Yes

As per TTB, Fund can b liquidated if shareholders vote for it

Seems like the saga between TTB and Laxey still there.

http://www.thestar.com.my/Business/Busines...from/?style=biz

Scary.. just imagine everyone voting to liquidate in a crash.

Luckily sold @ RM2.50 just before the Laxey EGM back in 2012.

What so scary?

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!


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?

let me know...u need mine support

I give mine proxy 2 u.

For fund as a stock, I think one should hold.




There's too much money in the fund......

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.

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?

This post has been edited by yhtan: Nov 19 2014, 12:48 AM

In fact, now it's time to Liquidate since he said valuation is HIGH

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.

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

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.....

Don't worry. Be Happy!

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

Question.....

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



Anyone still remember?
Anyone still care?

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

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)

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

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