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This post has been edited by SKY 1809: Sep 5 2015, 01:21 AM

AGM next Saturday. Anybody attending? Would like somebody to ask fund manager why he doesn't buyback his own stock and cancel unit. 18% discount to NAV is easy win unless he thinks discount is warranted.

Maybe he knows something we don't. I would like to know answer despite not being a shareholder anymore (sold @ 2.3 after price spike 10% after I bought at 2.1).

Things should be interesting with an article in latest EDGE weekly on activist shareholder.

This post has been edited by myr.medinsurance: Sep 13 2015, 03:50 PM

Did TTB share any insights @ KLCC today?

I did not go to AGM but I did read an article in the Edge weekly on ICAP. In the article, Teng Boo was defending himself against criticism from activist shareholder, City of London Investment Management Co Ltd, that if his investment style is not right, they would not be building up their position in the closed-ended fund.

He did not answer how he would close the gap between NAV and market price. He might have done so at AGM.

Another possibility raised in the article is that the activist shareholder might block the re-election of board members and replace them with people that are friendly to them. If next announcement at bursa on outcome of AGM did not result in all items being passed, you will know that the activist shareholder has flexed their muscle and this will be a sign that there will be dividends or share buybacks in the future.

I am just interested to get an answer from Teng Boo on why he does not buyback shares at 2X% discount. It is an easy win unless the discount is justified by his management of the fund.

He did bot some Wellcall n Vitrox lately but cash level is very high @ 66%

Hoping City of London Investment Management "teach" some valuable"lesson" to TTB it's has been too long the fund holding very % of cash

TTB quote : Now I'm a lonely bear but when I'm a lonely bull, I will buy. Tat time will come but I dunno when.

Like dat ah? Wait many many years lah....donno still got money to buy food at such time to be thinking of buying shares...

See basically, he's got no balls to buy shares.
He has his luck...
Now he got from his luck, a reputation....
So why would he risk his reputation by taking unnecessary risk?
and most of all...
by doing absolutely nothing with all the excess money....
he still get paid 6 million plus a year.

do nothing... and get paid....

every year same...
rinse wash and repeat......

lol.... sibeh good life...





best of all....
he is the grand master sifu to all his supporters....

sifu never do no wrong, do they?

I wonder any of his supporters realize the 10 million plus losses in Parkson?

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....

This post has been edited by gark: Sep 20 2015, 07:06 PM

I know...
not sold means not loss...


that's the biggest lie an investor can tell themselves.....
cos a share is only worth what the current price....
the investor cannot sell at past prices...
and neither can they sell at future prices....




anyway, I saw in his recent annual report...

He had 'impaired losses' on MSC....

err... dunno what it means....

What Are Impairment Losses?
http://www.wisegeek.com/what-are-impairment-losses.htm

The newer FRS accounting is more stricter, they don't allow paper loss forever not being charged.

As seen from the impairment note posted.

Impairment :
A decline in fair value below the original cost of the equity instrument that had persisted for more than 9 to 12 months would generally be considered as "prolonged" hence impaired.

Lol impairment on a stock is gonna be messy... if the price improve later, they have add it back in as other income.

As per MFRS 139, there is no provision for timeline
As long as the fair value < cost, impairment will take place

Closed end fund hor.....

Bad investment decision also impaired ah?

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.