Posted by tatooking32 > 2020-10-20 11:52 | Report Abuse

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?

Posted by cnman53 > 2020-10-20 14:09 | Report Abuse

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?

Posted by observatory > 2020-10-20 18:20 | Report Abuse

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?

Posted by observatory > 2020-10-20 18:24 | Report Abuse

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!

Posted by cnman53 > 2020-10-20 19:05 | Report Abuse

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.

Posted by cnman53 > 2020-10-20 19:09 | Report Abuse

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.

Posted by cnman53 > 2020-10-20 19:30 | Report Abuse

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.

Posted by dumbMoney > 2020-10-20 22:57 | Report Abuse

The last time someone stood for election as a director without TTB's approval, the latter threw a tantrum and threatened to quit.

Posted by dumbMoney > 2020-10-20 23:18 | Report Abuse

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.

Posted by dumbMoney > 2020-10-20 23:25 | Report Abuse

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/

Posted by observatory > 2020-10-21 00:26 | Report Abuse

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?

Posted by dumbMoney > 2020-10-21 01:55 | Report Abuse

@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.

Posted by dumbMoney > 2020-10-21 02:02 | Report Abuse

@observatory, please check your i3 Messenger app for p.m.

Posted by ahhuat56 > 2020-10-21 09:59 | Report Abuse

Closed-end fund is a different investment vehicle than the normal listed company and it is different from the unit trust fund. Closed-end funds are very popular in developed countries like the US and UK, with a few hundred of them on the NY and London stock exchanges. The majority of investors in Malaysia are not familiar with CEF and do not know how to take advantage of it. If ICAP is to wind up, that is the end of the closed-end fund industry in Malaysia and the biggest loser will be the investors of Malaysia.

Posted by enigmatic [control your emotions, discipline your mind] > 2020-10-21 11:59 | Report Abuse

tatooking32,
Let me ask you a question first, would you have shut Berkshire shut down in 1974 bcause of its 48.7% loss? What about its potential to rise in the years to come?

On Nestle, yes, ICAP did missed out. But buying PETDAG was a wonderful decision, no? Sometimes, we win some, we lose some.

Posted by enigmatic [control your emotions, discipline your mind] > 2020-10-21 12:09 | Report Abuse

cnman53,
I agree with some of your comments, eg tossing out the trash & the unfortunate events of the dual-listing.

But letting City of London (COL) be appointed as our Directors is against the idea of ICAP's inception. ICAP was meant to be a long term investment, based on Capital Dynamics' ecletic value investing. COL's intention is to liquidate the fund for short term return. Since the majority of ICAP's shareholders are holding it for, say 10-20 years, COL is not the preferred choice as Directors.

Posted by enigmatic [control your emotions, discipline your mind] > 2020-10-21 12:22 | Report Abuse

observatory,
Mr. Tan Teng Boo is synonymous with ICAP. This close end fund cannot even use the name "iCapital" if you seek to boot out Mr. Tan & Capital Dynamics. Think of it as kicking Mr. Warren Buffett out of Berkshire, when Berkshire's stock selection are based on Mr. Warren's value investing ideas!

Next, if you pay out all the cash as dividends, where will you get funds to buy shares for ICAP's portfolio? Borrowings? Rights issues? But I do get your point that ICAP may want to pay a token dividend to shareholders if there is no better use for the cash. My take is that, ICAP may want to follow Berkshire's way of not paying dividends.

Posted by enigmatic [control your emotions, discipline your mind] > 2020-10-21 12:45 | Report Abuse

ahhuat56,
I understand where you're coming from. But I kinda disagree with your phrase of 'all investors'. Personally, I think ICAP is not meant for all investors. One cannot expect it to rise exponentially in months, as opposed to tech or glove stocks.

"Investing in ICAP is like planting a bamboo tree, which takes years to grow."

IMO, if investors want a fast growing tree with fruits (read: dividends), invest in a papaya tree, where you can enjoy its fruits in the short term, probably like gloves or something.

Posted by observatory > 2020-10-21 16:57 | Report Abuse

@enigmatic,
The name “iCapital” means nothing given the fund has underperformed for years, during good time as well as bad. Yet the fund charges a 1.5% annual fee (not to mention other expenses), on not just invested shares but also the cash hoard which is worth more than 60% of fund assets. If changing the fund name is the price to pay for better performance and shareholder value, so be it.

You said TTB is synonymous with ICAP. That is precisely the problem! There is a cultivated impression of TTB being indispensable while Buffett and Munger have groomed capable successors who could take over any time.

In fact, I cringe at the comparison of TTB to Buffett. Despite TTB’s frequent quoting of Warren Buffett, and have never shied away from being compared to the Oracle of Omaha, the two of them can never be more different. The difference goes beyond one being a true value investor who walks the talk, while the other a market timer who speaks the lingo of value investing.

1. Buffett’s Berkshire Hathaway grows 25,000 times from about USD20 million in 1965 to the current USD500 billion, representing a compound annual growth rate (CAGR) of 20% over 55 years. TTB’s ICAP started at about RM140 million in 2005 and has grown to just 270 million after 15 years in existence, representing a CAGR of 4.5%. ICAP underperforms KLCI after considering dividend reinvestment of KLCI.

2. Buffett's total compensation from Berkshire in 2019 was $374,773. Buffett has not set up a management company to charge a 1.5% annual fee for running Berkshire as TTB does to ICAP.

3. Buffett demonstrates humility and admits mistakes while TTB blames others. When challenged by CoL, TTB threw up the idea of dual listing to narrow the ICAP NAV discount. After billing ICAP shareholders for close to RM7 million this year for the failed dual-listing, TTB did not even explain, let alone apologize for wasting shareholders’ money.

I don’t mean for TTB to pay just a token dividend to placate shareholders. If the ICAP board genuinely wants to close the discount gap, the board should simply return ALL the cash to shareholders.

Failing that, TTB’s company should at least forgo the easy money which is the 1.5% annual fee imposed on ICAP cash holding that it has enjoyed over the years.

Posted by observatory > 2020-10-21 17:01 | Report Abuse

@ahhuat56,
You said majority of Malaysian investors don’t know how to take advantage of closed-end funds.

Pardon my ignorance. I have no idea too on how to take advantage of this Malaysian closed-end fund that only paid out a token dividend in past 15 years; with poor stock picking records; and park most of its asset as bank FD’s for over a decade; and charges shareholders 1.5% annual fee for the huge pile of cash parked almost permanently in the banks; and watsing close to RM7 million of shareholders' fund on a dubious dual listing project which led to nowhere.

Instead of lamenting on the ignorance of Malaysian investors, shouldn’t the fund manager shoulder the responsibility for giving closed-end funds such a bad name in Malaysia, such that no more closed end funds have been set up since 2005 after the bad experience with ICAP?

Posted by observatory > 2020-10-21 17:03 | Report Abuse

Closed end fund is a good for the manager, but less so for the fundholders. The fact is well known in the US.

Way back in 1992, the legendary Fidelity Magellan Fund Manager Peter Lynch wrote in his book Beating The Street:

*quote*
From outside Fidelity, I’d gotten numerous offers to start a Lynch Fund, the closed-end variety listed on the New York Stock Exchange. The would-be promoters said they could sell billions of dollars’ worth of Lynch Fund shares on a quick “road show” to a few cities.

The attraction of a closed-end fund, from the manager’s point of view, is that the fund will never lose its customer base, no matter how badly the manager performs.

That’s because closed-end funds are traded on the stock exchanges, just like Merck or Polaroid or any other stock. For every seller of a closed-end fund there has to be a buyer, so the number of shares always stays the same.

This isn’t true of an open-ended fund such as Magellan. In an open-ended fund, when a shareholder wants to get out, the fund must pay that person the value of his or her shares in cash, and the size of the fund is reduced by that amount. An unpopular open-ended fund can shrink very fast as its customers flee to other competing funds or to the money markets. This is why the manager of an open ended fund doesn’t sleep as soundly as the manager of the closed-end kind.

A $2 billion Lynch Fund listed on the NYSE would have continued to be a $2 billion enterprise forever (unless I made a series of horrendous investment boo-boos and lost the money that way). I would have continued to receive the 75 basis points ($15 million) as my annual fee, year in and year out.

It was a tempting proposition, monetarily. I could have hired a bunch of assistants to pick stocks, reduced my office hours to a leisurely minimum, played golf, spent more time with my wife and my children plus gotten to see the Red Sox, the Celtics, and La Bohème. Whether I beat the market or lagged the market, I’d still have collected the same hefty paycheck.
*unquote*

The essence is in the last sentence. “I beat the market or lagged the market, I’d still have collected the same hefty paycheck”.

And Lynch spoke of only 75 basis points (0.75%) in annual fee.

Posted by cnman53 > 2020-10-22 10:27 | Report Abuse

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





Mr Observatory
Are you kidding? The fund wasted almost RM7 million of fundholder's capital on the futile dual-listing project?

Incredible! For those who have been following Mr Tan's investment philosophy (and life's philosophy) and iCapital.biz Annual General Meetings (AGMs), Mr Tan is a man whose words are his bond which I had no doubt. And Mr Tan did declare in at least one of the AGMs that he is a man of his words.

And the motto of CDAM and in extension iCapital.biz has always been the 3 i that is Independent, Intelligence and Integrity. And this has become my life philosophy.

For those who have followed iCapital.biz's AGMs without fail, they should have heard Mr Tan had declared in at least one of the AGMs humbly but heroically that he has gone ahead with the arduous task of seeking dual-listing for iCapital.biz in Hong Kong with his own (CDAM) fund.

So I think the reimbursement must have been forced on to Mr Tan by our independent and intelligent board of directors, out of gratitude. But this would have done more injustice to Mr Tan than showing gratitude as it is tantamount to putting his words back to his mouth.

Posted by observatory > 2020-10-22 15:33 | Report Abuse

@cnman53,
The recognition of the RM6.68 million dual-listing expenses also happened at an interesting time.

The project was said to have been shelved some years back. But the expenses were only booked during the height of the pandemic. The expenses were recognized for the quarter ending 29 Feb 2020 and were published on Jun 10. There was only a one-sentence mention, buried under Note B1 of page 14 in the quarterly report. The Commentary by Fund Manager made no mention of this project and the reasons for its failure.

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

I’ve been waiting for a good explanation in the 2020 Annual Report but again none has been offered.

Why book the expenses at the height of the Covid-19 pandemic? Did the pandemic deal the final blow to the project? Or was it given that many listed companies also reported awful results during the same period, it was an opportunistic moment to quietly slip in the cost of a failed project long ago?

The board of directors owes shareholders an explanation.

Posted by dumbMoney > 2020-10-22 18:39 | Report Abuse

For the dual listing expenses, get a copy of the company's M&A/constitution, which can be purchased for a nominal sum from the company secretary/registrar's office for a nominal sum, and check whether getting a foreign listing is part of the authorised business activities?

Posted by cnman53 > 2020-10-22 19:08 | Report Abuse

Notice of iCapital.biz 16th AGM is out. It will be a virtual AGM online.

Date of AGM is 9.00 am 28 Nov 2020.

To attend you need to
1)Register as a user with Boardroom Smart Investor Portal
https://boardroomlimited.my

2)Then Submit request for remote participation also at
https://boardroomlimited.my

before 9 a.m 26 Nov 2020 (preferably at least 10 days before)

To field questions at the AGM, you need to comply with the following:

Mode of Communication during the virtual AGM:-

1. Submit questions to the Board prior to the 16th AGM by
emailing to enquiries@cdam.biz
no later than 9.00 a.m. on Thursday, 26 November 2020.

2. Post questions to the Board via real time submission of typed
texts at https://web.lumiagm.com/ during live streaming of the 16th AGM.

On 28 Nov 2020 before 9.00am log in to the website below
https://web.lumiagm.com/

For further details, please refer to the announcement on Bursa website.

Posted by dumbMoney > 2020-10-22 20:42 | Report Abuse

I have checked back on the company's announcements to the stock exchange during the relevant period of 2012 when TTB mooted the idea of seeking a secondary foreign listing. There was no such announcement. As far as shareholders are concerned, there was no official confirmation that it was the company's proposal for such a move and they should ask to see the record of the board of directors resolution for this to make it official and to pay for it. Without this, it will be questionable to be now settled with the expenses of this failed exercise years later.

Posted by dumbMoney > 2020-10-23 15:57 | Report Abuse

In addition, if the dual listing proposal is likely to affect the share price (if not, why bother?) then the company is obligated under listing rules to make a public announcement, which it didn't. This is a clear infringement of the listing rules and the directors and management are liable.

Posted by vidusaka > 2020-10-24 10:00 | Report Abuse

a king of tattoos, a conman, a dumbmoney and an observer of them commenting on a professional money manager a month out of the fund's agm. you just can’t make this up.

or can you?

Posted by dumbMoney > 2020-10-24 12:29 | Report Abuse

Shareholders unhappy with having to foot the bill can always lodge a complaint to Bursa and SC for them to have a look at the goings on in the company.

Posted by dumbMoney > 2020-10-24 12:36 | Report Abuse

The only thing professional about the money manager is his license from the SC. Big deal, when I was holder of a dealer's license under the Act, I was exempt from the need of another license to give financial advice.

Posted by stockraider > 2020-10-24 12:40 | Report Abuse

Fuck this TTB for putting all the investable monies in time deposits to lock in his fees loh...!!

If u r no good fund manager...just resign lah...!!

Posted by vidusaka > 2020-10-24 12:50 | Report Abuse

i used to give lifts on my rocket ship while cruising on my magic carpet – flying cars? big deal

Posted by dumbMoney > 2020-10-24 19:58 | Report Abuse

A professional money manager said these:

In the 9 Nov 2012 edition of the Star, TTB said “Despite the fact that the FBM KLCI pays dividend, its performance has lagged that of iCapital.biz, which is a non-dividend paying fund, as can be seen from its first annual report of 2006. If the KLCI pays no dividends, it underperformance would be even worse”

In an interview with Tee Lin Say of the Star published on 10/5/2014, this is what was reported: “For the record, iCapital.biz recorded a compounded return of 13.78% a year since its listing in 2005 versus 8.17% for the KLCI. If the cash portion of RM 240 million is removed, that return would be much higher”.

Posted by JohnDough > 2020-10-25 11:58 | Report Abuse

“As long as you’re picking a fund, you might as well pick a good one. This is easier said than done.

Over the last decade, up to 75 percent of the equity funds have been worse than mediocre, failing to outgain the random baskets of stocks that make up the market indexes, year in and year out.

In fact, if a fund manager has even matched the market’s performance, he or she has ranked in the top quartile of all funds. “


Beating the Street by Peter Lynch with John Rothchild

Posted by stockraider > 2020-10-25 12:13 | Report Abuse

How can it be very good, when the sohai TTB managing Icap putting almost all its investable funds in fixed deposits to lock in & secure all his management fees at the expense of unit holders for past 6 yrs leh ?

Posted by JohnDough > Oct 25, 2020 11:58 AM | Report Abuse

“As long as you’re picking a fund, you might as well pick a good one. This is easier said than done.

Over the last decade, up to 75 percent of the equity funds have been worse than mediocre, failing to outgain the random baskets of stocks that make up the market indexes, year in and year out.

In fact, if a fund manager has even matched the market’s performance, he or she has ranked in the top quartile of all funds. “


Beating the Street by Peter Lynch with John Rothchild

Posted by cnman53 > 2020-10-26 16:35 | Report Abuse

Why my posting regarding HKEX dual listing rules first posted on 24 Oct has disappeared?
Similarly, today I have just posted the same again and it does not appear?

Can anybody help?

Posted by cnman53 > 2020-10-26 16:37 | Report Abuse

I have also posted the same information on my Blog with i3 if it can appear.

Posted by cnman53 > 2020-10-26 16:41 | Report Abuse

I am a stockowner of iCapital.biz since its inception and had been following iCap news, advice and AGMs throughout its history.

I had left it to be in the safe hand of its manager and never did any homework.

Now finally I think I have to do some homework.

I will be giving my comments from now on. For graphic presentation I hope I can find a way to publish in i3 blog.

Posted by cnman53 > 2020-10-26 16:53 | Report Abuse

AGM is not a good platform for ordinary stockowner to present their views because of time facility constraint of the meeting environment. We need forum like this to see all comments from stockowners or speculators alike. A real good company will stand the test from scrutiny from friends or enemy alike.

Posted by cnman53 > 2020-10-26 16:55 | Report Abuse

A forum where we can have graphics, slides etc will be even better.

Posted by cnman53 > 2020-10-26 16:57 | Report Abuse

In fact I am looking forward to City of London to present their comment here as well.

Posted by cnman53 > 2020-10-26 17:12 | Report Abuse

I have also requested a copy of M&A from Boardroom Shares Registrar SB (the virtual 16th AGM RPV provider) and hopefully can receive it soon.

Posted by cnman53 > 2020-10-26 19:00 | Report Abuse

For the benefit of those stockowners who are more well-versed in Chinese, I will also give my views in Chinese from time to time.

Posted by edelinewong90 > 2020-10-26 19:20 | Report Abuse

What for HKEX dual listing? Even number of big stockowners 100,001 - 5% are decreasing each year due to bad performance. I don't mind you hold cash, but if it go against your expectation, to protect your self-esteem, TTB should reduce management fee himself. He should also get a balance between existing stockowners and potential stockowners, what I means is he should share buy back to increase NAV of ICAP. About 8 years ago, I was a zombie like cnman53, even not agree with someone advised ICAP to do share buy back. Now if you calculate, if share buy back, what is ICAP NAV now? He also lowered his standard, from 15% to the no lose because price below NAV. If TTB don't buy it himself, why other confident to buy it?

Posted by dumbMoney > 2020-10-26 19:46 | Report Abuse

@cnman53 Even though this blog don't allow direct attachment of graphics and documents, unlike the i3 Messenger app, you can always store it on your online storage such as dropbox or google drive and then post the link here.

Posted by dumbMoney > 2020-10-26 20:17 | Report Abuse

@cnman53 To be listed on a foreign exchange, the fund must comply with Part 3, Chapter 15.01 of the Prospectus guidelines for Collective Investment scheme by the SC https://www.sc.com.my/api/documentms/download.ashx?id=ce638a11-0cb1-4937-b9d2-639f980a5773 Check with a lawyer or company secretary on the implications if this is not done?

Posted by dumbMoney > 2020-10-26 20:23 | Report Abuse

@cnman53 You can write directly to COL for their comments at this HQ address https://www.citlon.com/ or the nearer Singapore Office here https://www.citlon.com/contact-us.php

Posted by cnman53 > 2020-10-26 20:53 | Report Abuse

资本投资（iCapital。Biz） 第十六届股东大会将于2020年十一月二十八日早上9点 以 虚擬会议 形式 举行。

要参加的股东请尽快上网到以下网站：-
https://boardroomlimited.my

1）进行 注册 以便可以登录 该网站 (需要有电邮地址）
2）注册成功后，（你会被电邮通知），然后你需要申请上网出席虚拟会议。
需要cds号码。 也是以下网站：-
https://boardroomlimited.my

这两个程序需要在 26-11-2020 前完成。（尽量在前十天完成）
不清楚以上操作的，请咨询你的股票行。

在 28-11-2020早上九点之前，进入以下网站以参加网上虚拟会议：-
https://web.lumiagm.com/
不熟悉的可以请年轻孩子协助。

Posted by dumbMoney > 2020-10-27 05:59 | Report Abuse

Compare what TTB said about cash as a call option https://www.youtube.com/watch?v=dAnqdhJiej0 with what the whole article actually said https://www.businessinsider.com/cash-as-a-call-option-2012-9

Posted by dumbMoney > 2020-10-27 06:10 | Report Abuse

Because the cash call option has no expiry date, no fixed strike price, almost zero opportunity cost (FD rates minus tax minus management fee) and can guarantee against permanent capital loss, why not just keep everything in cash and wait for buying opportunities to come along?, Portfolio management cannot be simpler than this!