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> ICAP, traded price higher than NAV

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wil-i-am
post Nov 17 2014, 08:18 AM

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QUOTE(highcourt @ Nov 17 2014, 07:20 AM)
Is ICAP still holding Parkson? TTB was very bullish about it but Parkson is not doing good at all.
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Yes
wil-i-am
post Nov 18 2014, 01:58 PM

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As per TTB, Fund can b liquidated if shareholders vote for it
cherroy
post Nov 18 2014, 02:09 PM

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Seems like the saga between TTB and Laxey still there.

http://www.thestar.com.my/Business/Busines...from/?style=biz
wodenus
post Nov 18 2014, 02:36 PM

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QUOTE(wil-i-am @ Nov 18 2014, 01:58 PM)
As per TTB, Fund can b liquidated if shareholders vote for it
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Scary.. just imagine everyone voting to liquidate in a crash.
ZeaXG
post Nov 18 2014, 03:37 PM

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Luckily sold @ RM2.50 just before the Laxey EGM back in 2012.
Boon3
post Nov 18 2014, 04:22 PM

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QUOTE(wodenus @ Nov 18 2014, 02:36 PM)
Scary.. just imagine everyone voting to liquidate in a crash.
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laugh.gif

What so scary? tongue.gif

If Teng Boo isn't willing to invest/put more money into the market then by right, he should return it to the shareholders.

He cannot be every year since 2010, hold EXPENSIVE AGMS....
Sing songs too!! (apparently!)...
and every year cry out loud say market is expensive....
and yet.... every single year market proves him wrong! tongue.gif


What does he really expect?
Sit every year and collect his BIG FAT fees (as shown clearly in past few pages) and expect everyone to be OK with him.

It's a listed CLOSED END FUND laaa....
he's paid to make money for the money.... no?

whistling.gif
felixmask
post Nov 18 2014, 04:35 PM

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QUOTE(Boon3 @ Nov 18 2014, 04:22 PM)
laugh.gif

What so scary? tongue.gif

If Teng Boo isn't willing to invest/put more money into the market then by right, he should return it to the shareholders.

He cannot be every year since 2010, hold EXPENSIVE AGMS....
Sing songs too!! (apparently!)...
and every year cry out loud say market is expensive....
and yet.... every single year market proves him wrong! tongue.gif
What does he really expect?
Sit every year and collect his BIG FAT fees (as shown clearly in past few pages) and expect everyone to be OK with him.

It's a listed CLOSED END FUND laaa....
he's paid to make money for the money.... no?

whistling.gif
*
let me know...u need mine support

I give mine proxy 2 u.
Boon3
post Nov 18 2014, 04:40 PM

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QUOTE(felixmask @ Nov 18 2014, 04:35 PM)
let me know...u need mine support

I give mine proxy 2 u.
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For fund as a stock, I think one should hold. tongue.gif

laugh.gif


There's too much money in the fund...... whistling.gif
cherroy
post Nov 18 2014, 04:45 PM

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QUOTE(wodenus @ Nov 18 2014, 02:36 PM)
Scary.. just imagine everyone voting to liquidate in a crash.
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High redemption of mutual fund, open ended fund during market crash is quite a norm as well.
It is investors money, they decide what to do with their money. I don't see anything wrong nor scary about it.






yhtan
post Nov 18 2014, 06:02 PM

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QUOTE(cherroy @ Nov 18 2014, 02:09 PM)
Seems like the saga between TTB and Laxey still there.

http://www.thestar.com.my/Business/Busines...from/?style=biz
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QUOTE
In what Tan construed as the bigger scheme of things, he questioned if their motives were aligned with the long-term interest of icapital and its other 3,000 over shareholders.

“The real issue is whether the 11.39% should control icapital. If they can block the reappointment of one director with only an 11.39% share ownership, what is there to prevent them from abusing their power again?”

He said shareholders who opposed the resolution should issue a statement on their rationale for doing so, even though it was not required from a procedural and legislative perspective.
Look at his reply, it sound like he is representing the rest of shareholders.

Laxey and London has 11.39% stake in the Company, now they have the rights to vote against any resolution which they do not favor.

What TTB have to do now is obtain enough support to vote for Tunku instead ranting over in media.

QUOTE
Tan has requested for City of London to send a representative to the adjourned AGM to explain its rationale for the opposition.


Even major shareholders oppose also need to clarify?

This post has been edited by yhtan: Nov 19 2014, 12:48 AM
wil-i-am
post Nov 18 2014, 09:05 PM

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QUOTE(wodenus @ Nov 18 2014, 02:36 PM)
Scary.. just imagine everyone voting to liquidate in a crash.
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In fact, now it's time to Liquidate since he said valuation is HIGH
cherroy
post Nov 18 2014, 09:13 PM

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QUOTE(yhtan @ Nov 18 2014, 06:02 PM)
Look at his reply, it sound like he is representing the rest of shareholders.

Laxey and London has 11.39% stake in the Company, now they has the rights to vote against any resolution which they do not favor.

What TTB have to do now is obtain enough support to vote for Tunku instead ranting over in media.
Even major shareholders oppose also need to clarify?
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Yalor, everyone has a right to vote or against any resolution, this is basic right of shareholders.

Shareholders shouldn't be just like stamping machine, accept whatever resolution thrown at them.

It is board of director that always need to answer to the shareholders to whatever resolution,
not the other way round, that shareholders need to give answer why they agree/object a resolution. rclxub.gif
yok70
post Nov 19 2014, 04:31 AM

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Two best options for me on ICAP as a "tiny“ shareholder:

1. follow how Apple does: buyback + dividend (say 3% yield based on NAV, not share price). This way, dividend should be increasing (based on TTB's historical performance) year after year, share price will catch up, I'm pretty sure.

2. just shut up and liquidate

biggrin.gif


Boon3
post Nov 19 2014, 08:19 AM

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QUOTE(yhtan @ Nov 18 2014, 06:02 PM)
Look at his reply, it sound like he is representing the rest of shareholders.

Laxey and London has 11.39% stake in the Company, now they have the rights to vote against any resolution which they do not favor.

What TTB have to do now is obtain enough support to vote for Tunku instead ranting over in media.
Even major shareholders oppose also need to clarify?
*
doh.gif

That ranting part via media is so appalling and sickening!

Is this part of Malaysian culture?

Actually the solution is quite simple....
Liquidate or....
Teng Boo should just shut his mouth and for once, instead of sitting on his ass, he should for once START WORKING as a fund manager...
and go make money for his closed end fund.

Said so many times already....
Adapting a cash policy while the market is zooming higher and higher each year for the past donkey years just proves that Teng Boo got his market strategy horribly wrong.

Go get him to work hor..... laugh.gif laugh.gif laugh.gif



whistling.gif



prophetjul
post Nov 19 2014, 03:24 PM

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QUOTE(Boon3 @ Nov 19 2014, 08:19 AM)
doh.gif

That ranting part via media is so appalling and sickening!

Is this part of Malaysian culture?

Actually the solution is quite simple....
Liquidate or....
Teng Boo should just shut his mouth and for once, instead of sitting on his ass, he should for once START WORKING as a fund manager...
and go make money for his closed end fund.

Said so many times already....
Adapting a cash policy while the market is zooming higher and higher each year for the past donkey years just proves that Teng Boo got his market strategy horribly wrong.

Go get him to work hor.....  laugh.gif  laugh.gif  laugh.gif
whistling.gif
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Don't worry. Be Happy!

TTb will be right ONE fine day. A broken clock is right twice a day. laugh.gif
Boon3
post Nov 19 2014, 08:23 PM

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QUOTE(prophetjul @ Nov 19 2014, 03:24 PM)
Don't worry. Be Happy!

TTb will be right ONE fine day.  A broken clock is right twice a day.  laugh.gif
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laugh.gif

Question.....

Whatever happen to that compounded NAV target promised by Teng Boo?

whistling.gif

Anyone still remember?
Anyone still care?

tongue.gif
wodenus
post Nov 21 2014, 10:53 PM

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QUOTE(cherroy @ Nov 18 2014, 04:45 PM)
High redemption of mutual fund, open ended fund during market crash is quite a norm as well.
It is investors money, they decide what to do with their money. I don't see anything wrong nor scary about it.
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If they vote to liquidate the fund you are invested in, you will be forced to liquidate as well. So anyone with a controlling interest has the power to tell you what to do with the money you invested with them tongue.gif

cherroy
post Nov 22 2014, 09:22 AM

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QUOTE(wodenus @ Nov 21 2014, 10:53 PM)
If they vote to liquidate the fund you are invested in, you will be forced to liquidate as well. So anyone with a controlling interest has the power to tell you what to do with the money you invested with them tongue.gif
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That's the disadvantage of closed ended fund, and one of many reason why closed ended fund is not popular due to lot of disadvantage compared to open ended mutual fund.
Having said that, it is same with ordinary listed company, if major shareholders voted yes on whatever resolution, minority which less than 50% is powerless to object as well.

Closed ended fund is good for fund manager to operate as
1. They don't need to worry about redemption issue.
2. Fund management fee collected is rather fixed due to fund size remain the same throughout, while open ended fund size vary each day due to redemption/reinvestment whereby fund manager normally collect management fee based on total asset they managed.

As investors, I prefer open ended,
as
a. I don't need to worry the price difference between NAV and share price.
b. I can redeem at anytime at any amount, as for closed ended fund, if there is no buyer in the market, I may need to sell at lower price in the open market which back to (a)


wodenus
post Nov 22 2014, 11:58 AM

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QUOTE(cherroy @ Nov 22 2014, 09:22 AM)
That's the disadvantage of closed ended fund, and one of many reason why closed ended fund is not popular due to lot of disadvantage compared to open ended mutual fund.
Having said that, it is same with ordinary listed company, if major shareholders voted yes on whatever resolution, minority which less than 50% is powerless to object as well.


The key difference is the size of that majority. In a large listed company, the majority can run into millions. It's possible I guess to convince a few million people to liquidate, but it can't be as easy as convincing 50 people smile.gif

yhtan
post Nov 24 2014, 08:05 PM

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http://klse.i3investor.com/blogs/kcchongnz/64846.jsp

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