@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)

@ dumbMoney - I was researching what would be the meaning of undertaking to pay damages in this announcement yeaterday.


Further to the announcements dated 19 November 2021 and 17 December 2021 in relation to the Interim Injunction Application (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.



Further to the hearing held on 21 December 2021, the Board of Directors of the Fund wishes to announce that on 21 December 2021, the High Court of Malaya Kuala Lumpur had granted the following ad interim injunction Orders upon ICAP's undertaking to pay damages, until the disposal of the Originating Summons No. WA-24NCC-517-11/2021 or until such further orders of the High Court of Malaya Kuala Lumpur:-

an injunction to prohibit CLIM either by itself and/or through its nominees, agents, clients and/or employees, from acquiring any further shares in ICAP and/or increasing its aggregate shareholding in ICAP beyond its current aggregate shareholding of 21.955% of the total issued capital of ICAP as at 14.12.2021; and
in the event CLIM either by itself and/or through its nominees, agents, clients and/or employees, sell and/or dispose-off and/or reduce its aggregate shareholding in ICAP to below 20% of the total issued capital of ICAP, an injunction to restrain CLIM either by itself and/or through its nominees, agents, clients and/or employees, from acquiring shares in ICAP that would result in an increase in CLIM’s aggregate shareholding in ICAP in excess of 20% of the total issued capital of ICAP.
The Fund will make further announcement on the developments of the above matter as and when is necessary.



This announcement is dated 21 December 2021.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3220539

Your answer is clear to me what it means, if we take the volume from 21 Dec 2021 till 2 Aug 2023 and charge it iCAP, I am wondering how much does it cost ? 😥😥😥That will be 0.36/share compensation for every missed opportunity to buy. Caesar will surely will be stabbed to death.

>>>>>>>>>>
I am surprised that up till now, COL has not yet sued iCap for damages from the wrongful injunction the latter had obtained upon undertaking to pay damages. Instead of being able to buy at around the $2 level, it is now forced to buy at the much higher prices. That is cause for action.

In 2012. Or any other persons have witnessed the whole episode so that this story of COL being linked to that drama is clear to all?

Would you mind to clarify on the nomination of directors being linked to COL?

@dumbMoney. Soli if I got the facts wrong. You can how wrong I am by retelling the story in my own words. Clearly the toxic is too deep.

@Jun😂😂😂😂

Hali ini dalam sejarah. love to buy history book - usually very thick and very cheap - better value than iCAP!

Haha...it was all started with a topic of imaginary enemy. So the fund manager do all kind of things hitting the imaginary enemies but recently is getting too much by dragging sympathizers or grassroot people with dissatisfactions into the muds.

May be because of one of his perceived enemies with past background of doing the major shareholders of closed end funds a favor. Those major shareholders with almost like 40%++ ownership with shitty performance. They were too embarrassed to close down the funds by admitting their shitty performance problem that reflected in persistent discounts.

Give you one of the examples : Amanah Millenias Closed End Fund.

Even our beloved fund managed was quoted by newspaper in year 2007.

"Capital Dynamics' Tan described the winding-up as “not surprising” and expected. The fund’s net asset value had gained some 9% since its inception but was said to remain unattractive when compared with fixed deposit rates. "

https://www.thestar.com.my/business/business-news/2007/07/03/impact-of-amanah-millenias-windingup-minimal

So they voluntary closed down the fund as requested by shareholders with heaps of relieves, losing a bit of fees but big face saving.

Since then, the fund manager suffered hallucinations of "Brutus" to live freely, without collecting a single sen of rental", in his minds. Perhaps COL entrance with 12% ownerships in 2012 wanted to elect some directors of their own, it is very normal for any public company to do that anyway. After the big drama and like small kids screaming, throwing tantrum, threatening to resign - COL did nothing to him. He leave him alone to choose all his directors for the past 10-11 years.

@dumbMoney went back to help him to do a therapy at no charge, why he got this sickness by going back reading iCAP constitution and found out it is take over proof and the fund manager position is unshakeable.

reproduced @dumbMoney post now >>>>>>
The constitution is custom tailored, from the way the clauses are drafted. If iCap is no longer managed by CDAM, it can no longer use the name iCap, as the IP rights belong to CDAM. How many investors take the trouble to go through the constitution to read the fine print before investing? I didn't until now because of the foreign shareholdings limit issue. Interesting reading on corporate control.

>>>>>>>>>>>

Then i3lurker added this comment, IP is not that great because

>>>>>>>>>>>>>
iCap is lousy name extreme bad feng shui so TTB is welcome to take it back.

iCap means income is Capped, you will make small money only.
>>>>>>>>>>>

😂😂😂

Sekian Terima Kasih.

I see.....then Caesar needs to buy iCAP till 38%...don't ka ka jiao jiao through his small companies 😎

haha.... I may take Casino bet by not iCAP. Very bad feng shui as pointed out by i3lurker. Income Capped. Making small money only

>>>>>>>>>>>>>>>
Or maybe you are also a casino regular, playing sic bo betting on 666 for a fast money payoff at 150 to 1. If so, I would advise you that the true odds is 216:1, the casino is ripping you off.

>>>>>>>>>>>>>>

I hope the fund manager will stop his irrational fears. Brutus existed in his mind all these while?

So why murder Caesar?

One thing I want to be clear, I have no part of Brutus because if you read the second part, the conspirators caused the downfall of the Rome empire.

By now Patient Investor will know how many shares I got --> 1 share 😂😂

Hence FastMoney666😂😂

"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." 1 Timothy 6:10

Murid murid, kelas sejarah ini hali😂😂

"Julius Caesar was assassinated by a group of senators on the Ides of March (15 March) of 44 BC during a meeting of the Senate at the Curia of Pompey of the Theatre of Pompey in Rome where the senators stabbed Caesar 23 times. They claimed to be acting over fears that Caesar's unprecedented concentration of power during his dictatorship was undermining the Roman Republic. At least 60 to 70 senators were party to the conspiracy, led by Marcus Junius Brutus, Gaius Cassius Longinus, and Decimus Junius Brutus Albinus. Despite the death of Caesar, the conspirators were unable to restore the institutions of the Republic. The ramifications of the assassination led to his martyrdom, the Liberators' civil war and ultimately to the Principate period of the Roman Empire."

https://en.wikipedia.org/wiki/Assassination_of_Julius_Caesar

Small matters......but I will keep this whenever he challenge me the sell is NEVER

He initiated lawsuits against COL around that time.....must be fat fingers

The fund manager really confused me.

Found this during my myth busting research:

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3219052

Buy and hold forever, CD S/B disposed shares on 13 Dec 2021 - 13,000 shares at 2.40/share. He must be feeling very painful. NAV on 16/12/2021 was 3.64, he sold at the discounts of 34%.

🤔

😅🤣😜

Please do not compare to WB. WB is going all in with all he has in Berkshire Hathaway and taking $100,000 salary per year. He doesn't charge fees based on Book Value while owning 38% of Berkshire. Huge difference!

His son is also a director of CDAM. I think it is a dynasty in the making. Peasants must be thinking there will be forever prosperity.😂😂

@dumbMoney - one more fake news...You are the conductor of all these chaos. All other myths already busted.

Good luck....my poor dumbMoney.

The magic number they are working on is 38%, same like WB. 😂😂

Since their holding period is till eternity....

For now, they acted like a buyer of last resort.....swallow up all the desperate shareholders who want to exit at a discounts. They also design great plans to eliminate COL as a competition to buy more at discounts.

😎

@fairplay. Congrats. You're the awaken lion now. 🦁. Public Enemy #9

Stockraider name must be put up there as #7, I still can accommodate as #8......in case got more, no problem, I can let them jump Q

Oh my poor dumbMoney...I am so soli.. Wat hv they done to u?

I think so....the slide sounded something like this.....Item 7 Winding up - 20% shareholding limit blah blah....he put up 6 names public enemy .... then blah blah.....Key Question In a winding up scenario, what happens to the proceeds received? Reinvest?

*request him to say sorry

Back to more serious stuff posted by dumbMoney. The fund manager is waiting for a big bear market to visit our Boleh land. So he thinks with 67% cash, he can double or tripple that. Mana tau - our market x hidup x mati....he just caught with cash for a long time. Finally Covid 19 had given him some opportunities to put his cash to work. If he say this sorry, I think I made a wrong call...everybody will say, it's okay, shits happen, let's move on. He did the opposite.

Saying sorry is very hard thing for him. That is why my #1 personal agenda is to say sorry.😂😂

OMG! I don't want to be No1, Can I be #7, since first 6 already taken?

007 is sounds a lot sexier 😂😂
>>>>>>>>
With Deep Regrets
I hereby inform you that you have now become Imaginary Public Enemy No. 1 🤣

Funny eh --- we keep saying iCAP won't be closed down, share price keep staying so steady. Whole market today losers to winners - 7 to 1

Best way to fix iCap we keep quarreling 😎😂😂

Lai yah Lai yah....

Malaysian can, iCap cannot cox TTB said if you are not a shareholder, why ka ka jiao jiao?

>>>>>>>>>>>>>>
are you saying Malaysia very busybody?, no share, no land in Gaza go kacau kacau?

"maybe berkshire hathaway. since you claim you own it from day one, thats 270% return as of now." I said this? Master pusing betul....

Why keep asking me load or unload? Depend on my mood lo...may be keep 1 share eh....so that dun wan people said I bz body....no share also kacau kacau