Posted by dumbMoney > 2020-11-03 22:52 | Report Abuse

@fairplay The quarterly results ending February was when the dual listing expenses first appeared in the accounts under other administrative expenses, without any explanation or footnote as to what it is. Coincidental timing for the resignation?

Posted by fairplay > 2020-11-04 10:44 | Report Abuse

Wake up shareholders. Notes to financial statement 2018 in annual report (note 6 page 46 and 51) also does Not explain pre-payment to related parties, CDAM & CDSB in year 2018

Posted by dumbMoney > 2020-11-04 14:39 | Report Abuse

The company is in the habit of prepaying the manager for services, which is rather unusual, unless fees are payable in advance according to the service contract. But then, the AUM cannot be determined until the end of the period. On page 36 of the 2016 accounts, there is an amount of $6321817 accrued under other payables, with no further details (footnote 8). In the ordinary course of business of the company, transactions for such amounts can only be for purchase of investments, and settlement time is almost immediate, T+2, so unless there was purchase of a big block of shares just before month end, there should not be any unpaid share purchases. So the only transaction of this size that can be accrued is the dual listing fee, but the funny thing is that this amount disappeared from the following years' accounts, so one can assume that it has since been paid, but nothing mentioned in the accounts of such payment. Now you have something similar in size being paid in 2020, with only a one sentence footnote describing (not explaining) it as dual listing fees. Cannot blame shareholders for being taken by surprise and mystified.

Posted by dumbMoney > 2020-11-04 17:13 | Report Abuse

Prepayment for services not yet rendered is effectively an advance, a.k.a. a loan to a related party. Just depends on how you want to label it.

Posted by fairplay > 2020-11-04 17:23 | Report Abuse

This may be conflict of interest. Get BOD to provide shareholders with copy of Fund Management Agreement,. My 2 cents opinion on dual listing expenses.
If iCapital is liable to re-imburse, would not iCapital
amortize and accure such huge amount of expenses, on millions. The financial accounts do not seem to show such expenses under Other Payables for liabilities, over the few financial years from year 2009. Comments please

Posted by dumbMoney > 2020-11-04 18:55 | Report Abuse

@fairplay Apparently there is such an accrual in the 2016 accounts as mentioned above. But there must be a balancing item for the accrual, but there is none, and the amount just disappeared afterwards, until probably resurfaced in the current financial year.

Posted by dumbMoney > 2020-11-04 21:07 | Report Abuse

Going through the past accounts of the company makes interesting readings.
In the 2013 accounts, on page35, it is stated “Principal Activity Your Fund is a closed-end fund and is principally engaged in investing in a diversified portfolio of quoted securities. There has been no significant change in the nature of this activity during the financial year. Your Fund is managed by a fund manager, Capital Dynamics Asset Management Sdn. Bhd. (“the Fund Manager”), a company incorporated in Malaysia. The principal activity of the Fund Manager is the provision of fund management services.” So there is no mention that the company is contemplating either a foreign listing or for the Fund Manager to do a dual listed fund on behalf of the company.
In the 2012 to 2015 accounts there were various amounts of receivables owed by related parties, that are non-trade in nature, unsecured, interest free and repayable on demand. (footnote 6) which were listed in footnote 17 as CDAM, CDSB and key personnel of the Fund.
For 2016 to 2020 inclusive, the amounts were $1131427,$1207808, $1247858, $1264723 and $982807 respectively, and instead of receivables, they are now labeled as prepayments and in the 2016 accounts, CDAM and CDSB were specifically named as the related parties.
So now here we have the fund manager charging a 1.5% annual fee for managing an interest free loan (labeled as a prepayment) from the fund to themselves, instead of holding it as a valuable call option for the benefit of the fund, and surely the money would not be sitting idle, so it could be placed in FD or used to cover bank OD, thus receiving either an interest or savings in interest at banking rates all this while.

Posted by fairplay > 2020-11-05 11:51 | Report Abuse

This matter on pre-payment must be verifiied against terms of Fund Management Agreement (need BOD to release it to shareholders) Annual report 2020 reported a director who attended 9 out of 11 board meetings.
Question the Directors or Board to provide answer at AGM who are the director(s) who approve re-imbursing CDAM for expenses for 'dual listing'

Posted by dumbMoney > 2020-11-05 12:43 | Report Abuse

@fairplay Under S224 of Companies Act 2016
A Company shall not make a loan to a director of the company or any related company. A Company also shall not enter into any guarantee or provide any security in connection with a loan made to such a director by any other person.
This section shall not apply if:

the company is an exempt private company
the loan is a fund to meet the expenditure incurred or to be incurred by the director for the purpose of the company
the loan is provided to a full time director in purchasing or acquiring a home
a passed resolution to approve a scheme for the making of loan to employees of the company and the loan is in accordance with that scheme.

The question is -Is a prepayment in effect an advance/loan to a related party? If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. The wording unsecured, interest free, repayable on demand in cash (not offset against future fees) are the usual terms used in describing a 'friendly' loan.

Posted by fairplay > 2020-11-05 13:18 | Report Abuse

For interested shareholders, the closest copy of M & A of iCapital can be download from the web. Search in Google browse "ICAPITAL BIZ BERHAD MEMORANDUM AND ARTICLES OF ASSOCIATION"
Click on the search result 'disclosure bursamalaysia.com PDF ( document open via Adobe reader for pdf file )
Constitution of the company - Bursa Malaysia
9 Sep 2017 - Biz Berhad
The PDF file (50+ pages) that download look very much the same document I read with the proposed amended clauses in M & A that was passed at an AGM

Posted by JohnDough > 2020-11-08 10:01 | Report Abuse

“In his book The Science of Hitting, Ted explains that he carved the strike zone into 77 cells, each the size of a baseball. Swinging only at balls in his "best" cell, he knew, would allow him to bat .400; reaching for balls in his "worst" spot, the low outside corner of the strike zone, would reduce him to .230.

In other words, waiting for the fat pitch would mean a trip to the Hall of Fame; swinging indiscriminately would mean a ticket to the minors. If they are in the strike zone at all, the business "pitches" we now see are just catching the lower outside corner.

If we swing, we will be locked into low returns. But if we let all of today's balls go by, there can be no assurance that the next ones we see will be more to our liking. Perhaps the attractive prices of the past were the aberrations, not the full prices of today.

Unlike Ted, we can't be called out if we resist three pitches that are barely in the strike zone; nevertheless, just standing there, day after day, with my bat on my shoulder is not my idea of fun.

When we can't find our favorite commitment -- a well-run and sensibly-priced business with fine economics -- we usually opt to put new money into very short-term instruments of the highest quality. Sometimes, however, we venture elsewhere.

Obviously we believe that the alternative commitments we make are more likely to result in profit than loss. But we also realize that they do not offer the certainty of profit that exists in a wonderful business secured at an attractive price. Finding that kind of opportunity, we know that we are going to make money -- the only question being when.”


Berkshire Hathaway 1997 Annual Report

Posted by dumbMoney > 2020-11-08 14:26 | Report Abuse

WB pays himself $100K a year instead of 1.5% of AUM, and he didn't need an interest free advance on his pay either.

Posted by fairplay > 2020-11-08 16:03 | Report Abuse

All shareholders, stand up and Exercise your rights. If there is very little shareholder protection and corporate government, how are investors to be interested, to increase demand for shares of iCapital.
John Dough, talk is cheap. Meaningless for state 3i and value investing. What is "stop loss" strategy, if any for non-performing stock counters? If do not re-balance portfolio and manage Actively, why do shareholders pay fund management fees. Investing in ETF, at lower fund management fee, expected to match KLSE CI index performance. ETF do not face corporate governance matter that give shareholders nasty shock and loss of trust

Posted by dumbMoney > 2020-11-08 21:39 | Report Abuse

None of the BOD members have any experience in portfolio management or professional qualifications in securities analysis, and the only time someone with such expertise, including being a director of Amanah Millenia Fund (AMF), a PNB associated closed end fund, was proposed as a director, the fund manager threw a fit and threatened to resign. Here is how AMF proposed to tackle the price discount problem:
"PROPOSED CASH TENDER OFFER
“THAT, subject to (i) the passing of Ordinary Resolution 9 above and the Special Resolution
below, (ii) compliance with the Companies Act 1965, the Memorandum and Articles of
Association of the Company, the Listing Requirements of Bursa Malaysia Securities Berhad
and any applicable laws, regulations and guidelines issued by other regulatory authorities
and (iii) approval by the Bursa Malaysia Securities Berhad and the Securities Commission in
relation to the proposed waiver as per item (8) (i) and (ii) of the Circular to the shareholders
of the Company dated 31 May 2007; the Company and the Directors of the Company be
and are hereby authorised to give effect and implement the Tender Offer to be made by
the Company to the Entitled Shareholders, half yearly (in March and September of each
year) to buy back up to ten per centum (10%) of the Company’s issued and paid-up share
capital (for each Cash Tender Offer made in March and September of each year) at the offer
price of ninety seven per centum (97%) of the net asset value per share to be determined
by Board of Directors as of the close of trading of the shares at a price-fixing dates to be
determined and announced from time to time (“Proposed Tender Offer”).
AND THAT, the maximum amount of funds to be utilised for the Cash Tender Offer shall not
exceed the cash and cash equivalents balance of the Company.
AND THAT, the Directors of the Company be and are hereby authorised to retain the
Purchased Shares as treasury shares or cancel the said shares or retain part of the said
shares as treasury shares and cancel the remainder. The Directors of the Company are
further authorised to resell the treasury shares on Bursa Malaysia Securities Berhad or
distribute the treasury shares as dividends to the Company’s shareholders or subsequently
cancel the treasury shares or any combination of the three.
AND THAT, the Directors of the Company be and are hereby authorised to carry out the
above immediately upon the passing of this resolution and Special Resolution below until
the Board of Directors of the Company undertake a voluntary liquidation of the Company in
accordance with its Articles of Association.
Source: AMF 2006 Annual Report

Posted by stockraider > 2020-11-08 21:41 | Report Abuse

THESE ARE SOHAI DIRECTORS...DO NOT EVEN KNOW HOW TO INVEST LOH..!!

GENERAL RAIDER INVESTMENT KNOWLEDGE EASILY BEAT THEM FLAT MAH..!!

Posted by dumbMoney > Nov 8, 2020 9:39 PM | Report Abuse

None of the BOD members have any experience in portfolio management or professional qualifications in securities analysis, and the only time someone with such expertise, including being a director of Amanah Millenia Fund (AMF), a PNB associated closed end fund, was proposed as a director, the fund manager threw a fit and threatened to resign. Here is how AMF proposed to tackle the price discount problem:
"PROPOSED CASH TENDER OFFER
“THAT, subject to (i) the passing of Ordinary Resolution 9 above and the Special Resolution
below, (ii) compliance with the Companies Act 1965, the Memorandum and Articles of
Association of the Company, the Listing Requirements of Bursa Malaysia Securities Berhad
and any applicable laws, regulations and guidelines issued by other regulatory authorities
and (iii) approval by the Bursa Malaysia Securities Berhad and the Securities Commission in
relation to the proposed waiver as per item (8) (i) and (ii) of the Circular to the shareholders
of the Company dated 31 May 2007; the Company and the Directors of the Company be
and are hereby authorised to give effect and implement the Tender Offer to be made by
the Company to the Entitled Shareholders, half yearly (in March and September of each
year) to buy back up to ten per centum (10%) of the Company’s issued and paid-up share
capital (for each Cash Tender Offer made in March and September of each year) at the offer
price of ninety seven per centum (97%) of the net asset value per share to be determined
by Board of Directors as of the close of trading of the shares at a price-fixing dates to be
determined and announced from time to time (“Proposed Tender Offer”).
AND THAT, the maximum amount of funds to be utilised for the Cash Tender Offer shall not
exceed the cash and cash equivalents balance of the Company.
AND THAT, the Directors of the Company be and are hereby authorised to retain the
Purchased Shares as treasury shares or cancel the said shares or retain part of the said
shares as treasury shares and cancel the remainder. The Directors of the Company are
further authorised to resell the treasury shares on Bursa Malaysia Securities Berhad or
distribute the treasury shares as dividends to the Company’s shareholders or subsequently
cancel the treasury shares or any combination of the three.
AND THAT, the Directors of the Company be and are hereby authorised to carry out the
above immediately upon the passing of this resolution and Special Resolution below until
the Board of Directors of the Company undertake a voluntary liquidation of the Company in
accordance with its Articles of Association.
Source: AMF 2006 Annual Report

Posted by cnman53 > 2020-11-13 11:17 | Report Abuse

I have posted the questions to be asked in the 16th AGM on my blog toady. The Chinese version will be ready soon.

Posted by cnman53 > 2020-11-13 17:36 | Report Abuse

Chinese version is now out. iCapital. biz - 在资本投资有限公司16届股东大会所应提出的问题已经登出。

Posted by dumbMoney > 2020-11-14 19:43 | Report Abuse

Re my earlier comments to fairplay on S224 of the Companies Act. It was paraphrased from the Act, not the actual wordings, which are as follows:Loans to director
224. (1) A company shall not—
(a) make a loan to a director of the company or of a company
which by virtue of section 7 is deemed to be related to
that company;
A “director” includes any person occupying the position of
director of a corporation by whatever name called and includes
a person in accordance with whose directions or instructions the
majority of directors of a corporation are accustomed to act and
an alternate or substitute director;
So a director includes a shadow director, the person effectively running the company.

Posted by dumbMoney > 2020-11-14 20:11 | Report Abuse

@fairplay You can always forward a copy of the constitution to cnman53 via the i3 Messenger app, which allows attachment of documents. This will saves him time and effort to chase down a copy himself, which the company is obviously making things difficult for him.

Posted by cnman53 > 2020-11-15 01:20 | Report Abuse

Thank both of you. But I think without seeing the Constitution I can guess the minimum shareholding will be 5% or 10% which no one single shareholder of iCap has. Can forget about it.

Posted by cnman53 > 2020-11-15 01:24 | Report Abuse

In the mean time, I would like to remind for those who are attending the virtual AGM, please be careful not to pick the e-proxy column (which is by default at the top) if you want to attend and don't want to give away your proxy. You should choose the second one which one which is Virtual Meeting. I will attach a screenshot in my blog.

Posted by cnman53 > 2020-11-15 01:41 | Report Abuse

I have inserted in my blog: iCapital.biz 第十六届股东大会 28-11-2020

Posted by fairplay > 2020-11-15 14:47 | Report Abuse

MSWG, watch group has been informed that shareholder's rights seem suppressed in the handling of request for copy of M & A. As back-up purpose, please Pass to MSWG those questions on corporate governance and 'finance or unusual expenses and practices'. Thank you

Posted by JohnDough > 2020-11-15 18:37 | Report Abuse

"The wise ones bet big when they have the odds. And the rest of the time they don't. It's just that simple.

That is a very simple concept. And to me it's obviously right - based on experience not only from the pari-mutuel system, but everywhere else. And yet, in investment management, practically nobody operates that way.

How many insights do you need? Well, I'd argue that you don't need many in a lifetime. If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it. Most of the money came from ten insights.

Just think of it as a heavy odds against game full of craziness with an occasional mispriced something or other. And you're probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It's just that simple.

When Warren lectures at business schools, he says "I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches - representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more investments at all. Under those rules, you'd really think carefully about what you did, and you'd be forced to load up on what you'd really thought about. So you'd do so much better".

This is a concept that seems perfectly obvious to me. And to Warren, it seems perfectly obvious. But this is one of the very few business classes in the United States where anybody will be saying so. It just isn't the conventional wisdom.

To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people."


Poor Charlie's Almanack - The Wit and Wisdom of Charles T. Munger

Posted by stockraider > 2020-11-15 21:33 | Report Abuse

"The wise ones bet big when they have the odds. And the rest of the time they don't. It's just that simple."!

This sohai TTB sailang all the investable money on fixed deposita ah ??

Very smart loh...!!


Posted by JohnDough > Nov 15, 2020 6:37 PM | Report Abuse

"The wise ones bet big when they have the odds. And the rest of the time they don't. It's just that simple.

That is a very simple concept. And to me it's obviously right - based on experience not only from the pari-mutuel system, but everywhere else. And yet, in investment management, practically nobody operates that way.

How many insights do you need? Well, I'd argue that you don't need many in a lifetime. If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it. Most of the money came from ten insights.

Just think of it as a heavy odds against game full of craziness with an occasional mispriced something or other. And you're probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It's just that simple.

When Warren lectures at business schools, he says "I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches - representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more investments at all. Under those rules, you'd really think carefully about what you did, and you'd be forced to load up on what you'd really thought about. So you'd do so much better".

This is a concept that seems perfectly obvious to me. And to Warren, it seems perfectly obvious. But this is one of the very few business classes in the United States where anybody will be saying so. It just isn't the conventional wisdom.

To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people."


Poor Charlie's Almanack - The Wit and Wisdom of Charles T. Munger

Posted by cnman53 > 2020-11-16 12:58 | Report Abuse

假如在你寄出代理授权(Proxy)之后，你后来决定要自己出席资本投资的虚拟大会，你可以在大会召开48小时前（即26-11-2020 早上九时前）电邮以下地址以撤销你的授权：

电邮地址：- bsr.helpdesk@boardroomlimited.com

Posted by cnman53 > 2020-11-16 12:58 | Report Abuse

If you have submitted your Proxy Form and subsequently decide to appoint another person or wish to participate in iCapital.biz electronic AGM by yourself, please write in to

bsr.helpdesk@boardroomlimited.com

forty-eight (48) hours before the meeting, to inform our Share Registrar of your intention to revoke the earlier appointed proxy.

Posted by fairplay > 2020-11-16 16:53 | Report Abuse

cnman3, your Q very well structured. I have used messenger to attach and sent the file download from bursa on M & A

Posted by dumbMoney > 2020-11-17 02:18 | Report Abuse

As mentioned earlier, there were 4 listed closed end funds managed by the Big 4 Banks in Singapore. All of them went into members’ voluntary liquidation some years back because of persistent price discount to NAV. Even though the Banks will no longer collect management fees upon liquidation, they were also major shareholders of the funds and the gains from liquidation outweighed the former by far.
This is what Harimau Investments Ltd, managed by OCBC, posted as the rationale for the move – “The Board of Directors of Harimau Investments Limited (“Harimau” or “Company”) is pleased to announce a proposed restructuring (the “Restructuring”) of Harimau to unlock value for our shareholders. The proposed Restructuring will involve (1) the voluntary liquidation of Harimau and (2) the return of cash to our shareholders.

Rationale for the Restructuring We are a closed-end investment company. We invest in marketable securities for investment purposes. Our net asset value (“NAV”) is based on the market value of our investments. However, our share price for the last 5 years ended 30 November 2000 has persistently been trading at a significant discount to our NAV. Based on our month-end unaudited NAVs and our month-end share prices for the last 5-year period, our shares had traded at a discount ranging between 23% and 61% to our NAV per share. The last transacted price of our shares on 30 November 2000 was $1.55 as compared to our unaudited NAV per share of $2.04 as of the same day. This represented a discount of approximately 24%. The Restructuring will enable us to unlock value for our shareholders to be achieved through a cash distribution to shareholders derived from the orderly disposal of our investments.”

Can all the Singapore banks be wrong with their decisions to liquidate?

Posted by cnman53 > 2020-11-17 11:39 | Report Abuse

Enlightening information. I am considering putting up further questions in the 16 AGM.

Posted by dumbMoney > 2020-11-17 11:49 | Report Abuse

One of the common criticisms against the Singapore CEF's were their relationships with the parent banks. They used their own banks for their broking and banking transactions, and invested substantial portions of the portfolio in related companies, and the boards were dominated by senior officers of the banks. There was little independence to speak of.

Posted by fairplay > 2020-11-17 16:30 | Report Abuse

We have to be conscious on 3i. In practice, shareholders interest of iCap seen to come last, Instead of walk the talk on 3i which include integrity, the "I" and only Me matters. Read NST paper dated 14-11-2012 on report that quoted 'I will consider winding-up iCapital.biz' at the right time, but .. " Hello, who is pay-master of the "I" Hope that shareholders make your voice and vote count

Posted by cnman53 > 2020-11-17 18:02 | Report Abuse

Back to the question of M&A (or Constitution under CA 2016). I have obtained the digital M&A from Karex Bhd within 2 days (rounded up). Compare and contrast with that from iCapital.biz who after more than 2 weeks told me that I can get a copy from SSM. For a small investor who can find out the HKEX dual-listing requirement within a day, I think iCapital.biz has grossly underestimated my ability to give such an answer.

Posted by ZeaXG > 2020-11-18 14:30 | Report Abuse

Did TTB just sat at the sidelines over the recent rally? ICAP NAV didn't change much this year.

Posted by fairplay > 2020-11-18 15:24 | Report Abuse

EPF as an insttution sold down Air Asia 'AA' and announced effective 6 February to cease being a substatial shareholder. Thankfull that EPF done so. iCapital has invested after June 1, 2019 in AA, refer to annual report. As at 30-5-20, 9,906,400 shares in AA for cost RM7,707,901

Posted by cnman53 > 2020-11-18 16:54 | Report Abuse

Further comment on NAV return will be posted soon.

Posted by cnman53 > 2020-11-19 15:40 | Report Abuse

我的“iCapital.biz-再论资本投资的净值增长” 已经登出。

Posted by cnman53 > 2020-11-19 17:50 | Report Abuse

Further comment on iCap's NAV return is now posted.

Posted by fairplay > 2020-11-19 18:46 | Report Abuse

Can some shareholder share why iCapital stop having its "performance" independently verified after 31-1-2017, as stated in website icapital my? There is also an expense payment of RM10,000 incurred for review the company annual report. The performance of iCapital is shown in charts in the website and in annual report.
Are there other listed companies that pay to have its annual report Reviewed?

Posted by cnman53 > 2020-11-20 21:34 | Report Abuse

Can any one recall when was the last time you read about iCapital.biz Bhd's news from any of the major newspaper whether English or Chinese or Malay after 2015 AGM? This will be included in my further question in the 16th AGM.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2020-11-20 21:48 | Report Abuse

Please highlight your concerns in our local paper. This may lead to a response by icap before the AGM.

Posted by observatory > 2020-11-20 23:04 | Report Abuse

How about writing an email to the Minority Shareholders Watch Group (MSWG), highlighting questionable practices, back up with evidences?

Posted by enigmatic [control your emotions, discipline your mind] > 2020-11-21 01:35 | Report Abuse

"With every company, there is something to worry about, but the question is, which worries are valid and which are not?"---Peter Lynch

Posted by cnman53 > 2020-11-21 10:40 | Report Abuse

I notice from iCapital.biz Bhd's website that its newspaper media report on (or after) AGM were recorded until the 11th AGM (2015). After that there is no more record. Personally I have also not read any news on the company in local newspaper that I used to read. What has happened? Has the newspaper media lost their interest in reporting iCapital.biz? Or is it because iCapital.biz shunned the newspaper or some thing else?

Posted by cnman53 > 2020-11-21 10:43 | Report Abuse

As keen tracking of a company by newspaper is an economical means of propaganda for any company, if iCapital.biz were to shun the newspaper (hopefully not) , is it the best move?

Posted by observatory > 2020-11-21 15:29 | Report Abuse

@cnman53, from the self-interest of board and management perspective, I see no reason for iCap to seek media publicity unless they want to raise new capital (won't fly), or defend against another attempt by CoL to unseat the board.

Otherwise, the less publicity the better. Lack of outsiders' interest will not affect the management fee or board remuneration.

Posted by fairplay > 2020-11-21 16:17 | Report Abuse

Basic factor is investor interest gained with publicity for the interest of all shareholder. Now, iCapital is seeking Judicial Review against decision of regulator, Securities Commission. regarding shareholding limit of 20 per cent.
It is shareholders right to request at this AGM for the BOD to provide written correspondence and decision/ruling of SC on this matter, for justification.. There are other different court cases where the plaintiff(s) lost and judge issue award against them to pay SC for its legal fees.

Posted by cnman53 > 2020-11-21 20:43 | Report Abuse

iCapital.biz has on 18-10-2019 announced in Bursa that it has written officially to COL that it has infringed the 20% limit and also has asked it to reduce the shareholding to within the limit. As far as iCapital.biz is concerned, it has discharged its duty. It is actually the onus of COL to divest to come within the 20%.

Therefore it is an anomaly that iCapital.biz has to take the trouble to go for Judicial Review which is unnecessary and not to the benefit of the common share owners.

By having institutional investors in iCapital.biz, it can in fact increase the rational investor portion and reduce the noise trader portion. This should eventually narrow the gap between the NAV and market price.

iCapital.biz should welcome institutional investors instead of chasing them away. This is an unbelievable paradox.

Posted by cnman53 > 2020-11-21 20:45 | Report Abuse

I think this will be in my further questions in the 16th AGM.

Posted by cnman53 > 2020-11-21 20:47 | Report Abuse

Those of you who think my questions are valid, please second me by sending in your letters. You can copy my questions or use your own questions. The more the better. (But keep to the main issue of dual-listing as priority).