Shareholders should push for share buyback by ICAP at AGM. Current market price is 20 - 30% below NAV. If ICAP buyback shares and CANCELS units, that will increase NAV per unit of each share of those who still believe in fund manager while allowing those who have lost faith to get back money at a smaller discount to NAV.

However, this act will decrease total fund size (and thus manager fee). So, hard to ask turkeys to vote for Christmas. Fund manager won't do it unless forced to.

I think share buyback would be a good compromise between totally dissolving fund (killing the fund manager's golden goose) and just continue business as usual (forcing shareholders to hold shares at discount to NAV).

Anyway, dissolving the fund when market is down is the worst decision to make. Better to wait for recovery and look at his performance. If he underperforms KLCI, time to dissolve fund. Fund manager that cannot make the cut should not hold shareholders hostage.

Maybe a minority shareholder can raise this issue at AGM and see who around him supports him. If no response, then time to quietly sell out.

My 2 cents.

TTB won't use existing Cash to buyback shares

For those who invested from Day 1, at least you get your capital back + some profit. Can be a lot worse.

As long not sold, the losses cannot be charged out...    not only parkson, but tong herr also, he slowly selll and offset the losses.

Anyway interest received  can cover liao....

Funny, everything is publicly listed, why the need to resort to impairment?

Why can't they operate like unit trust or etf where nav reflect latest market price.

Does that mean that NAV provided weekly does not sync with asset and liability of fund due to how profit and loss is accounted for?

I would imagine that NAV = assets - liability

If the assets are based on historical price or what is considered fair price rather than latest market price, won't there be a divergence between NAV and what you would get if you liquidate all assets at market price and pay off all debt?

Why resort to this when everything is transparent on stock market unless you want to take the average market price of share over a a time period (e.g. a year)?

Can see but cannot touch... not unless TTB.. retires.. 

Many have tried and fail.. TTB.. have many macai to support him. 

In response, the fund had said that a share buyback would destroy value for a close-end fund like icapital.biz. “Cash is raw material for icapital.biz. The more the shares repurchased, the lesser the capital or assets available for investments to generate capital appreciation which would lead to higher NAV growth,” said Tan Teng Boo, the designated person for icapital.biz.