Highlights
KLSE: ICAP (5108)       ICAPITAL.BIZ BERHAD MAIN : Closed&Fund
Last Price Today's Change   Day's Range   Trading Volume
1.93   0.00 (0.00%)  0.00 - 0.00  0
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Overview

Market Cap: 270 Million
NOSH: 140 Million
Avg Volume (4 weeks):15,066
4 Weeks Range:1.92 - 2.00
4 Weeks Price Volatility (%):
96.50%
52 Weeks Range:1.85 - 2.47
52 Weeks Price Volatility (%):
78.14%
Average Price Target:-

Financial Highlight

Latest Quarter | Ann. Date 31-Aug-2020 [#1]  |  01-Oct-2020
Next QR | Est. Ann. Date: 30-Nov-2020  |  13-Jan-2021
T4Q P/E | EY: -57.32  |  -1.74%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 2.86  |  0.67
T4Q NP Margin | ROE: -42.73%  |  -1.18%

Headlines

Date Subject
24-May-2020 ICAP ~ My Mistake ~ Liquidation may not even happen in 2025!
23-May-2020 Speculate / Arbitrage on ICAP.
26-Oct-2019 iCapital.Biz Berhad price chart since listing - investbullbear

Business Background

icapital biz Bhd is a Malaysian closed-end fund. The primary investment objective is a long-term capital appreciation of its investments. The company mainly invests in undervalued companies which are listed on the Main Market of Bursa Malaysia Securities Berhad and the ACE Market of Bursa Securities. It also invests in cash deposits. The revenue generated by the company includes interest income, dividend income, and other income.
Trade this stock for as low as 0.05% brokerage. Find out more.

  5 people like this.
 
Sslee If you are tired with iCapital Tan Teng Boo you can try INSAS Dato Wong Gian Kui

https://klse.i3investor.com/jsp/blog/blpost.jsp?blid=4321&blpid=394624
27/09/2020 9:22 PM
tnang at the end , icap is funding Fund manager only. no dividend nor rewards.
01/10/2020 6:41 PM
stockraider Lets kick out TTB from icap...as fund Manager loh...!!

Appoint someone better like Dr Neoh loh....!!
01/10/2020 7:54 PM
dumbMoney Apparently, if TTB is no longer the fund manager, the company cannot continue to use the name iCapital.biz. He owns that name's IP. That's why he can treat it like he is the owner.
01/10/2020 11:49 PM
Philip ( buy what you understand) Warren buffet moved so far away from Graham cigar butt investing that Graham today will never touch any of Berkshires equities portfolio. Charlie was a huge influence to Warren in buying wonderful companies for a fair price.

Is any of icaps assets wonderful companies? I highly doubt so.

>>>>>>>

JohnDough “Graham delivered the silver bullet of investing when he said the three most important words in investing philosophy are “margin of safety”.

Recognising that it is essentially impossible to pinpoint the precise intrinsic value of a business and that the best you can do is compute reasonable ranges of value based on reasonable assumptions, Graham thought you should give yourself a break by making sure the price you pay is way lower than the low end of your valuation estimate.

Graham said the margin of safety principle ultimately served as the touchstone in distinguishing between investing and speculation. Those who deny the difference between price and value or fail to get a margin of safety take their seats at the roulette wheel. Place your bets!”


How to Think Like Benjamin Graham and Invest Like Warren Buffett – by Lawrence Cunningham
27/09/2020 1:58 PM
02/10/2020 9:53 AM
stockraider The problem is TTB do not practice Graham nor warren buffet method mah..!

TTB is a market timer but claim he is a value investor loh...!!

Posted by Philip ( buy what you understand) > Oct 2, 2020 9:53 AM | Report Abuse

Warren buffet moved so far away from Graham cigar butt investing that Graham today will never touch any of Berkshires equities portfolio. Charlie was a huge influence to Warren in buying wonderful companies for a fair price.

Is any of icaps assets wonderful companies? I highly doubt so.

>>>>>>>

JohnDough “Graham delivered the silver bullet of investing when he said the three most important words in investing philosophy are “margin of safety”.

Recognising that it is essentially impossible to pinpoint the precise intrinsic value of a business and that the best you can do is compute reasonable ranges of value based on reasonable assumptions, Graham thought you should give yourself a break by making sure the price you pay is way lower than the low end of your valuation estimate.

Graham said the margin of safety principle ultimately served as the touchstone in distinguishing between investing and speculation. Those who deny the difference between price and value or fail to get a margin of safety take their seats at the roulette wheel. Place your bets!”


How to Think Like Benjamin Graham and Invest Like Warren Buffett – by Lawrence Cunningham
27/09/2020 1:58 PM
02/10/2020 11:51 AM
JohnDough “If there is one thing that the Covid-19 pandemic has taught investors throughout the whole world, it is this. Cash is really a king. What do we mean? Benjamin Graham said: “You will be much more in control, if you realize how much you are not in control”. When we held cash, it was due to two reasons.

One, despite searching high and low, we were unable to find attractively priced investments. Two, unexpected events will always happen and one needs to be ready to manage them. By holding cash, we were being very humble and patient as we realised how much we are not in control.

Despite the constant battering that I have been receiving from a large investor, I have stuck to our time-proven investment philosophy and held on to a relatively high level of cash in the last few years. Who could imagine a world that is instantly turned upside down by a microscopic virus?

It has shuttered businesses and schools, wreaking havoc on global economies and leaving millions unemployed. Businesses and companies that we one thought were resilient and recession-proof turned out to be the highly vulnerable.

Our strongly guarded cash holdings have made icapital.biz Berhad the strongest company on the stock exchange. If not for the false negative perception created by some people, its share price ought to be selling a premium to its NAV.

Seth Klarman, a well-regarded value investor puts it more graphically: “The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain”

What is the secret of Charlie Munger’s investing success? He said: “You don’t make money when you buy a stock, you don’t make money when you sell a stock, you make money by being patient and you make money by waiting”.

Of course, one needs to have the cash to take advantage when the opportunities arise. Compared with 31st May 2019, I have precisely been doing this. Finally, this year's Annual General Meeting will be most interesting. Whether held physically or virtually, please make sure you attend.”


icapital.biz berhad 1Q21 report – commentary by fund manager
04/10/2020 6:58 PM
fong7 creepy JohnDough, creepy creepy .....
05/10/2020 7:57 AM
dumbMoney The latest quarterly accounts show a NAV of $2.86 per share, comprising $1.74 in bank deposits (ignoring cash on hand) and $1.12 other assets, mostly share investments. Market price is $1.94. If the company buy back one of its own share from the market for this price, it will get back $1.74 cash and $1.12 share investments, so net cash outflow is $1.94-$1.74=$0.20, and increase in share investments is $1.12, a 460% return on cash investment. With the $1.74 cash bought back, it can then buy around 0.9 shares from the market, getting the equivalent of 0.9x1.74=1.57 in cash and $1 in share investments. So after two rounds of share buybacks, net cash outflow is $1.94-$1.57=$0.37, and bought back $1.12+$1 = $2.12 in share investments. Wash, rinse and repeat the cycles.
05/10/2020 3:28 PM
dumbMoney Remember that by implication, existing shares in the portfolio are considered better investments than all the other shares out there by the fund manager, that's why he is still keeping them. So buying more of them at a great discount should be a no-brainer for shareholders.
06/10/2020 3:23 PM
firehawk dumbMoney The cash portion, until deployed or liquidated, is an idle asset on the balance sheet, not earning any returns to investors at the current low interest rate, after paying the 1.5% management fee and taxation on the interest. This is the latest quarterly results:
Interest income 1760
Management fees & expenses (1738)
Taxation (357)
So shareholders get zero net returns on the cash portion of the portfolio. It is only assets for the manager's fee income, not shareholders. Nice to look at, that's all for the time being.
12/09/2020 4:36 PM
-------------------------------------------------------------------------------------------------------

Give u a thumb up for this!
06/10/2020 4:05 PM
dumbMoney @firehawk, Thanks. Facts and figures don't lie.
06/10/2020 6:45 PM
Constant His annual report commentary is cringy as fxxk, comparing himself to Benjamin G, WB, Charlie M and Philip Fisher. I thought he surely would have bought some glove stocks but alas, he did nothing and wrote commentary in Warren Buffett annual letter style. His notion about cash being a call option with no strike price is shamelessly stolen from Warren Buffett like his own mantra. Oh boy...
06/10/2020 7:09 PM
enigmatic [control your emotions, discipline your mind] dumbMoney Remember that by implication, existing shares in the portfolio are considered better investments than all the other shares out there by the fund manager, that's why he is still keeping them. So buying more of them at a great discount should be a no-brainer for shareholders.
_____________________________________________________________________________

That explains why TTB bought back SAM & APM. Kinda gutted he didn't utilise more cash in the first half of 2020 to acquire more shares.
10/10/2020 12:36 AM
JohnDough “Investment is most intelligent when it is most businesslike.

It is amazing to see how many capable businessmen try to operate in Wall Street with complete disregard of all the sound principles through which they have gained success in their own undertakings.

Yet every corporate security may best be viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

And if a person sets out to make profits from security purchases and sales, he is embarking on a business venture of his own, which must be run in accordance with accepted business principles if it is to have a chance of success”


The Intelligent Investor by Benjamin Graham
11/10/2020 2:04 PM
Philip ( buy what you understand) Would ben graham invest in Berkshire Hathaway or it's businesses like stoneco, snowflake today? I doubt it.

Today, will Warren buffet invest in a business like icap? I am pretty sure he will not.

Then, why are you investing in icap whole parroting the words of Warren buffet and value investing?

You cannot doubt that the last 3-4 years investing in icap was an exercise in futility.

Anyone who buys icap had no idea what investing is.
11/10/2020 2:17 PM
dumbMoney I sold all my iCap shares in Nov 2012 at $2.35 and switched to Eastspring Investment Small Cap Fund on a dollar averaging basis. The total periodic returns is around +227%. Go to https://www.fundsupermart.com.my/fsmone/funds/fund-info/factsheet/MTPRUSC/Eastspring-Investments-Small-Cap-Fund#perform
Key in the starting and ending dates in the Fund Tool, Fund Returns section and it will generate the total returns, after adjustments for dividends, over the requested period.
11/10/2020 4:03 PM
dumbMoney Just a note, The above fund is now closed to new investors, so sorry, can't switch now.
11/10/2020 4:08 PM
stockraider Just sell & switch to insas mah...!!

So simple loh....!!

Posted by dumbMoney > Oct 11, 2020 4:08 PM | Report Abuse

Just a note, The above fund is now closed to new investors, so sorry, can't switch now.
11/10/2020 6:27 PM
dumbMoney @stockraider Insas has corporate governance issue. There is no actual need for fund raising through rights issue. It's a ploy for the controlling shareholders to accumulate warrants on the cheap, to replace the previous batch that expired out of the money. It is sitting on half a billion cash at the moment but not buying back shares at such deep discount.
11/10/2020 7:02 PM
stockraider Don be sohai loh...!!

Icap has bigger corporate governance issue mah...!!

Almost all icap monies park in fd in order to lock in TTB fees for next 5 to 10 years mah...!!

Btw...insas is positive...its PA give a yield of guarantee 3.8% pa much higher than fd rate of less than 2% pa and better than icap no return loh!

Insas PA will help the retirees & widowers to earn a decent fixed return mah....!

Posted by dumbMoney > Oct 11, 2020 7:02 PM | Report Abuse

@stockraider Insas has corporate governance issue. There is no actual need for fund raising through rights issue. It's a ploy for the controlling shareholders to accumulate warrants on the cheap, to replace the previous batch that expired out of the money. It is sitting on half a billion cash at the moment but not buying back shares at such deep discount.
11/10/2020 7:07 PM
dumbMoney $stockraider: I also have Insas, but instead of doing rights issue, they should be buying back share s instead, as my share buy back examples apply equally to it, except that the cash portion is much lower, but the effect on NTA is much higher because of the deeper discount. This is what I am complaining about. The company don't need the extra cash. Why do low margin risky money lender business when it can buy back shares at 30 sen to the ringgit?
11/10/2020 11:38 PM
dumbMoney Insas market cap is more than 90% backed by cash and they want to do a rights issue?
11/10/2020 11:46 PM
dumbMoney $firehawk, please check your I3 messenger box for pm.
11/10/2020 11:51 PM
dumbMoney Corporate governance and fiduciary duty means management must act in the interest of the company and shareholders. So which is the more compelling action, a rights issue or share buyback when the company is flushed with liquidity and the shares are trading at a deep discount?
12/10/2020 5:03 AM
Sslee Insas can't do SBB because Dato Sri Thong and PAC hold 32.96% and SBB will trigger the 33% conditional MGO.
The RI is for Dato' Sri Thong to collect the warrants as insurance Policy to safeguard against stockraider hostile take-over.
12/10/2020 7:32 AM
dumbMoney @Sslee That's why I said company has corporate governance issue - possible conflict of interest.
12/10/2020 9:43 AM
dumbMoney Even if the MGO is triggered or he wants to take the company private, at this price level, how many shareholders would want to throw their shares to him?
12/10/2020 10:32 AM
Sslee Dear dumbMoney
https://klse.i3investor.com/blogs/Sslee_blog/2020-10-04-story-h1514447264-Insas_In_giving_we_receive.jsp
These are a typical preemptive line of defense against a hostile corporate takeover and can be subjected to abuse/misuse by controlling shareholders to increase their shareholding above 33% and offer conditional MGO at unfair price. As an example Dato’ Sri Thong and PAC can buy Insas shares from open market triggered the 33% threshold and offer 5-day VWAMP which the Board appointed adviser will surely advice to reject the offer because the offer price is unfair and unreasonable. So the MGO fail but Dato’ Sri Thong already holding big % warrants as his insurance policy, Dato’ Sri Thong can just ignored the minority shareholders rights for a fair price and still can continues increase his holding from open market as long as he do not trigger another MGO for one year period (Not more than 2% at rolling 6 months). Is this fair to minority shareholders?

I really cannot understand why nowadays people are becoming more and more self centered and everything must be me first (Bad influence from Donald Trump). Where are the spirit of sharing and prosper-thy-neighbour?

Please give a thought on in giving we receive
12/10/2020 1:05 PM
stockraider What Governance issue leh ??

Think positively loh, insas inability to do share buy back, offer investors big opportunity to accumulate cheap insas with deep margin of safety loh..!!

Just follow General Raider to take advantage of this rare wonderful opportunity mah...!!

Posted by Sslee > Oct 12, 2020 7:32 AM | Report Abuse

Insas can't do SBB because Dato Sri Thong and PAC hold 32.96% and SBB will trigger the 33% conditional MGO.
The RI is for Dato' Sri Thong to collect the warrants as insurance Policy to safeguard against stockraider hostile take-over.



Posted by dumbMoney > Oct 12, 2020 9:43 AM | Report Abuse

@Sslee That's why I said company has corporate governance issue - possible conflict of interest.


Posted by dumbMoney > Oct 12, 2020 10:32 AM | Report Abuse

Even if the MGO is triggered or he wants to take the company private, at this price level, how many shareholders would want to throw their shares to him?
12/10/2020 1:43 PM
dumbMoney Another value trap then!
12/10/2020 2:38 PM
Philip ( buy what you understand) Why are you guys talking about Insas in icap forum? It has already been proven that Insas management does not act for the benefit of minority shareholders and thus has corporate governance red flag. No self respecting institution will invest in Insas, that is a given.

Icap on the other hand is just being managed by a poor find manager that value his capital far more than a good return on assets under management.

During the meeting the key thing to bring up is how efficient is he investing on behalf of investors. If I can get 6.3% investing in epf fixed income assets, and you can get 13% investing in passive vanguard index fund of sp500, then why invest in ttb icap find whose ROE is beyond ludicrous low.

Why indeed? I might as well put that money in fixed deposit myself. Why do I need to pay fees to ttb to manage it for me?
14/10/2020 11:12 AM
Sslee Good morning Philip,
So which is worst:
Poor Fund Manager or Board act not for benefit of minority shareholders?
Mind recommend any big sharks that might interest to make a coporate raid on Insas?
15/10/2020 7:17 AM
dumbMoney @Sslee, please check your i3 Messenger app for p.m.
15/10/2020 4:02 PM
JohnDough "In the 1986 Berkshire Hathaway annual report, Warren Buffett looked back on his first twenty-five years as a CEO and concluded that the most important and surprising lesson from his career to date was the discovery of a mysterious force, the corporate equivalent of teenage peer pressure, that impelled CEOs to imitate the actions of their peers.

He dubbed this powerful force the institutional imperative and noted that it was nearly ubiquitous, warning that effective CEOs needed to find some way to tune it out. The CEOs in this book all managed to avoid the insidious influence of this powerful imperative. How? They found an antidote in a shared managerial philosophy, a worldview that pervaded their organisations and cultures and drove their operating and capital allocating decisions.

The business world has traditionally divided itself into two basic camps: those who run companies and those who invest in them. The lessons of these iconoclastic CEOs suggest a new, more nuanced conception of the chief executive's job, with less emphasis placed on charismatic leadership and more on careful deployment of firm resources.

At bottom, these CEOs thought more like investors than managers. Fundamentally, they had confidence in their own analytical skills, and on the rare occasions when they saw compelling discrepancies between value and price, they were prepared to act boldly.

If they couldn't identify compelling projects, they were comfortable waiting, sometimes for very long periods of time (an entire decade in the case of General Cinema's Dick Smith)."


The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William N. Thorndike, Jr.
18/10/2020 1:06 PM
popo92 To link tan teng boo with warren buffett, its totally an insult for warren buffett. tan teng boo is still stuck in cigarbutt approach, look at most companies he have bought in. Companies with declining business advantages, or even no moats at all. Which business he bought have a clear dominant position, or increasing competitive advantages, which have a good economic of scale? He also misinterpreting the meaning of what charlie had said the big money is from waiting, in fact tan teng boo is waiting for a crash by holding non productive assets: cash. He clearly don't understand the waiting by holding wonderful business at fair value, is way better than buying fair business at cheap price. And by looking at what his approach is, i see he is buying crappy business with cheap historical share price. He should be studying micro business rather than forecasting and trying to interpret macro economy..
19/10/2020 2:22 PM
Nepo ..ohooo...to late to buy..icap...the train starts to leave the station...bad ttb consservative mind..huge pile of cash do nothinngggggg..
19/10/2020 4:30 PM
tatooking32 First. advertised in newspaper 15% return, after that 10%, after that better than KLSE, last emphasized price below NAV bought also no lose. So shareholders should end this closed end fund together. I still remember few years ago he mention Nestle RM2x something he will buy, at that time Nestle already RM1xx(I think everybody know it, nonsense), a question, why not 2009 he changed other holding stock to Nestle at that time?
20/10/2020 11:52 AM
cnman53 With due respect to Mr Tan Teng Beng's personal investment philosophy, I think his investment acumen is not too impressive. This is based on the portfolio of shares that he has been holding in iCapital.biz. Not a single company can be said to show potential for growth. Some are rotten eggs which should have been tossed long time ago. Although holding cash is not an issue by itself, but if the ability to pick the right target companies to be invested is not there, how good will the cash be used even if it is invested later?
20/10/2020 2:09 PM
observatory ICAP’s under-performance over the years is one thing. A bigger problem is poor corporate governance.

As I’ve mentioned in my comments in July, and others have also pointed out, the fund manager holds more than 60% of assets under management in cash. Its cash position was even higher in earlier years.

ICAP shareholders get zero return for those cash position. Why? Even if ICAP gets a 2% FD rate, it has to pay a quarter or 0.5% as profit tax to the Malaysian government. The remaining 1.5% return goes to the fund manager. This leaves fundholders with nothing! The large cash position basically offers the fund manager a stable stream of fees!

The second problem is buried in the ICAP 2020 Annual Report. The fund wasted almost RM7 million of fundholder’s capital on the futile dual-listing project. But this is all the directors got to say “The results of the operations of your Fund during the financial year were not, in the opinion of the directors, substantially affected by any item, transaction or event of a material and unusual nature other than the dual-listing project expenses as disclosed in the statement of profit or loss and other comprehensive income.”

Hello! Can the directors at least give some indication of whether the Fund Manager, Capital Dynamics Asset Management Sdn Bhd (“CDAM”), shared some of the cost for promoting this failed idea when it was challenged by the City of London (CoL)? Or was it an impromptu diversion tactic then with the cost borne by ICAP shareholders?
20/10/2020 6:20 PM
observatory I see a third problem developing now. ICAP has filed a judicial review against Securities Commission and CoL as it accuses CoL of breaching 20% shareholding limit. But who will pay for the legal fee if ICAP loses the legal challenge? At the courtesy of ICAP fundholders again ?!

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3092802

Is it a coincidence that director Siah Li Mei, who joined in July 2019, resigned on Aug 2020 on health reason?

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

Is it also a coincidence that the other director Leong So Seh, the Chairperson of Nomination Committee, resigned on “personal and health issue” in Feb 2020 after just being reelected a few months earlier in Sep 2019?

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

I anticipate a few bogus forum participants whose only track record in this forum was to defend TTB will accuse me for being paid by CoL. Let me say it again, I’m not. I have no relation with CoL. I just comment based on public information published by ICAP. Refute me with facts if you can. Otherwise don’t waste your time.

When releasing ICAP quarterly result in Jul 29, the fund manager commented in the report that “"As this year’s AGM approaches, shareowners should watch out for a new round of negative comments on your Fund in the social media. Please be aware of this and not to be misled. "Lies, damned lies, and statistics" is a phrase describing the persuasive power of numbers, particularly the use of statistics to bolster weak or false arguments."

Rather than succumbing to this under-siege mentality, it’s better for the fund manager to spend his time already paid for by fundholders to improve his stock-picking skill!

It’s also the time for those well-paid directors to wake up. Carry out your fiduciary duties for shareholders or make way for others!
20/10/2020 6:24 PM
cnman53 In retrospect, seeking duo listing in Hong Kong was not a wise move. Even if it had materialised, I think given the highly savvy investors environment in Hong Kong, iCapital will not have fared any better there.
20/10/2020 7:05 PM
cnman53 The Judicial Review sought for the 20% limit infringement by City of London, although can be said to be a necessary approach by the Management to clear out on the Security Commission listing rules on single shareholder, but it smells of bad faith for investors who have been with the company all along, knowing the sour relationship between City of London and Mr Tan Teng Boo.
20/10/2020 7:09 PM
cnman53 Talking about the recent resignation of two directors, to be fair it is high time that the representative from City of London be given a place on the board since they represent the biggest shareholding and also come with institutional expertise.
20/10/2020 7:30 PM
dumbMoney The last time someone stood for election as a director without TTB's approval, the latter threw a tantrum and threatened to quit.
20/10/2020 10:57 PM
dumbMoney Under a little known Section 7.28 of the Main Board listing rules, any member can nominate anyone to stand for election as a director of the company - 7.28 Notice of intention to appoint director
No person, not being a retiring director, shall be eligible for election to the office of director at any
general meeting unless a member intending to propose him for election has, at least 11 clear days
before the meeting, left at the registered office of the company a notice in writing duly signed by the
nominee, giving his consent to the nomination and signifying his candidature for the office, or the
intention of such member to propose him for election, provided that in the case of a person
recommended by the directors for election, 9 clear days’ notice only shall be necessary, and notice of
each and every candidature for election to the board of directors shall be served on the registered
holders of shares at least 7 days before the meeting at which the election is to take place.
20/10/2020 11:18 PM
dumbMoney Some of you can write and invite COL to stand for election, Just nominate whom they want to delegate and get him or her to sign the necessary consent to act forms and declarations, and you can then nominate that person for election as per above rule. This is COL's website https://www.citlon.com/
20/10/2020 11:25 PM
observatory If TTB threatens to quit again, shareholders should just let him quit. The fund can then start afresh.

I would envision the following. The new board can select a replacement fund manager from a long list of capable fund houses in Malaysia – Eastspring, Kenanga, KAF, Affin Hwang, to name just a few. Anyone of them will be happy to manage at an annual fee of no higher than 1.5% currently paid to TTB’s company.

After that, the board should call an EGM. Shareholders will vote on two items. The first item is to approve the replacement fund manager. The second item is to decide whether ICAP should give back the cash hoarding to shareholders in the form of a special dividend.

Based on the latest quarterly report as of 31 Aug, the cash hoarding is 242.778 + 5.744 = RM248.522 million. Divided by 140 million shares in circulation, each share at today's closing price of RM1.93 is entitled RM1.78 of special dividend.

Ex-dividend, ICAP share will only consist of stock investment worth about RM1.05 per share (based on the latest published NAV at RM2.83 minus cash RM1.78 = RM1.05).

Ex-dividend, the share just needs to trade at a price higher than RM0.15 to outperform the sorry state today (special dividend RM1.78 + ex-dividend price RM0.15 = today closing price at RM1.93)

With a new manager, the share could easily trade anywhere from RM0.80 to RM1.00 per share. Adding back the RM1.78 special dividend received, at a stroke ICAP is worth RM2.58 to RM2.78 a share, i.e. a share price increase of about 40%.

Why go through the charade of dual-listing purportedly to narrow ICAP NAV discount, which generated nothing except burning a RM7 million hole in shareholders’ pocket?

As I’ve argued, just distribute the entire cash hoarding as special dividend will drastically narrow the discount. Of course, while shareholders may benefit, the fund manager will collect a lot less money after the cash hoard is returned to shareholders.

Ultimately my question to the board of directors, whose remuneration is paid by shareholders, is this, WHERE YOUR LOYALTY LIES?
21/10/2020 12:26 AM
dumbMoney @observatory. Just to clarify, any member, regardless of his or her shareholdings, can nominate one or more persons, who need not be a member of the company, to stand for election as a director at the AGM as per the listing rules. In order for TTB not having to carry out his threat to quit if the proposed directors get elected, he will mount a PR campaign and proxy solicitation to block the vote, that's for sure. So the person so nominated will need to also submit a CV to show why and how he can contribute to the better corporate governance of the company. Even if the vote succeeds, TTB can still resign on paper, but be persuaded by the BOD to remain, so nothing will change unless the BOD also changes.
21/10/2020 1:55 AM
dumbMoney @observatory, please check your i3 Messenger app for p.m.
21/10/2020 2:02 AM


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4. LET'S GET ROLLING THIS GLOVES TO NEXT LEVEL!!! Follow Kim's Stockwatch!
5. IT'S A TIME FOR THIS GLOVES GOING TO SKYROCKET!!! Follow Kim's Stockwatch!
6. PublicInvest Research Daily - 19 October 2020 PublicInvest Research
7. Covid 19 cases in Malaysia - Koon Yew Yin Koon Yew Yin's Blog
8. SUPERMAX OBM - The George Soros bet AGAIN? (REVISIT) freetospeak
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