@dumbMoney. Good thing that you remained silent throughout the AGM and made postings here. Else will be blamed unfairly again.

Calling your name in specific during AGM even though you didn't even stood up to make any speech really surprised me.

3 possibilities
1. Jealous. He can't get into #1 MBA in the world. Petty. 🤡
2. What you said is true, like 20% foreign limit was not in the constitution, dividend irrelevant theorem, etc... Really threatened him.
3. More people agree with you... He gets more scrutiny.

😂😂

Data on the recent COL started to buy after iCAP lost the court case. Discounts narrowed from 33% to 21-23%, buying caused widened discount?

Date***********Qty share****closing price****Nav*****Discount
7/8/2023*****79,000********2.46************3.54*****33
10/8/2023***136,000*******2.46************3.56*****31
15/8/2023***162,000*******2.78************3.56*****22
16/8/2023***338,500*******2.81************3.56*****21
28/8/2023***132,000*******2.80***********3.61******22
14/9/2023****80,100*******2.77***********3.58******23

If they have paid close attentions to have we posted here, they should have anticipated the same questions will be raised.. quite surprise they brought up COL ownership caused the widening discounts. All along we keep saying the fund manager is sitting on his big fat cash waiting for a bear market caused the poor performance. Disappointed shareholders on the poor performance exited at big discounts as much as 43%. The market is discounting his cash of doing nothing.

Looks like they are recycling the same story like an old broken record.

Anyhow, still the same thing I want to say

I we don't take, he takes, better we take.

Despite of they overruled the theorem on the irrelevance dividend policy. 😞

So, did they said when it be implemented?

I have 3 things that I hope to see improvements

1. Apologize to all shareholders for the lost decade
2. Cake B, first do his "innovative dividend" tinge, then iCAP PUT(I can wait on iCAP PUT tinge)
3. Re-consider re-appointment of Tan Mun Ling.

The reasons already in my previous post. I don't want to be cheong hei!

Have a nice day.

I don't want to be active for the next few days unless someone use his golden finger to poke me.

Oh...cox I have only 1 share, selling it out will lose my right to "Ngo Yew Kong Yeah"(I want to say something)

Money is not everything if things get personal just like what he did to others.......

Everytime I "bau liu"(digging the fund manager closet), share price went up, did the fund manager support the share price? afraid to face shareholders? At least he can say in AGM, you see, lesser discounts now. I certainly didn't buy. The truth will come out after AGM. This is a real buying or just wayang kulit.

This country was making some small progress that got the fund manager bullish about our bursa because of a few people that will swear Nia Mah! instead of going to Australia to be apple pickers or HK to "sei tai pheng"? (washing plates) or US to pei shu zhai(peeling potatoes). Nia Mah!

I don't like the fund manager also but I can work with him, this is what I am doing now. This is heaven - small "h"😆.....if he has the sincerity, many small h will become big H......Heavens. He is running iCAP like another big H now.....Hells.

The fund manager needs to ask his conscience. "I know what you did last summer" What has he done to others: Public Enemy #1 tinge - far worst than I merely dug out the facts from his annual reports....did he fell embarrass? Not taking profit of 16 million in 2011 on Boustead? Or did he miss the signal the train was coming when Boustead suspended dividends? The dividend that I added back was not deducted on his 1.5% management fees on the yearly Fair Value and income tax, it is for sure less than $16 million, I didn't want to be so calculative....he knows how much he owes the shareholders for this one.

T Nia Mah! Amen.

I need to add back the dividend iCAP received for Boustead Holdings Berhad(BHB). Estimated about $ 16,822,767 through out the 16 years. BHB suspended dividends from 2019-2021 and paid the last dividend in 2022 and subsequently RIP.

Overall is about break even for iCAP and not 17 millions loss. You see I have been very fair. The fund manager will use his performance to compare to MSCI by excluding the dividends in his calculation!

I want to call him to put a stop on such thing. You see the 2 pictures?

If I use what he uses, he had a horrible losses and everybody wants his head to roll.

When I added back the dividend, instead of his head to roll, may be just a small slap.

Hopefully it's not another 16 years love affair with Boustead Holdings Berhad, ended up with tragedy.

Year*** Qty**********Cost********Fair Value****Profit/loss
2008** 2,070,400***8,793,554***10,973,120***2,179,566
2009** 3,248,500***13,084,667***13,708,670***624,003
2010****6,547,900***24,139,980****24,685,583***545,603
2011****6,547,900***24,139,980****40,073,148*** 15,933,168
2012***7,197,850***23,616,247****36,349,142**** 12,732,895
2013***6,197,850***21,122,656****31,732,992**** 10,610,336
2014***6,197,850***21,122,656****32,290,799**** 11,168,143
2015***6,197,850***21,122,656****24,791,400**** 3,668,744
2016***6,197,850***21,122,657****25,267,395**** 4,144,738
2017***12,147,786***27,444,475***32,191,633****4,747,158
2018***12,147,786***27,444,475***29,397,642***1,953,167
2019***12,147,786***27,444,475***13,605,520***-13,838,955
2020***12,147,786***27,444,475***8,442,710****-19,001,765
2021***12,147,786***27,444,474***7,470,888****-19,973,586
2022***12,147,786***27,444,475***9,110,839****-18,333,636
2023***12,147,786***27,444,475***10,386,357***-17,058,118 (Realiased RIP -62%) 😨

Lol! 😂😂

That's why the ended up selling nasi lemak and air tickets for other people 😂😂 provided they still can keep their planes! 🙄

For iCAP die hard fan....in the future, you monitor yourself on what your fund manager have bought for you the combo meals on CAPA
Counter ************************************************ Qty********Cost*****Cost per share*****Price 31/10/2023*** Fair Value
Capital A Berhad - Ordinary shares******CAPITAL-A****29,282,200**24,811,409** 0.85***0.84*** 24,597,048
Capital A Berhad - Redeemable Convertible Unsecured Islamic Debt Securities
******************************************CAPITALA-LA**9,760,733**7,320,550*** 0.75*** 0.87*** 8,491,838
Capital A Berhad - Warrants**
*****************************************CAPITALA-WA***4,880,366*****0**********0******0.375*** 1,830,137
Total cost 32,131,959 Fair Value 34,919,023
Gain 2,787,064
Gain % 8.7%

Chap sang!

😂😂 At least a KFC box....thought could be worse.....wrap in newspaper

My final view on the performance before somebody hit the nail on my coffin lid...

Stop talking nonsense about at the relative performance with the confusing gimmicks.

I think he should just shut his mouth.....show me the money......I call you lek chai when NAV = 5.00 in 2-3 years from today.....30/10/2023. Why talking nonsense with this MSCI that MSCI, this cash that cash! All thrash thrash!

Shareholders demographic since iCAP inception
'000 shares
(1)Year******(2)Company**(3)Individual**(4)Insiders**(5)Instituition**(6)Top 30 total***(7)The rest of us
2006***** 4,315**** 24,409**** 3,000**** 5,177****** 36,901******* 103,099
2007***** 4,928**** 21,712**** 3,000**** 5,200**** 34,840******* 105,160
2008***** 5,437**** 19,293**** 3,539**** 4,192**** 32,461******* 107,539
2009***** 5,514**** 19,069**** 3,689 ***** 1,397***** 29,669****** 110,331
2010***** 5,056**** 19,501**** 3,689****** 2,060***** 30,306 ****** 109,694
2011***** 5,263**** 20,143**** 3,389****** 8,432****** 37,227****** 102,773
2012**** 5,214**** 18,464*** 3,389******* 17,563**** 44,630****** 95,370
2013**** 5,698**** 21,616*** 3,489******* 15,727**** 46,530****** 93,470
2014**** 5,698**** 22,304*** 3,489******* 15,431**** 46,922****** 93,078
2015**** 5,698**** 22,635*** 3,489******* 18,086 **** 49,908****** 90,092
2016**** 5,698**** 17,510*** 3,489******* 18,850***** 45,547****** 94,453
2017**** 5,698**** 16,742*** 3,539******** 22,110**** 48,089****** 91,911
2018**** 5,698**** 16,943*** 2,800******** 26,428**** 51,869****** 88,131
2019**** 5,698**** 18,747*** 2,800******** 25,687***** 52,932***** 87,068
2020**** 5,629**** 20,866*** 2,800******** 27,767***** 57,062***** 82,938
2021**** 4,620**** 21,062*** 2,800******** 28,798***** 57,280***** 82,720
2022**** 5,608**** 18,653*** 4,775******** 30,454***** 59,490****** 80,510
2023**** 6,877**** 18,664*** 4,738********* 30,434***** 60,713******* 79,287

A few observations - % based Top 30 in 2023
1. Quite stable holding by company(5%)
2. Individuals-large - stable- (13%)
3. Institution quite a big increase but mainly by COL(22%)
3. Insiders increasing slowly(3%)
4. The rest of us has been declining very steadily from 103 million in 2006 to 79 million... I have no privilege to access, beyond top 30 largest shareholders, I believe the decline is even more serious because beyond top 30, not will be classified as individuals.

The writing is on the wall, the rest of using are losing faiths in the fund manager. Yet he is still lan si lan yeong. Instead of finding ways to regain our trust, he said NAV is his job, the rest, f U. He is shifting the blame to the "institutions".

He doesn't need to blame the rest of the institutions, there is only 1 institution(singular not plural, I got it right) COL is the largest holder. Hold a four-eye meeting with them, settle things privately. Don't drag the rest us into the muds. Nia mah!

@JohnD0ugh..I think I can save $49 annual subscription fees to iCAP since you are giving out freely these days.

Short reply to your long posting, another long reply later when I'm free:

The fund manager needs to change the color of his underwear, change from RED to BLUE. He is thinking RED color will bring him lucks forever. In case it doesn't work, switch to a RED panties....before he is losing his underwear or panties 😂😂

If he can just say like what 3i quoted:

"It is more honest to say I don't know and that my past predictions were sometimes very wrong."

He will get lesser bad lucks....how to be in good luck when so many people cursing you instead of blessing you?

If anyone of you have a book The Singapore story Memoirs of Lee Kuan Yew, read chapter 36. You know how certain party using media to their advantage. This is a business forum/blog. Let's stay away from politics related issues.

If we see news with political headlines, stay out from the crossfire.

As much as I have criticized the fund manager, we need to stay objective and rational. AK, hit out at the fund manager supported current government for his bullish call partly seeing positive changes & more stable government.

“If we look back at the five-year period from Jan 1, 2019, Bursa Malaysia only rose once to 1,707.73 points on Feb 1, 2019 when Tun Dr Mahathir Mohamad (who is known as Atok to Madani supporters) was the prime minister (PM) of the then PH government.”

Only to his advantage yea...the not relevant part...flush down to the toilet

but better don't praise you too much else the fund manager can get jealous....he can be very childish even coming to 70 years old

@dumbMoney - I think you are a real PHD holder but you are too humble about it and doesn't care about all with those title😂😂

*doesn't(correction)

That is why once the theorem is set and validated, it is very difficult to say gravity does exist!

So long story short, I believe simplest answer still, If I don't take, he takes, so better I take.

So I want to call his bluff, go ahead and get it done, see whether he can get it done in 3 months...if still ee...ehhh...eehh. then you know he is full of shits

But I believe your are real Dr.

@dumbMoney - paiseh....nowadays easy to impress people by just google up in the internet or ask Chat GPT. But can also buy a PHD Doctorate like Dr Lim from Top Glove😂😂

Teminal value = NAV/(d-g) where d is investor discount rate, g is iCAP management expected growth rate.

So it will become negative as soon as g > d, negative value is not adding value but subtracting value from sum of the PV of dividend d1/(1+d)+d2/(1+d)^2+......dn/(1+d)^n + NAV/(d-g)

It's more like a math logic, hopefully I got it right....1/2 past 6 student

Or actually real cost is 3 since that's all you paid regardless of invoice price. Sell price 7 - 3 = $ 4

Geng

@dumbMoney, since it's a free tutorial, I will try to thick face lo.

Chinaman business skill geng....Sell Price(7)-cost(10-3) = 0 but going IPO, get $ 4? His competitors die, his creditors die, IPO money masuk pocket.

😂😂

Yeah, bo choice😭😭 on his second variable on the formula...as you pointed out.

For a simple folk like me, 1%, 2%, 3%, 4%, 5% or 6%, dun care ady... Take any penny off the table. I don't take, he takes, so better I take. 😂😂

😝🙈

My final thoughts on iCAP innovative dividend – it’s time to call his bluff.

The fund manager has been very clever, every now and then, he will come out with programs to appease the shareholders. Unfortunately, each time a proposal was rejected, thing would end up with status quo.

The shareholders won many small battles but losing a war. Meaning, shareholders apa pun tak dapat while they continue to charge at FULL NAV! He just buys time goyang kaki and collect the toll fees! How shrewd!

We must not fall into his trap again and again. For pragmatic reasons, we should accept this proposal for a very good reason. It will help to reduce NAV ex-dividend hence it will reduce the management fees.

Assuming all takes cash, put the money in our own pockets.

Using last week 25/10/2023 NAV/share 3.52 for an example

NAV(before dividend) = RM 492 million ---> Management fees(1.5%) = RM 7.4 million

NAV(assume 15 million dividend paid) = RM 477 million(subtract 15 million from 492 milion) ---> Management fees(1.5%) = RM 7.15 million

Savings of management fees to shareholders = 245 k.

Do not under-estimate this small number, if we project it to 10 years out, cumulatively there will be a 2.45 million lesser management fees charge to the shareholders.

Even though I will accept it for the pragmatic reasons but for the record: I protest/disagree with the logics listed below here:

1. The innovative dividend payout formula is very negative(reactive) and having an implied 24% discount perpetually to get 4% dividend.

2. I am on the same page with dumbMoney:

(a) DRIP issued at a 10% discount is discriminatory to those shareholders who are willing to accept cash dividend.

(b) DRIP holders can always sell the “free 10% discount” shares that will create additional supply to the market that may leads to further discounts to NAV.

(c) The statement by iCAP saying this program will reduce price discounts. Strongly disagree. Will let someone to sort it out with the Dividend Irrelevance Theory at the Q&A session with the Koala Bear Professor. (P/S He solved the discount problems by using his own clients’ money, CDAM, to buy more shares)

This innovative dividend is only at the proposal level and is not a resolution to be voted. Don’t fall into his famous crying wolf( lang lai leh!), they are coming to murder the program again because they hate me. For the record, fund manager, Sarang Hae Yo! Chin chiah Sarang Hae Yo! 💞

We don’t need to be so “kan cheong”. When the times come, accept it - Vote FOR- put the money in our pockets for the pragmatic reasons despite of his flaw’s logics and unsound frameworks.

Have I given up the iCAP PUT? NO, NEVEEEER! But I can wait. Why?

Not urgent now because there is no IRRATIONAL discounts or PANICS (so ban ban lai). Will push hard after the dividend program is implemented. The logic is simple, your fund manager had done it via CDAM! Kamsiah lu, fund manager.

Each year we say NO, the fund manager will keep more money in his pockets. It’s time to call his bluff! Take the money OFF the table.

Those invested with hedge funds or PE and etc are high nett worth people. That is why a minimum nett worth not counting their house will be at least $ 3 million ringgit, losing $1 million Riggit won't kill them. But for those only have 500-1 million in their 50s, those with 100-200 k shares with iCAP, a mishaps, "Tzar doh mo ler"(semua hanggus).

iCAP is not a big issue at the moment except the fund manager is a bit actions....talk big sometimes, "si ai bein"(want face), insulting people especially people people disagree with him, seeking a BOD or from Michigan, from Beijing is OK. I merely want to give him a small slap on his wrist out of "Kong Wu Ye Hei". He got some inconsistencies on what he said and did. You have read those. He still got bottomline in his integrity. But this is a public company, a check and balance system needs to be there. I don't want my grandchildren to be a victim down the line if I choose to buy and hold forever. Who knows his successor becoming a Darth Vader and no more Yoda Master around? 😝....

For those those think corporate governance doesn't matter or buy and hold forever no need to think, here is a small recap on Pan-Electric Industries scandal. Tan Koon Swoon was the ex-president of MCA.

Pan-Electric Industries was a Singapore-based company that specialised in marine salvage work, and had 71 subsidiary companies, including hotel and property interests, with a market capitalization of S$230 million.[1][2] The company collapsed in December of 1985[3] due to massive unsettled forward contracts, forcing the Stock Exchange of Singapore (SES) and Kuala Lumpur Stock Exchange (KLSE) to shut down for three days.[4][5] At its demise, the company had a total debt of S$480 million, and all its shares held by 5,500 shareholders were found to be worthless overnight. As of 2000, it remains the largest corporate collapse in Singapore's history, and the only instance where the SES had to be unexpectedly closed.[1]

In the aftermath of the collapse, key people in the company such as Peter Tham, Tan Kok Liang, and Tan Koon Swan were prosecuted and given varying jail sentences. The collapse of the company shook public confidence in the SES, causing prices of stocks to plunge and resulted in the bankruptcy of some stockbroking firms.[6] New securities laws were introduced in March 1986 to ensure that stockbroking firms could protect themselves against credit risks.[1][7]

https://en.m.wikipedia.org/wiki/Pan-Electric_Industries

If you want to invest in any conglomerate with many subsidiaries, they can hide a lot of things.

This can be a topic we can talk about after AGM....I have a few more of my thoughts related to iCAP I want to share in the new few days.

I want to emphasize, iCAP IS NOT in this category. Second Repeat: ICAP IS NOT in this category. Third Repeat: iCAP IS NOT in this category.

@ 3i - My apology to you accusing you iCAP machai. You suddenly drown me with messages that day esspecially a lot of them with very distinct black twisted Ceasar 2012 coup. We are good, will be friend. Plese also fire me if sometimes I talk nonsense. Cheers. Morning beers 🍻

Ya..you are out from Kong Wu long time ago, I think. The wild wild west apa pun boleh...like UEM-Renong, Bank Bumiputra scandals etc...that's the topic for another day.

Haiz... Nia Mah😤

Here are the purchases by CDAM since iCAP inception extracted from Top 30 largest shareholders

'000***** # of shares****Changes***Remarks
2006***********Not in Top 30
2007***********Not in Top 30
2008****** 539**** + 539 ***2007-2008 Global Financial Crisis, discounts to NAV 6-13%
2009****** 689**** +150****2007-2008 Global Financial Crisis, discounts to NAV 7-12%
2010****** 689*** + 0
2011****** 689*** +0
2012****** 689*** +0
2013****** 689*** +0
2014****** 689*** +0
2015****** 689*** +0
2016****** 689*** +0
2017****** 739*** +50
2018************Drop off from Top 30
2019************Drop off from Top 30
2020************Drop off from Top 30
2021************Drop off from Top 30
2022****** 1,860***** +1,121******Discount to NAV 30-40%
2023****** 3,077***** +1,217******Discount to NAV 30-40%, until recently(Sept-Oct) 25% range. Most purchased done earlier than August 2023

You can see clearly his buying behavior fitted exactly what I described as iCAP PUT. He stepped in during the Great Financial Crisis even though the discounts were not that fantastics. He even boasted it's very resilient against KLCI. Of course he didn't shout, hey guys and gals, I am buying. Only in retrospective, when I put on a microscope on him, found out he did it out of his natural instincts to buy during panics.

In other years that he didn't buy anything, the discounts to NAV ranges in between 20 - 25%. (More rational level)

He stepped in again when discounts were widening of which I called IRRATIONAL levels. I am going keep eye on him whether he will continue to buy when it reaches 20-25% range or till the discounts reaches 0-10%. If he did, my only conclusion is he wants to gain more controls via CDAM or his other investment vehicles.

This is why I'm pissed off when he consistently refusing SBB to buy on behalf of iCAP's shareholders, especially now he decided to return a portion of cash back to shareholders.

I am perfectly happy if he buys only 4 out of 18 years. Denying iCAP PUT is like denying gravity doesn't exist-- something I could not swallow. I don't think other shareholders can if they see this.

This data clearly defined what is a horse. PANICS, RATIONAL and IRRATIONAL discounts.

Lo fu, Lo chai loh .....no problemo.....choi -- cheong hei(long winded)😜

The fund manager didn't answer my call, thinking I want to sell him personal loan 😂😂

Someone told me, publicly they cannot tell the whole world discounts is not their problem. But privately they have engineered equivalent to iCAP SBB by using CDAM to buy iCAP shares. But they also said, they cannot give COL the credits because right after the injunction lifted, COL started to buy from 7 August - 15 September, the share price had a massive breakout from 2.3 till 2.9++. During these periods, COL accounted for almost 36% of the buying activities. In the same period, CDMA bought very little shares but was getting jealous. So, iCAP stopped COL from buying with SICDA and the roadshows. And then, and then ah...... CDAM just keep buying on dips.

Sekian terima kasih, laporan terkini daripade berite "3(Sam) Ku 6(Loke) Poh"

>>>>>>>>>>>>>
@FastMoney How many times must I tell you that the discount is not management's problem, it is the shareholders' who ask them crazy enough to sell at a discount in the first place. As far as the manager is concerned, his KPI is NAV and his fees are based on that, not market cap. Different pages on the same book, and since your Chinese is so geng one, same bed, but different dreams
>>>>>>>>>>>>>>

@dumbMoney - today eat wrong medicine ya....😂😂 or you went shopping buying a black hat? 😂😂

Why ask me so many tough questions......wait ha, I call the fund manager and get an answer for you.

*poor fund manager. Normally I always pity old people

@Zhangwin, you must be new to this channel....some answers can be found in our FAQs especially after dumbMoney and I sparred almost 300 posts. Short answer: CDAM bought a lot of shares by eliminating his competition COL!

Now a bit long answer.

If you are new to iCapital.biz, you must work hard ya. Because the fund manager will always project his performance in the most positive way. Not wrong but as an investor, must do homework ya.

Now a little bit long answer.

In 2018, iCAP NAV was almost $3.70, then it went down a lot lau sai until $2.8. Then its NAV hit more than $ 4 in mid 2011, then it lau sai, dropped as low as 3.2 and there you are now around 3.50. if you take 2.8 the low lau sai point or some where around there, it's look very good like you said about 32.7% but my calculation is less than that.

So hindsight ya...if the fund manager manage to take profit for the last 2-3 cycles, then our poor almost coming to70s don't have to do so many roadshows.


Visit our channel frequently ya.

Cheers!!🍻

@dumbMoney - CDAM is welcome to buy, why 25% only le? I always wanted him to buy till 38% . Like i3lurker always said iCAP fengshui is very bad, he is welcomed to take it back at anytime....but make sure those discounts disappear first.

"‘Now, what I want is, Facts. Teach these boys and girls nothing but Facts. Facts alone
are wanted in life. Plant nothing else, and root out everything else. You can only form
the minds of reasoning animals upon Facts: nothing else will ever be of any service to
them. This is the principle on which I bring up my own children, and this is the
principle on which I bring up these children. Stick to Facts, sir!’"

"‘Bitzer,’ said Thomas Gradgrind. ‘Your definition of a horse.’

‘Quadruped. Graminivorous. Forty teeth, namely twenty-four grinders, four eye-teeth,
and twelve incisive. Sheds coat in the spring; in marshy countries, sheds hoofs,
too. Hoofs hard, but requiring to be shod with iron. Age known by marks in
mouth.’ Thus (and much more) Bitzer.

‘Now girl number twenty,’ said Mr. Gradgrind. ‘You know what a horse is.’"

Hard Times by Charles Dickens

I need wrap up the "Brutus" Conspiracy theory and moving on to other things.

I went back to 2012 AGM Meeting Minutes

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download/?name=EA_GM_Attachments&id=6053

Numbers don't lies. It is super easy understand why such a small issue had been blown out of proportions - Making a big mountain out of a small molehill.

There were 8 nominees - 5 seeking re-elections and 3 new nominees. Here were the results:

1 Datuk Ng Peng Hong @ Ng Peng Hay(Re-election)
For/% 80,795,355 / 95.88%
Against/% 3,473,000 / 4.12%
Total 84,268,355

2 Dato’ Dr. Norraesah Binti Mohamad(Re-election)
For/% 82,907,654 / 98.36%
Against/% 1,380,401 / 1.64%
Total 84,288,055

3 Tunku Abdul Aziz Bin Tunku Ibrahim(Re-election)
For/% 79,027,655 / 96.88%
Against/% 2,546,200 / 3.12%
Total 81,573,855

4 YM Tunku Tan Sri Dato’ Seri Ahmad Bin Tunku Yahaya(Re-election)
For/% 73,674,455 / 87.85%
Against/% 10,188,400 / 12.15%
Total 83,862,855

5 Tan Ang Meng(Relection)
For/% 74,203,705 / 87.48%
Against/% 10,615,150 / 12.52%
Total 84,818,855

6 Andrew Pegge(Laxey Partner) ** NEW**
For/% 11,347,951 / 13.44%
Against/% 73,110,804 / 86.56%
Total 84,458,755

7 Lo Kok Kee(iCAP Member nomination) **NEW**
For/% 10,637,601 / 12.63%
Against/% 73,606,654 / 87.37%
Total 84,244,255

8 Low Nyap Heng(COL) ** NEW **
For/% 11,138,951 / 13.2%
Against/% 73,122,204 / 86.8%
Total 84,261,155

At that point of time, Laxey has about 9.6 million shares and COL has 9.3 million shares.

If it is true that COL+ Laxey joint hands, you will see at least 18.9 million shares(9.6+9.3 million-kingdee math) for COL and Laxey each. On the contrary, COL had only 11.1 million and Laxey 11.3 million. That means they gi gi ku gi gi(teow chew lang saying) – each take care of themselves. It is totally untrue when I read another report in the news paper that Laxey asked people to vote for all 3 of them. Numbers said otherwise, you know who is telling the truth!

2. COL, Laxey and Lo were extremely professional, for those qualified directors, they voted for them. That is why you can see 97- 98%. If all 3 of them voted against, you will have to subtract 30+millions resulted they received only about 70%.

3. There were 2 directors that seeking reelection received 12% against votes, this must be either 1 of the 3 parties voted against them. Rumors had it, COL objected one of the directors age was above 70 years old that need special resolutions. Despite that the director received > 75% approval. Hence re-elected. This riled the fund manager as reported by the Star.

Looking purely on the "facts", I don't think it fit the theory of sacking all the BODs that seeking re-election and installed new directors, took over the company and liquidate them. It is total UNTRUE! I am not smart but definite not a PAK CHEE kia.

I rest my case and do not think I need to waste time to dwell in this topic. It is incurable if the Brutus conspiracy magic spells created by the fund manager still bonding you.

By looking into today's share price, people believe is more convinced that liquidation is out of the questions and taking some money off the table. Whoever want to stay, it is only betting on the fund manager will perform or perhaps still hanging on a small hope of improved governance. This could be his last chance. Don't screw it up!

No problem...I googled that and got it translated...need the original Mandarin to understand it. You have done that....I am just geh poh geh poh. 😂😂

Haha! As an Asian, certain words are best to say it in Asians way -- can't find it in English. We will know exactly what it means without wasting our breath("sai hei").....Jalan jalan in Kong Wu, cari makan in Malaya needs to know a few dialects. 😂😂