“The Board of Directors wishes to announce that the Federal Court unanimously dismissed ICAP’s motion for leave to appeal to the Federal Court with costs of RM30,000.00 payable to CLIM. The Federal Court’s decision was on grounds that the matter did not meet the required threshold for conditions of appeal under the Courts of Judicature Act 1964.”

ICAP's motion for leave to appeal to the Federal Court will be heard on 2023-08-02, this coming Wednesday. Will ICAP's battle against COL be stopped by the court for the one last time?

Will ICAP's NAV discount narrow further with the potential shift to a dividend-paying fund? What if it comes with a dividend reinvestment plan? Will COL be happy with this?

Red herring is a tactic used very frequently by some as they see the industry regulators doing little to nothing to regulate such statements/publications. Frequent changing of benchmarks, incompliance with industry-standard, changing comparison periods as they wish, narrative on how institutional holdings can adversely impact share price, etc., just to name a few. All these are just to support their narratives and shape shareholders' opinions to stay in the business.

The funniest thing is probably that they often compared certain fund's performance with benchmarks that exclude dividends, yet will bring back the dividends paid by the fund when shareholders questioned why the NAV hasn't increased much for the past decade. Don't the shareholders see the irony in this? They will continue to exploit the obedient and silent shareholders should everything stays the same.

Bstead represents less than 2% of ICAP’s portfolio, it won’t make any difference. Huge holdings like SAM instead will create a huge impact when it fluctuates around and the fund manager doesn’t know when to take profit.

This is a great example of how lacking good business foresight could lead to disastrous situations.

@speakup You can refer to here for a general view of CEF discount/premium situations around the world:

https://www.cefa.com/FundSelector/AdvancedSearch.fs

At a current discount of circa 41%, ICAP is indeed the CEF with the largest share price discount to its NAV.

@dumbMoney The resignation also coincides with the litigation against COL.

Interestingly, one of ICAP's directors is the Chairman of the board of MSWG. I wonder if this director fulfilled his task of safeguarding minority shareholders' interests or just being a yes-man there.

@dumbMoney What is your view on the director's small maiden purchase of ICAP?

Feels like the director was "instructed" by someone to buy a mere 10 lots to see who is his counterparty, as counterparty information can be useful when comes to analyzing who are the sellers.

TTB said ICAP is highly liquid, why would the sale of a few hundred lots cause a sharp 4% drop in its share price?

@Nepo ICAP’s management fees are paid to CDSB and CDAM at 0.75% each (as shown in its 2005 IPO Prospectus). The management fees are then used to fund the operations of the companies, not just fees to TTB himself. You may purchase the companies’ financial statements from SSM for checking. Therefore, what you said won’t happen.

Assuming a GO is made, the price offered will still be a significant discount from NAV as it is not commercially viable for COL to do otherwise. What is the upside of this?