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3,242 comment(s). Last comment by fairplay at Dec 3, 2020 8:56 AM
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cnman53
95 posts

Posted by cnman53 > Nov 21, 2020 8:45 PM | Report Abuse

I think this will be in my further questions in the 16th AGM.


cnman53
95 posts

Posted by cnman53 > Nov 21, 2020 8:47 PM | Report Abuse

Those of you who think my questions are valid, please second me by sending in your letters. You can copy my questions or use your own questions. The more the better. (But keep to the main issue of dual-listing as priority).


JohnDough
66 posts

Posted by JohnDough > Nov 22, 2020 4:45 PM | Report Abuse

“The 16th annual general meeting of icapital.biz Bhd will be held on Saturday, 28 Nov 2020. Due to the Covid-19 pandemic, this year’s AGM will be a virtual one. Shareowners must register at http://boardroomlimited.my before 26 Nov to apply for attendance credentials in order to participate in the virtual AGM.

This event will provide a robust antidote to the growing taint of fake news and truthfully answer the questions that have become hot-button issues in certain circles.

Will icapital.biz Bhd wind up this year? What are the implications of the Judicial Review filed by ICAP? What has happened to the dual listing project and its related expenses?

As part of icapital.biz Bhd’s cherished tradition, Tan Teng Boo, the designated person, will present the portfolio review, investment outlook, and a talk on a special topic.

Please register now for this important event.”


icapital newsletter Volume 32 Number 15, 19 November-25 November 2020


fairplay
24 posts

Posted by fairplay > Nov 22, 2020 5:12 PM | Report Abuse

John Dough, TTB must justify to shareholders what specific criteria that were met when iCapital invested in Air Asia 'AA'. What are specific triggers set to monitor AA, with corresponding Actions to be taken when situation unfolds? Be positive and answer to the point. Not another Parkson or Boustead.


ahhuat56
86 posts

Posted by ahhuat56 > Nov 23, 2020 10:52 AM | Report Abuse

cnman53's comments on judicial review and institutional investors are totally illogical and silly. Just because they are institutional investor, does that mean that they can willfully break the law ? Imagine someone comes to your house all the time and take whatever they like, knowing full well that it is a wrongful act. If you keep quiet and do nothing, you are either (1) a colluder, or (2) a coward, or (3) a senile, or (4) irresponsible person. Any reasonable person would report to the police.


dumbMoney
118 posts

Posted by dumbMoney > Nov 23, 2020 9:38 PM | Report Abuse

The 20 largest shareholders list as per 2020 annual report
1. Chong Ah Him @ Chong Kum Kwan 5,321,000 3.801%
2. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For Emerging Markets Country Fund 4,891,200 3.494%
3. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For Emerging Bmi Markets Countryfund 4,292,200 3.066%
4. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For Global Emerging Markets Fund 3,555,500 2.540%
5. Tunku Sara Binti Tunku Ahmad Yahaya 2,800,000 2.000
6. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For The World Markets Umbrella Fund Plc 2,670,500 1.908%
7. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For Emerging Markets Global Fund 2,645,100 1.889%
8. Maybank Nominees (Tempatan) Sdn Bhd
Yeoh Ah Tu 2,419,400 1.728%
9. Annhow Holdings Sdn Bhd 2,000,000 1.429%
10. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For Emerging Markets Investable Fund 1,892,000 1.351%
11. Lam Fook Shin 1,832,200 1.309%
12. Cartaban Nominees (Asing) Sdn Bhd
Exempt An For Rbc Investor Services Trust (Clients Account) 1,761,400 1.258%
13. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For School Employees Retirement System Of Ohio 1,648,100 1.177
14. Loh Kian Chong 1,445,000 1.032%
15. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For Emerging Markets Free Fund 1,423,200 1.017%
16. Ang Seng Chin 1,400,000 1.000%
17. Ocuvas Sdn.bhd. 1,370,000 0.979
18. Leow Kok Meow & Sons Sendirian Berhad 1,250,000 0.893%
19. Heng Kim Siang 1,238,100 0.884%
20. DB (Malaysia) Nominee (Asing) Sdn Bhd
The Bank Of New York Mellon For Cornell University 1,221,400 0.872%

Where is City of London's 20+%?


Vc Looi
224 posts

Posted by Vc Looi > Nov 23, 2020 9:42 PM | Report Abuse

Tunku yahaya until die also cannt benefit from icap invesment..what longterm ?


fairplay
24 posts

Posted by fairplay > Nov 24, 2020 3:22 PM | Report Abuse

Shareholders, does it mean that iCapital does not seem to have a independent line of communication to us, all. No email or no iindependent nvestor relationship?
Is it a correct procedure, in the interest of shareholders, that questions on AGM be sent via email to "enquiries@cdam.biz", as stated in the admininstrative guide document?
iCapital has paid for administrative services. The Administrator is TMF Administrative Services Malaysia Sdn Bhd.


KKG10Y
7 posts

Posted by KKG10Y > Nov 24, 2020 8:11 PM | Report Abuse

https://www.enanyang.my/%E5%90%8D%E5%AE%B6%E4%B8%93%E6%A0%8F/%E8%BF%9F%E4%BA%868%E5%B9%B4%E7%9A%84%E5%BC%80%E9%94%80%E4%B8%87%E5%B9%B4%E8%88%B9;
https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E8%B5%84%E6%9C%AC%E6%8A%95%E8%B5%84%E5%8F%8D%E9%A9%B3%E6%8C%87%E6%8E%A7%E6%AD%A3%E8%A7%86%E5%90%AC


KKG10Y
7 posts

Posted by KKG10Y > Nov 24, 2020 8:13 PM | Report Abuse

ICap 在南洋商报的信函。


cnman53
95 posts

Posted by cnman53 > Nov 25, 2020 10:56 AM | Report Abuse

KKG10Y,本来公司章程的173条款是说董事部需在2020年(就是第15周年)大会上提呈普通议案寻求是否延长自动清盘日期5年至2025年。不过在2016年第十二届大会上已经通过修改173条款,董事部只在2025年大会上才需要提呈延长5年的动议。所以股东们要擦亮双眼,多多关注公司动态。


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 25, 2020 11:11 AM | Report Abuse

Board of Directors


Ideally

Boards are supposed to represent shareholders.
Board members should view their directorship as a responsibility.
Board investigations into misdeeds are reliable.


Often

Boards do not represent shareholders. There is a symbiotic relationship with CEOs.
Board members often view their directorship as a perk. Insurance and other protections insulate boards from liability.
When boards have to investigate something, it is like asking them to admit their own incompetence.



Block of Muddy Waters Research said: "You cannot rely on them."


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 26, 2020 10:20 AM | Report Abuse

https://klse.i3investor.com/blogs/gmmoneytree/2014-11-20-story-h51470965-Icap_Biz_Dual_Listing_update.jsp


fairplay
24 posts

Posted by fairplay > Nov 26, 2020 12:13 PM | Report Abuse

My thanks to ex-Chairman, Datuk Ng. The board announced change of broadcast venue is sensible and wise one. This is one positive development. For shareholders and investors, a Board of Directors 'BOD' seem to be Independent and Functioning looking after interests of All shareholders is a factor for premium to its share price. Should BOD failed its shareholders, market shall Discount its share price. The Designated person is responsive for investments of iCapital. BOD exercise your statutory rights and duties, in the interest of shareholders


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 26, 2020 12:42 PM | Report Abuse

https://klse.i3investor.com/blogs/kianweiaritcles/2014-11-29-story-h51499827-City_of_London_s_letter_to_ICAP_s_TTB.jsp

To Tan Teng Boo, the Asian values of integrity, independence and intelligence are the most important. The letter by City of London is a clear testament of the foreign fund’s lack of integrity. By giving such superficial reasons for the opposition of Resolution 4, the foreign fund makes a mockery out of the other 3,400 share owners.

Tan Teng Boo sincerely calls upon the City of London to urgently revise and substantially improve their standards of corporate governance. Share owners are still not able to make an informed decision. Over the past two weeks, Teng Boo has held roadshows across Malaysia and Singapore to educate fellow share owners on long term investing and his analysis of current economic and market scenarios. All costs involved in the roadshows were borne by Capital Dynamics with absolutely no cost whatsoever to icapital.biz Berhad.





###
All costs involved in the roadshows were borne by Capital Dynamics with absolutely no cost whatsoever to icapital.biz Berhad.
###


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 26, 2020 12:46 PM | Report Abuse

>>>>


24-Nov-2020 Board Member Chairman Resignation - DATUK NG PENG HONG @ NG PENG HAY on 24-Nov-2020.

>>>>>



Not sure if this news is good or bad. Why on the eve of the AGM?


observatory
72 posts

Posted by observatory > Nov 26, 2020 1:17 PM | Report Abuse

Only after reading fairplay's comment that I realize that Board Chairman Datuk Ng Peng Hay has resigned. Datuk Ng's resignation was announced on Nov 24, merely 4 days before the coming AGM. No reason was cited.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3107685

To recap, this is the third board member resignations this year. The first was announced on Feb 24 this year by Madam Leong So Seh, citing personal and health issues. In fact, Mdm Leong was only re-elected just 5 months earlier in Sep 2019.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3026283

The second resignation was by Datin Siah Li Mei on Aug 3 this year, citing health issue. Datin Siah only joined the board in July 2019.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3074128

Could it be a coincidence? I note the dual listing project expenses of RM6.68 million first came to light in the quarterly report of Feb 29, 2020, in a one-line mention on page 14.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3057502


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 26, 2020 2:55 PM | Report Abuse

https://woodruffsawyer.com/do-notebook/yes-board-members-can-always-resign-except-when-they-cant/#:~:text=Sometimes%20a%20board%20member%20wants,possibly%20even%20facing%20corporate%20bankruptcy.


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 26, 2020 2:57 PM | Report Abuse

So can board members resign when they want to? The answer is yes⁠—except when they can’t.

In the worst-case situation where you know something is happening that hurts your shareholders, you are duty-bound to protect your shareholders and not abandon them… at least that’s what the Delaware court opinions suggest.


https://woodruffsawyer.com/do-notebook/yes-board-members-can-always-resign-except-when-they-cant/#:~:text=Sometimes%20a%20board%20member%20wants,possibly%20even%20facing%20corporate%20bankruptcy


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 26, 2020 3:00 PM | Report Abuse

Just wondering why the spate of resignations of directors from iCap.

The timing of the previous Chairman's resignation is most unfortunate. He should have announced his resignation on a date after the AGM. He should have conducted the AGM as before. Many of the existing shareholders have supported and have faith in the Chairman; his resignation is rather perplexed to me at least, more so, just a few days before the AGM.

Hopefully, there will be clarity after the AGM on this Saturday.


enigmatic [control your emotions, discipline your mind]
841 posts

Posted by enigmatic [control your emotions, discipline your mind] > Nov 26, 2020 3:27 PM | Report Abuse

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥,
Your portfolio consists of mainly growth companies acquired for the long haul, so I'm rather curious on your decision to invest in icapital berhad. This is the outlier in your collection of companies.


fairplay
24 posts

Posted by fairplay > Nov 26, 2020 3:30 PM | Report Abuse

The statement"All costs involved in roadshow borne by Capital Dyanamics etc" is what is in Form. Fundanmental, it is the company or Shateholders of iCapital biz who pay Management and Advisory fees to the Fund Manager. This is the Substance


fairplay
24 posts

Posted by fairplay > Nov 27, 2020 10:42 AM | Report Abuse

Urgent URGENT call to shareholders who are subscriber to MSWG. Please access the website Malaysia Shareholders Watch Group (org.my) to read MSWG letter dated 17-11-20 to our Board. They are very valid questions, asking for answers in AGM 28th November, in the interest of shareholders
Form your informed view and seek Justification at the AGM. Thank you


cnman53
95 posts

Posted by cnman53 > Nov 27, 2020 6:34 PM | Report Abuse

KKG10Y ICap 在南洋商报的信函。
https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E8%B5%84...
KKG10Y先生
关于上文第2点,虽然招股书没提,但原本的公司章程173条款的确是说到了2020年,会让股东选择继续或解散基金。 而这第173条款的确是在2016年12届股东大会上被特别议案修改为展期至2025年才需要作延长与否。
为正视听,大家可以参考Bursa Malaysia 的 29-08-2016 资本投资12届大会通知的附录(Appendix),修改第173条款的确是以特别提案在12届大会通过。

在2017年第13届大会虽然也有特别提案修改章程,但173条款只是改号码而已。大家也可以查查2017 年资本投资在Bursa Malaysia 的通告的31-05-2017年报(年报附录2017年大会将修改的章程条文)。
里面只是将原来的172至174条款改为175至177, 文字没改。

所以2020年展期至2025 年才决定继续或解散的确是在2016年大会特别议案敲定的。


cnman53
95 posts

Posted by cnman53 > Nov 27, 2020 7:00 PM | Report Abuse

https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E8%B5%84...
KKG10Y先生

Regarding the 2 and 3 points in iCapital.biz letter to eNanyang, although the Prospectus did not mention that come year 2020, the share owners can decide whether to continue to carry on the business of iCapital.biz or to wind up voluntarily, it was indeed stipulated in Article 173 of the original M&A.

And this Article 173 was indeed amended by special resolution in the 12th AGM in 2016, to the effect that the choice of continuing or automatically extending for further 5 years duration is thereby extended to start in year 2025, i.e. 5 years later.
To avoid misinterpretation, its best that you refer to the announcement made in Bursa Malaysia about the 12th AGM notice (the Appendix inside) dated 29-08-2016. But it is a bit tricky to read. Mind you.

In the 13th AGM in 2017, although there is a further amendment to the M&A (or Constitution now), the original Article 173 was amended by number only. There was no change in its content.
To avoid misinterpretation, again you are requested to refer to iCapital.biz Annual Report dated 31-05-2017 (with Appendix) in Bursa Malaysia. Again, a bit tricky to read.

Therefore the fact remains that the extension for making the decision to continue or not was indeed extended by 5 years from year 2020 to year 2025 through an amendment to the Article 173 in the 12th AGM 2016 by special resolution.


cnman53
95 posts

Posted by cnman53 > Nov 27, 2020 7:37 PM | Report Abuse

https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E8%B5%84%E6%9C%AC%E6%8A%95%E8%B5%84%E5%8F%8D%E9%A9%B3%E6%8C%87%E6%8E%A7%E6%AD%A3%E8%A7%86%E5%90%AC

My above 2 comment refers to the above link.


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Nov 28, 2020 12:59 PM | Report Abuse

Have icap AGM provided good explanations to all the above questions today? Please share.


stockraider
19870 posts

Posted by stockraider > Nov 28, 2020 1:08 PM | Report Abuse

Stop wasting time in icap, just switch to insas hathaway better option loh....!!


cnman53
95 posts

Posted by cnman53 > Nov 28, 2020 1:09 PM | Report Abuse

As I have told Mr DumbMoney, I had little hope that my questions will ever appear. Although I have sent in my first letter on 13 Nov 2020 and my second letter on 23 Nov 2020, none of them has managed to be tabled at the AGM. And seeing that my questions did not come out, I have also resent my questions on the spot. Yet they were swept under the carpet.

This is why I said before, in the AGM environment, there is not much chance for serious questions to be discussed. I had not harbored much hope before the AGM and now the result actually turned out as what I have anticipated.

As the disappointment is not unanticipated, I will continue to participate here and also put up more posting in my blog in future if there are more issues to be discussed.


cnman53
95 posts

Posted by cnman53 > Nov 28, 2020 1:11 PM | Report Abuse

In the mean time, if some of you have access to discuss in eNanyang, please forward my observations on 27 Nov above to them.


cnman53
95 posts

Posted by cnman53 > Nov 28, 2020 1:16 PM | Report Abuse

The above is on points of fact and can be checked from Bursa Announcement. Although to read the article wordings may need some patience. You also need to refer to the 2016 announcement for AGM as well as the 2017 announcement, plus their appendixes to piece them together .


stockraider
19870 posts

Posted by stockraider > Nov 28, 2020 1:18 PM |

Post removed. Why?


cnman53
95 posts

Posted by cnman53 > Nov 29, 2020 9:18 AM | Report Abuse

Regarding the following earlier comment posted earlier:-

{{ KKG10Y,本来公司章程的173条款是说董事部需在2020年(就是第15周年)大会上提呈普通议案寻求是否延长自动清盘日期5年至2025年。不过在2016年第十二届大会上已经通过修改173条款,董事部只在2025年大会上才需要提呈延长5年的动议。所以股东们要擦亮双眼,多多关注公司动态。
25/11/2020 10:56 AM

KKG10Y ICap 在南洋商报的信函。
https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E8%B5%84...
KKG10Y先生
关于上文第2点,虽然招股书没提,但原本的公司章程173条款的确是说到了2020年,会让股东选择继续或解散基金。 而这第173条款的确是在2016年12届股东大会上被特别议案修改为展期至2025年才需要作延长与否。
为正视听,大家可以参考Bursa Malaysia 的 29-08-2016 资本投资12届大会通知的附录(Appendix),修改第173条款的确是以特别提案在12届大会通过。

在2017年第13届大会虽然也有特别提案修改章程,但173条款只是改号码而已。大家也可以查查2017 年资本投资在Bursa Malaysia 的通告的31-05-2017年报(年报附录2017年大会将修改的章程条文)。
里面只是将原来的172至174条款改为175至177, 文字没改。

所以2020年展期至2025 年才决定继续或解散的确是在2016年大会特别议案敲定的。
27/11/2020 6:34 PM

KKG10Y先生

Regarding the 2 and 3 points in iCapital.biz letter to eNanyang, although the Prospectus did not mention that come year 2020, the share owners can decide whether to continue to carry on the business of iCapital.biz or to wind up voluntarily, it was indeed stipulated in Article 173 of the original M&A.

And this Article 173 was indeed amended by special resolution in the 12th AGM in 2016, to the effect that the choice of continuing or automatically extending for further 5 years duration is thereby extended to start in year 2025, i.e. 5 years later.
To avoid misinterpretation, its best that you refer to the announcement made in Bursa Malaysia about the 12th AGM notice (the Appendix inside) dated 29-08-2016. But it is a bit tricky to read. Mind you.

In the 13th AGM in 2017, although there is a further amendment to the M&A (or Constitution now), the original Article 173 was amended by number only. There was no change in its content.
To avoid misinterpretation, again you are requested to refer to iCapital.biz Annual Report dated 31-05-2017 (with Appendix) in Bursa Malaysia. Again, a bit tricky to read.

Therefore the fact remains that the extension for making the decision to continue or not was indeed extended by 5 years from year 2020 to year 2025 through an amendment to the Article 173 in the 12th AGM 2016 by special resolution.
27/11/2020 7:00 PM

https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E8%B5%84...

My above 2 comment refers to the above link.
27/11/2020 7:37 PM

In the mean time, if some of you have access to discuss in eNanyang, please forward my observations on 27 Nov above to them.
28/11/2020 1:11 PM

The above is on points of fact and can be checked from Bursa Announcement. Although to read the article wordings may need some patience. You also need to refer to the 2016 announcement for AGM as well as the 2017 announcement, plus their appendixes to piece them together .
28/11/2020 1:16 PM }}

All my above comment are now withdrawn because after further careful reading of the wordings in the original Article Clause 173, in the year 2020, the directors indeed need not propose for ordinary resolution to consider continuing for a further 5 year. Rather the directors only need to propose for such ordinary resolution 5 years later. i.e. year 2025. The amendment on Article 173 in 2016 has not changed this fact.

My sincere apology for the mistake and all the inconvenience caused to all of you.


cnman53
95 posts

Posted by cnman53 > Nov 29, 2020 9:34 AM | Report Abuse

有关我在十一月廿七日至十一月廿八日在上面讲过有关资本投资章程第173的话,我要在此收回。
因为经过再三仔细研读原来章程条款173 之后,我发觉在原来的173条款里,公司董事的确没需要在2020年大会提出普通提案寻求是否继续5年,而是只在2025 年才需要如此做。

对于我的这个错误给大家引起诸多不便,我在此深深致歉!


JohnDough
66 posts

Posted by JohnDough > Nov 29, 2020 6:38 PM | Report Abuse

“Confucius’s disciples frequently asked him to define goodness. He would give each of them a different answer each time, depending on the situation. That’s because Confucian goodness is not something you can define in the abstract.

It’s the ability to respond well to others; the development of a sensibility that enables you to behave in ways that are good for those around you and to draw out their own better sides.

Confucius would not define goodness; he wanted his disciples to know that we must feel it in all these different, shifting situations to understand what it means to express it.

We have all felt it, and once we recognize it, we can develop it further”


The Path: What Chinese Philosophers Can Teach Us About the Good Life – Michael Puett and Christine Gross-Loh


fairplay
24 posts

Posted by fairplay > Nov 29, 2020 6:54 PM | Report Abuse

John Dough - TTB dont preach Look into mirror and see whether Do what you talk about.


Evelyn11
5 posts

Posted by Evelyn11 > Nov 30, 2020 8:40 AM | Report Abuse

reply to dumbMoney on 23 Nov:

i wish you could have the time to look at CLIM's announcement on Bursa Malaysia where CLIM indicated they are the buyers behind the nominees accounts.
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3084685

their current holdings as of 27 Nov 2020 is 20.738%.


dumbMoney
118 posts

Posted by dumbMoney > Nov 30, 2020 2:08 PM | Report Abuse

@Evelyn11 Get the company to disclose Sc's ruling on the matter so everyone is aware what the dispute is about.


veritasa
1 post

Posted by veritasa > Nov 30, 2020 3:14 PM | Report Abuse

I am new to this thread. cnman53 is very informative and makes a lot of sense. Keep it up.


vidusaka
6 posts

Posted by vidusaka > Dec 2, 2020 7:53 PM | Report Abuse

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ Have icap AGM provided good explanations to all the above questions today? Please share.

I attended the AGM and key questions were answered:

i) Don't need to wait until 2025 to wind up the fund. If shareowners want to wind up, can bring it up for a vote

ii) The dual listing fee was charged because IRB/tax office deemed dual listing fund expenses incurred from 2010 to 2016 should be borne by ICAP/closed end fund, not by fund manager. Also, the RM6.68 mln charged was already discounted because the real expenses were over RM12 mln. The difference will be absorbed by the fund manager.

iii) The JR is to seek court interpretation on securities commissions’ guidelines for closed end funds' 20% shareholding limit

iv) The annual report showing significant unrealised losses on boustead and parkson is due to accounting treatment which doesn't take into account dividends, spin-offs etc. For boustead, when dividends, partial share sales of boustead in the past and free pharmaniaga shares etc. are added back, ICAP investment in boustead is actually positive. For parkson, a chunk of shares were received from lion diversified share distribution. So adding lion diversified 6+ bagger sale, partial share sales of parkson in the past, cash dividends and treasury shares, parkson is underwater by less than RM2 mln. This means even a slight improvement in Parkson's share price will result in a gain, and it will be in positive position just like boustead.


Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥
10128 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Dec 2, 2020 11:11 PM | Report Abuse

>>>>>>

The dual listing fee was charged because IRB/tax office deemed dual listing fund expenses incurred from 2010 to 2016 should be borne by ICAP/closed end fund, not by fund manager. Also, the RM6.68 mln charged was already discounted because the real expenses were over RM12 mln. The difference will be absorbed by the fund manager.

>>>>>>


Looks like cnman53 is right. iCap shareholders were surprised by this dual listing expenses.


fairplay
24 posts

Posted by fairplay > Dec 3, 2020 8:56 AM | Report Abuse

Vidusaka and attendees of AGM, please share details for full understanding of 'dual-listing' on the following:
1) What was the Scheme or Corporate structures to effect or implement "dual listing"
2) How does shareholders in iCapital benefit from 'dual-listing' scheme?
3) Was an application for public listing of concerned fund or public company Submitted to the foreign stock exchange? What is this foreign stock exchange?
Thank you

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