I have also requested a copy of M&A from Boardroom Shares Registrar SB (the virtual 16th AGM RPV provider) and hopefully can receive it soon.

In fact I am looking forward to City of London to present their comment here as well.

A forum where we can have graphics, slides etc will be even better.

AGM is not a good platform for ordinary stockowner to present their views because of time facility constraint of the meeting environment. We need forum like this to see all comments from stockowners or speculators alike. A real good company will stand the test from scrutiny from friends or enemy alike.

I am a stockowner of iCapital.biz since its inception and had been following iCap news, advice and AGMs throughout its history.

I had left it to be in the safe hand of its manager and never did any homework.

Now finally I think I have to do some homework.

I will be giving my comments from now on. For graphic presentation I hope I can find a way to publish in i3 blog.

I have also posted the same information on my Blog with i3 if it can appear.

Why my posting regarding HKEX dual listing rules first posted on 24 Oct has disappeared?
Similarly, today I have just posted the same again and it does not appear?

Can anybody help?

Notice of iCapital.biz 16th AGM is out. It will be a virtual AGM online.

Date of AGM is 9.00 am 28 Nov 2020.

To attend you need to
1)Register as a user with Boardroom Smart Investor Portal
https://boardroomlimited.my

2)Then Submit request for remote participation also at
https://boardroomlimited.my

before 9 a.m 26 Nov 2020 (preferably at least 10 days before)

To field questions at the AGM, you need to comply with the following:

Mode of Communication during the virtual AGM:-

1. Submit questions to the Board prior to the 16th AGM by
emailing to enquiries@cdam.biz
no later than 9.00 a.m. on Thursday, 26 November 2020.

2. Post questions to the Board via real time submission of typed
texts at https://web.lumiagm.com/ during live streaming of the 16th AGM.

On 28 Nov 2020 before 9.00am log in to the website below
https://web.lumiagm.com/

For further details, please refer to the announcement on Bursa website.

observatory
ICAP’s under-performance over the years is one thing. A bigger problem is poor corporate governance.

As I’ve mentioned in my comments in July, and others have also pointed out, the fund manager holds more than 60% of assets under management in cash. Its cash position was even higher in earlier years.

ICAP shareholders get zero return for those cash position. Why? Even if ICAP gets a 2% FD rate, it has to pay a quarter or 0.5% as profit tax to the Malaysian government. The remaining 1.5% return goes to the fund manager. This leaves fundholders with nothing! The large cash position basically offers the fund manager a stable stream of fees!

The second problem is buried in the ICAP 2020 Annual Report. The fund wasted almost RM7 million of fundholder’s capital on the futile dual-listing project. But this is all the directors got to say “The results of the operations of your Fund during the financial year were not, in the opinion of the directors, substantially affected by any item, transaction or event of a material and unusual nature other than the dual-listing project expenses as disclosed in the statement of profit or loss and other comprehensive income.”

Hello! Can the directors at least give some indication of whether the Fund Manager, Capital Dynamics Asset Management Sdn Bhd (“CDAM”), shared some of the cost for promoting this failed idea when it was challenged by the City of London (CoL)? Or was it an impromptu diversion tactic then with the cost borne by ICAP shareholders?
20/10/2020 6:20 PM





Mr Observatory
Are you kidding? The fund wasted almost RM7 million of fundholder's capital on the futile dual-listing project?

Incredible! For those who have been following Mr Tan's investment philosophy (and life's philosophy) and iCapital.biz Annual General Meetings (AGMs), Mr Tan is a man whose words are his bond which I had no doubt. And Mr Tan did declare in at least one of the AGMs that he is a man of his words.

And the motto of CDAM and in extension iCapital.biz has always been the 3 i that is Independent, Intelligence and Integrity. And this has become my life philosophy.

For those who have followed iCapital.biz's AGMs without fail, they should have heard Mr Tan had declared in at least one of the AGMs humbly but heroically that he has gone ahead with the arduous task of seeking dual-listing for iCapital.biz in Hong Kong with his own (CDAM) fund.

So I think the reimbursement must have been forced on to Mr Tan by our independent and intelligent board of directors, out of gratitude. But this would have done more injustice to Mr Tan than showing gratitude as it is tantamount to putting his words back to his mouth.

Talking about the recent resignation of two directors, to be fair it is high time that the representative from City of London be given a place on the board since they represent the biggest shareholding and also come with institutional expertise.

The Judicial Review sought for the 20% limit infringement by City of London, although can be said to be a necessary approach by the Management to clear out on the Security Commission listing rules on single shareholder, but it smells of bad faith for investors who have been with the company all along, knowing the sour relationship between City of London and Mr Tan Teng Boo.

In retrospect, seeking duo listing in Hong Kong was not a wise move. Even if it had materialised, I think given the highly savvy investors environment in Hong Kong, iCapital will not have fared any better there.

With due respect to Mr Tan Teng Beng's personal investment philosophy, I think his investment acumen is not too impressive. This is based on the portfolio of shares that he has been holding in iCapital.biz. Not a single company can be said to show potential for growth. Some are rotten eggs which should have been tossed long time ago. Although holding cash is not an issue by itself, but if the ability to pick the right target companies to be invested is not there, how good will the cash be used even if it is invested later?