pulled down my GPA, haha.

>>>>>

Don't say like that, I am super paiseh liao....hang up my keyboard😪

Yaya...hiding in my cave now.....bought a lot of sardines and some cheap local subsidized rice.

Not my Shakespeare geng, I am a local graduate, very geng in copy and paste....from wikipedia but mana tau, some many people appreciate it! A bit regret -- now on #1 FBI list. 😝

@dumbMoney - your sense of humor has improved a lot! 😝✌

@i3gambler

>>>>>
I really do not like the existing investment portfolio, and the discount is getting smaller to around 23%.
Buy ICAP now for what purpose?
>>>>>>

Very good question, you see my nonsense talking correct or not ya

1. Fund manager wake up, I say let's say wake ha, stop using his golden fingers to ka ka jiao jiao, esspecially poking at old people coming to almost 80 years old, we stop ka ka jiao him, let him use his golden fingers to poke at bursa malaya-- shits turn into gold wo....NAV double, ho sei liao......walao - Jujuh ringgit, dua puluh tiga peratus discounts, ada lagi $5.39....huat lo!💰💰💰

2. keep 1 share, remember minimum 1 share ho, let's go to the AGM. AGM, AGM, AGM. la la la lah! Watchiiiiiiiing the happy show!

3. Free talks at the investor day - paid by not sure who le, CDAM or CD S/B, ah ... nevermind la, as long as it's free lunch, semua pun OK - ON liao!.

iCAP.....not income Capped. #1 in JB....Ho yeah 🙆

‘Not a hostile takeover’

PETALING JAYA: iCapital.biz Bhd shareholder Lo Kok Kee maintains that he is not a nominee of European hedge fund Laxey Partners and that he is acting as a “minority shareholder rights activist”. He also refuted allegations that he was part of a hostile takeover of iCapital.biz.

In an email to StarBiz, Lo said: “I am not a nominee of Laxey. I was nominated by a shareholder of the company to stand as director, not by Laxey.”

To recap, Lo was one of three new directors seeking a board representation on iCapital.biz a move which has riled its investment adviser, Tan Teng Boo.

Lo also said that StarBiz report on Nov 6 entitled “Hostile takeover?” was “misleading”, “scare-mongering” and created uncertainty in iCapital.biz share price.

He sent to StarBiz a copy of a letter from Laxey to the board of directors of iCapital.biz dated June this year, in which a request was put forward for two resolutions to be presented at the company's forthcoming AGM. (These resolutions are different from the latest resolutions put forward by Laxey in which Lo, Andrew Pegge the founder of Laxey and one Low Nyap Heng, are seeking to be made board members of iCapital.biz.)

The first resolution (from the letter) was for Pegge to be appointed as a non-independent non-executive director of iCapital.biz and the second was for the board to bring forth proposals designed to narrow the price discount to iCapital.biz's net asset value.

“This was a perfectly legitimate request from a shareholder, but it was ignored by the board of directors for reasons best known to them. Is this a hostile takeover of the company with only one director proposed?” Lo questioned.



Lo also clarified that he had no special arrangement with Laxey in relation to SGX-listed closed-end fund United International Securities (UIS). StarBiz had reported that Lo, together, with Laxey had embarked on a similar takeover move on this company last year.

“For the record, I had acquired my shares in UIS when my original investment in Overseas Union Securities (OUS) was converted into UIS shares after their merger, long before Laxey Partners came into the scene. In 1990, I had independently proposed moves to reduce the price discount of OUS, so there was no scheme or conspiracy with Laxey as you have implied.

“I was merely invited by Laxey last year to stand for election as an independent non-executive director, to represent the interests of minority shareholders, of which I am one myself, and not as a Laxey nominee.”

Lo also said that he had held the UIS shares for more than 10 years. “Would that still make me a one night stander,” he questioned, in reference to allegations that he would be taking only a short-term position in iCapital.biz.

Similarly, Lo said he was not in cohorts with Laxey with regard to action taken at two other funds in Malaysia, namely the Amanah Millenia Fund and the Amanah Harta Tanah PNB2 (AHP2).

He sent to StarBiz a notice of the EGM of Amanah Millenia Fund in 2007, which called for members' voluntary liquidation of the fund. “None of us moved the said resolution and shareholders merely exercised their rights to vote on the resolution.

“If this was a coordinated effort between myself and Laxey, then one would have to include all the other shareholders who voted in favour of the resolution too. The allegation is without basis, as I did not even vote for the resolution. In fact, I did not attend the EGM as I didn't think my vote would be necessary.”

Lo pointed out that for AHP2, Laxey was not part of the requisitionists for the EGM that sought to liquidate the fund, nor was it a significant unit-holder of the fund.

Lo, 66, was a director and shareholder of OSK & Partners Sdn Bhd, the predecessor of OSK Investment Bank Bhd, the iCapital.biz AGM notice showed.

He had also held managerial positions in MBF Corp Bhd and Malaysian International Merchant Bank Bhd and was a research officer at Kumpulan Guthrie Sdn Bhd. He is currently a director of the Esquire Kitchen group of companies. Lo owns 22,500 shares in iCapital.biz, according to the notice.

https://www.thestar.com.my/business/business-news/2012/11/09/not-a-hostile-takeover/

Since everybody refused to tell me what happened in 2012, I have to keep digging. Finally, found a piece of a very old news going back to 2012.

The were 3 parties - (1) COL of which was not mentioned in the Star write up sent a proxy to attend the AGM. (2) Lo who was seeking a board of director as a member of iCAP and (3) Laxey Partner - Andew Pegge also seek as a BOD. I believe COL, Lo and Laxey really didn’t know each other. Because of this happened so coincidence turned up at the AGM, the fund manager insisted all three of them were plotting a "hostile takeover". Looking at these details, none of it has the element of "hostile takeover" or evidence they worked together. How can seek a BOD = "hostile take over"? Since then, he lumped all 3 parties as “Brutus”.

Since the fund managers continue to run this "Brutus" story that they will bring down iCAP and keep making endless allegations against COL, one of the bloggers dumbMoney can't stand it, out of "Kong Wu Ye Hei" to counter those allegations. It was like defending some strangers who choose to remain silence and suddenly being lumped as imaginary complotters. The more he explained, unfortunately, this gives the fund manager an opportunity to reinforce his story telling even more believable. To a point this why dumbMoney asked me to wake up because I was poisoned too deep being told over and over again. COL and dumbMoney are not related to each other. Now I get it!

Whenever any 1 of them making any suggestions, the fund manager will run the same story all three of them are working as 1 group of complotters again(imaginary one ya!). Now the story has expanded into 2.0 – recruit more “Brutus”.

Pity Lo who has just 22,500 shares at that time suffered so much. I will dig more of this interesting man background.

Since I am a shareholder of Airasia via iCAP, I think take AirAsia better. support your own company mah

The Philippines?? - FX Jeepney - was fun - I don't stared, enjoyed the squeeze 😂😂 No risk of being shot

Speaking of MAS, my flights was delayed, given condolences ang pow, RM 30 x 2. 😅

I know how is like in the US, it was so peaceful, no gate, no prison house grill. I asked my friend how do you guy do that? He replied: try to enter of the house. You will know the answer. 😂😂

I am a messenger but unfortunate being the bearer of bad news....I will know my ending. I need to buy more guns😂😂

Wa beh heow lo😂😂(I don't know in Hokkien)