Yes agreed that it is a left and right pocket issues. Dividend payout has no real impact on wealth. In this situation it is different, demand for ICAP shares is very low despite NTA is growing rapidly. Why? Aren't you dissatisfied high cash holding ICAP which cause high management fees? What does longterm investor looking for? Perpectual grow in the investment value? Ultimately is what is the payout, a mature investment should have a continuous sustainanble payout.

A test to the sincerity of the ICAP management.

Discounted price will self correct, if dividend payout is consistently declare at rm0.20 per annum. This especially for retirees looking for annual income for yearly expenditure without affecting initial capital.

Scottish Mortgage Investment Trust PLC pays dividends twice a year whereas ICap only do it once since inception. I wonder why no dividends policy in ICap?

https://www.thestar.com.my/business/business-news/2019/06/07/kl-office-rental-most-affordable-in-asiapacific/

Drop in rental, Plus point is reductions in rental increases growth rates from excess capacity.
https://themalaysianreserve.com/2019/05/30/office-rental-rates-to-drop-in-next-12-months/

Discounted Properties. Chance to own office properties at a discounted price at RM343 psf =rm.090 (current price) X 280,500,000 (number of shares) / 735,017 (Net Lettable Area )