Posted by FastMoney666 > 2023-12-30 11:54 | Report Abuse

These are great questions. They are trying -- not sure will succeed or not -- monetized AA brand. It will be 1 time massive gain about RM 5 bln in P&L if they succeed. Malaysia apa pun bolih?

Posted by Sslee > 2023-12-30 13:11 | Report Abuse

Capital A’s aviation division already can't make money after paying the lease payment. Now on top of lease payment another loyalty fees payment to Brand AA.

Can CapA's aviation aka taxi driver able to survive?

Posted by Sslee > 2023-12-30 13:14 | Report Abuse

The billion dollar question: Will AAX take over capA's aviation?

Are we looking at another round of AAX debts restructure of paying 0.5 cent for every dollar owed, capital reduction and share consolidation 10 to 1?

Posted by stockraider > 2023-12-30 13:26 | Report Abuse

Raider says exposure to cap A is like previous exposure to Serba.....the faster Icap unlocked Cap A, the safer safeguard for Icap shareholders loh !

Cap A is just a ticking time bomb loh!

Posted by FastMoney666 > 2023-12-30 13:33 | Report Abuse

Forget it la....the fund manager will not listen one la...he got strong followers will back him all the time. Just like AGM or EGM....yesterday voting results on DRIP, he won hands down

Posted by FastMoney666 > 2023-12-30 13:36 | Report Abuse

There was 60% of 140 mln voting right casted yesterday. 51 mln for, 33 mln against, he got 18 mln more votes.

Posted by FastMoney666 > 2023-12-30 13:38 | Report Abuse

Everytime you air different opinions, he Macai will invite you to his den in AGM or EGM.....

Posted by stockraider > 2023-12-30 14:04 | Report Abuse

When come to voting for ICAP liquidations it is a different ball game mah!

Posted by dumbMoney > 2023-12-30 15:29 | Report Abuse

@stockraider You can dream on about the liquidation, which requires 75% shareholders approval. All that is needed is a 25% vote to block any such proposals. With the DRIP, there will be a slow drift in the shareholders' demographics. It will be like the country, those who don't like the system will migrate, those who stay behind and have children will increase in the racial composition. So same with iCap. Those who take cash dividend will be diluted by those who take the DRIP, and we all know who the latter will vote for. This is part of the takeover proof defense build up, along with the now injuncted foreign shareholders limit.

Posted by JohnD0ugh > 2023-12-31 23:38 | Report Abuse

Another significant contribution towards society was "Aid Xinyang", a project initiated by Teng Boo in 2020 to help the medical staff of Xinyang city in Hubei province in China during the Covid-19 outbreak. He was moved to lend a helping hand when he found out that Xinyang city did not receive sufficient resources from the Chinese government who were prioritizing assisting Wuhan City and Hubei Province. Hence, the funds raised were used to purchase gloves, masks, personal protective equipment and other medical supplies for the healthcare front liners and donated through Xinyang City Red Cross.

In the realm of business, his strategic leadership has been pivotal to Capital Dynamics' success and he has achieved notable distinctions in the professional and business arenas. Guided by Teng Boo's philosophy and values, Capital Dynamics (Australia) Limited intentionally applied for and obtained a retail Australian Financial Services License (AFSL) - the first Asian fund manager to obtain such an AFSL. The same applies to Capital Dynamics Asset Management (HK) Pte Ltd which obtained a retail Type 9 (Asset Management) license in Hong Kong - the first ASEAN fund manager to do so. Capital Dynamics Sdn Bhd is the first independent Investment Adviser to be licensed in Malaysia. These are in line with his focus on serving and helping individual investors."

Sadly, it has to take a foreign university to appreciate and recognise what Tan Teng Boo has been contributing to society all these years. What i Capital and Tan Teng Boo believe in and fight for are broadly similar to the vision of the UTS Business School: " to be a socially committed business school focused on developing and sharing knowledge for an innovative, sustainable, prosperous economy in a fairer world."


i Capital Newsletter Volume 35 Issue 12

Posted by Sslee > 2024-01-01 07:45 | Report Abuse

Charity begins at home. If TTB has done so then icap shareholders will have a happy lot instead of venting their dissatisfied at i3investor.

Posted by WolvesOfBursa > 2024-01-01 09:50 | Report Abuse

@JohnDough
IF YOU ARE THE FUND MANAGER OF ICAP, will you please stop flaunting yourself in public forums? It’s sickening to see your self-promotion posting. It’s against Chinese teaching – “stay humble”.

If finance journals or fund managers praise you, it carries weight. But if you must do it on your own, it’s as if you’re trying to get public attention, and the reasons behind your donation become questionable.

I don’t see you focused on developing & sharing knowledge for a more innovative, sustainable & prosperous economy. Instead, you focus on scaring the West for everything, praise China, spread your personal ideology and attack those who question you like a cult leader.

Your company can get all the licenses in the world. But at the end of the day, you’ll only be judged based on fund performance. I sincerely hope your fund result eventually surpasses the western legends or Coldeye Fong, whose personal wealth is even greater than the NAV of your fund. Then I can put my money in your fund.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-01-01 11:32 | Report Abuse

<<

The same applies to Capital Dynamics Asset Management (HK) Pte Ltd which obtained a retail Type 9 (Asset Management) license in Hong Kong - the first ASEAN fund manager to do so. Capital Dynamics Sdn Bhd is the first independent Investment Adviser to be licensed in Malaysia. These are in line with his focus on serving and helping individual investors."

<<<


It is only obvious that fund manager wishes to grow the AUM; thus the creation of many funds. Of course, "focus on serving and helping individual investors" is an alternate way justifying the fund.


John Bogle, the founder of Vanguard S&P 500 index fund is truly the hero of the small individual investors, especially in keeping the costs low and delivering long term market return.

Posted by speakup > 2024-01-01 11:39 | Report Abuse

https://www.thestar.com.my/news/nation/2024/01/01/039kepung-demi-palestin039-protesters-call-for-permanent-ceasefire-in-gaza-as-2024-rolls-in
how come takde protest against Russia in Russia-Ukraine war???? does it mean malaysia support the slaughter of Ukrainians by the Russians?

Posted by zhangwin > 2024-01-01 11:45 | Report Abuse

So far TTB's local icap fund is the most successful as compared to his other Global and Asian funds which are struggling. A jaguh kampong but still a champion in his and and loyal followers' eyes. Even COL is impressed to accumulate 23% in 10 years or so. Smart Gawailo.

Posted by stockraider > 2024-01-01 11:52 | Report Abuse

U need understand this rules for icap loh!

The 75% votes support requirement is only when shareholders call for liquidation b4 the due dates for voting for ICAP liquidations mah!

If shareholders votes for liquidations on date as per icap pescribe voting period for voting, u only need a simple majority to liquidate icap loh!
This dates is some where in 2025 loh!

However there is another loop hole that the minority shareholders can do anytime....by calling for removal of capital dynamic/TTB from being the fund manager, this only require a simple majority in order to be successful loh!

After u remove TTB from being fund manager, then liquidation of Icap be easily done loh!

Thus the potential liquidation of Icap is in grave danger loh!

Posted by dumbMoney > 1 day ago | Report Abuse

@stockraider You can dream on about the liquidation, which requires 75% shareholders approval. All that is needed is a 25% vote to block any such proposals. With the DRIP, there will be a slow drift in the shareholders' demographics. It will be like the country, those who don't like the system will migrate, those who stay behind and have children will increase in the racial composition. So same with iCap. Those who take cash dividend will be diluted by those who take the DRIP, and we all know who the latter will vote for. This is part of the takeover proof defense build up, along with the now injuncted foreign shareholders limit.

Posted by dumbMoney > 2024-01-01 13:53 | Report Abuse

@stockraider Please read the company's constitution. The scheduled shareholders' vote is only on the continuation of the fund, not liquidation. So there is this missing gap between discontinuation, which is ordinary resolution and liquidation, which requires special resolution (Section 176 of the constitution). Ditto for the removal of the fund manager (Section 5(iv) of the prospectus. https://1drv.ms/b/s!AgLvGZpm89Ysu2bGJmMTjSjCKcb5?e=ZxWCv3 iCap constitution
https://1drv.ms/b/s!AgLvGZpm89Ysu2W7QYLeDR90UQVT?e=50UL1d iCap prospectus

Posted by dumbMoney > 2024-01-01 14:43 | Report Abuse

The original M&A of iCap was drafted by Michael Wong, managing partner of Shook Lin & Bok law firm, so it covered most of the bases in favor of the client. Without going to the prospectus, which disclosed more things than is otherwise required, there is no other way to find out the conditions for the termination of the designated person and fund manager.

Posted by zhangwin > 2024-01-01 15:12 | Report Abuse

@dumbMoney,

Re Section 176 of the company's constitution, it does say that a winding-up/liquidation requires a special resolution in a EGM if the ordinary resolution to continue fails in AGM 2025. That the special resolution requires a simple majority or 75% approval is not stated. If 75% is required and not approved, then icap is back in Bursa again?

Posted by dumbMoney > 2024-01-01 16:34 | Report Abuse

@zhangwin Special resolutions are those that require 75% majority, otherwise they would be just ordinary resolution. If the winding up resolution fails, iCap will become a zombie, neither dead nor alive. It cannot continue, but cannot be liquidated, so how? Shareholders may want to hang on instead of realising the full value of the shares in a liquidation, such is their loyalty, haha.

Posted by dumbMoney > 2024-01-01 16:37 | Report Abuse

TTB has a solid lock on at least 25% of the votes at the moment, so can veto the special resolution any time.

Posted by FastMoney666 > 2024-01-01 17:19 | Report Abuse

Some many fireworks .... still doing 2024 count down? 😂😂

Posted by dumbMoney > 2024-01-03 03:09 | Report Abuse

An interesting corporate exercise was announced recently between Sungei Bagan (SB) and Kuchai Development (KD) involving an asset swap with shares of the former for assets of the latter. The two companies have the same major shareholders and are trading at deep discount to NAV. SB was trading at $3.25 before the announcement, against NAV of $9.82, or 0.33 price/book while KD was at $1.50 against $2.85 NAV, or 0.44 price/book. The deal is for SB to buy over KD’s assets at the full book value with new SB shares valued also at full book value. The market reacted to the news by chasing the shares limit up today.
As both companies are controlled by the same common shareholders, this is more like an exercise of from left pocket to right pocket, and along the way, transacted their depressed assets and shares at full book value on paper. There will be no changes to the assets other than the swap, so they will continue to produce the same earnings as before, except that instead of having two listed companies, there will then be only a single larger one holding the combined assets of both companies.
If such a move can succeed in reducing the price discount of the shares, it will be so much more effective than some fancy dividend with DRIP plan. In the old days, this is what corporate owners do all the time to pump up their share prices, A buys B shares and B buys A shares in a cross holding, before it is legal for companies to buy back their own shares.
The question is, can shareholders value be created by such an asset shuffling exercise?

Posted by speakup > 2024-01-03 07:35 | Report Abuse

if icap tutup kedai, guaranteed limit up. LOL!

Posted by dumbMoney > 2024-01-03 19:08 | Report Abuse

@speakup, if only life can be so simple! In theory, any listed company can do the same kind of asset swap against new shares between 2 non-related parties, so the assets can be realised at book value and the shares transacted also at book value instead of both at deep discounts. But there is no guarantee that the new shares will not revert back to the old deep discount and the vendor will have to mark them to market, and back to square one. For the buyer, if the assets are not marketable securities, there is some room to wriggle on the valuations, so no adjustment to goodwill is needed until the next revaluation exercise.

Posted by DickyMe > 2024-01-03 19:16 | Report Abuse

Life is actually simple. It is the choices you make during the life journey which detour it into complicated and hard path.

Posted by dumbMoney > 2024-01-03 19:22 | Report Abuse

This is how the game was played in the good old days. A corporate owner will run up his share price in the market, then cash in his profits by swapping it with a friendly unit trust manager for units to be held by the public company he controls. So all the profits he pockets, while the future liabilities are shared with the public investors. What is in it for the unit trust manager? First, there is the sales commission from the sale of the new units, then there is rebate from the broking fees for marrying the trades, and lastly, the management fee from the enlarged AUM. What about the losses? Blame it on market conditions loh. There are always new investors roped in by the sales agents from their immediate families and friends to keep the ball rolling.

Posted by FastMoney666 > 2024-01-06 20:08 | Report Abuse

Well, Uncle Lim is crying...😭😭....Genting business was very badly hit cox all the customers gone to Bursa Malaysia

This week the Edge Weekly highlighted many counters with high turnover with loss making but generated impressive return just within 1 week....I just published top 10 with the price changed added by me comparing last trading day of 2023...29 Dec and last closing yesterday 5 Jan 2024.

Counter- Price 29-Dec-- 5-Jan-- % gain--- Share turnover %---YTD Average daily vol(mil)---PE
MMAG-- 0.095--- 0.14 --47%----26%---- 63.70--- Loss making
Fast Energy Holdings--- 0.13---0.145---12%--23%---49.50--Loss making
Green Ocean Corp---0.225--- 0.235---- 4%--20%---36.80-- Loss making
Ho Wah Genting----0.24---0.27---- 13%---17%--- 7.00--Loss making
Sarawak Cable---0.375---0.425---- 13%---16%---61.60--- Loss making
Edaran---- 0.87----1.36---- 56%---14%----8.10----- 24.5
Pasukkas Group---- 0.155---- 0.175---13%---16%--- 25.50---- Loss making
Asdison---0.105----0.125---- 19%----13%---55.90--- Loss making
Minetech Resources---- 0.145--- 0.215--- 48%---12%--- 172.90--- Loss making
DGB Asia---0.155---0.15----3%----10%---172.90----Loss making

Simple average return is 22%/week beating WB and the fund manager flat.

Chinese New Year rally is ON!

Posted by FastMoney666 > 2024-01-06 20:16 | Report Abuse

Haha...I just saw 1 very interesting name Xidelang Holdings, YTD gain 40%....This is a Chinese Shoe maker...I thought this SOB already died and berried in level 18 hell and for no reason it was resurrected....😅

Posted by dumbMoney > 2024-01-06 22:57 | Report Abuse

Years ago, i made a site visit of XDL and Maxwell's operations in China sponsored by the companies and the investment bank. The operations are there alright, factories, dormitories, showrooms etc, but as things turned out, the books are another story. Not just the Malaysian red chips, but the Singapore and US ones are majority in the same category of fraudulent. Lessons learned. But one of the US listed company that I followed, analysed and wrote about, lost more than 99% of its IPO price and still trades on Nasdaq, after going through a few rounds of share consolidation to stay above the minimum $1 price quote. Like they say, a new sucker is born every minute.

Posted by FastMoney666 > 2024-01-07 00:03 | Report Abuse

Dunno which one will be another Hong Seng. From RM .03 to 2.5, 8,322% gains, then crashed down to .03 again, 99% gone. If you try to issue warning when share price gone up from 0.03 to 0.5, people will think you are sour grape. If you issue warning again at 1, people think you must be red eyes. If you tried again to issue warning again at 2, people think you study so high, know nothing about share investment, keep your bloody mouth shut 😅

Posted by FastMoney666 > 2024-01-07 00:05 | Report Abuse

Just wondering why no iCap sucker. Pay premium la, not discount. Hopefully, Ini kali lah. Pay TTB premium.

Posted by dumbMoney > 2024-01-07 10:46 | Report Abuse

iCap shareowners are very smart value investors, never over pay, so how to trade at a premium?

Posted by FastMoney666 > 2024-01-07 10:57 | Report Abuse

Haha....so smart people value investors got stuck with discounts together. Not so smart value investors will soar like dragon and phoenix , without having to worry about discounts or being accused as Brutus plotting to shut the fund😅😂😏

Posted by FastMoney666 > 2024-01-07 11:05 | Report Abuse

BTW, if we don't know how to evaluate iCAP, look into the technical chart. iCap newsletter says it has successfully brought through of its triangle consolidation pattern. The new target price is RM 3.6, represent 28% upside from here....wonder what will be the catalyst?

Unbelievable.....use so many tricks to talk up the share price.....waiting for John to post now

Posted by zhangwin > 2024-01-07 11:21 | Report Abuse

FastMoney666,

Could the catalyst be the coming court hearing on Jan 16? Last year in August, the court hearing was the catalyst in pushing icap from 2.20 to 2.80. Hopefully, this time from 2.80 to 3.60?

Posted by FastMoney666 > 2024-01-07 11:46 | Report Abuse

So you bet gwailo can buy more? 😂😂😁

Posted by speakup > 2024-01-07 12:30 | Report Abuse

Court will force COL.to reduce stake?

Posted by FastMoney666 > 2024-01-07 13:33 | Report Abuse

Fund manager will be caught naked... No such clause in the constitution of 20% foreign limit. In last August, when the court thrown out the fund manager lawsuit, gwailo resumed buying just a few days, it had massive breakout

Posted by FastMoney666 > 2024-01-07 13:34 | Report Abuse

I hope this was zhangwin had in mind. 😂😂

Posted by dumbMoney > 2024-01-07 13:35 | Report Abuse

@speakup It is going to be a very simple case, whether such a foreign limit exists or not, just like in the earlier case, whether COL is a 'shareholder' as defined under the company's constitution. I have already posted the link to the constitution here earlier, go through it and see if there is such a restriction and make your own guess on the outcome. What do you think the consequences will be if there is no such a limit in the first place, the flip side of the positive case? https://www.bursamalaysia.com/sites/5d809dcf39fba22790cad230/assets/63f73eda39fba27cf3b70602/4._Inaccurate_Disclosures_or_Announcements__amnd-Kheesan___Clean___1_.pdf

Posted by dumbMoney > 2024-01-07 13:37 | Report Abuse

The current injunction will not stop the foreigners from buying, it only stops the company from imposing the foreign limit on the voting rights of the foreign shares, so the present status quo stands.

Posted by FastMoney666 > 2024-01-07 14:42 | Report Abuse

Haha...can buy only need to be assured that whatever they buy in excess of 20% got same right like everyone else including voting right. So they are waiting for a final ruling from the court

Posted by FastMoney666 > 2024-01-07 15:24 | Report Abuse

Putting all the emotions aside....since we are in 52WK high fever season, what will be iCAP NAV looks like if all its holdings hit 52 week high? Based on the price on 5/1 and holdings extracted from the Annual Report---> it's NAV is quite close to last week reported NAV 3.61. Given it's low portfolio turnover, we can safely deduced the NAV when all it's holdings hit 52 WK high(estimate = 4.18/share, applying 20% discount, projected share price will be 3.34)

Stock****************************************** Shares*** 5/1/2024 Price*** FValue 5/1/2024*** Price When hit 52 WK H****** Fair Value-52 WK H
'000
21 SAM Engineering & Equipment (M) Berhad *** 18,154*** 4.05*** 73,525*** 5.28*** 95,855
11 Kelington Group Berhad - Ordinary shares*** 28,383** 2.17*** 61,592*** 2.17*** 61,592
18 Padini Holdings Berhad********************** 17,007 *** 3.60*** 61,224*** 4.18*** 71,088
5 Capital A Berhad - Ordinary shares*********** 29,282*** 0.83 *** 24,304*** 1.12*** 32,796
22 Suria Capital Holdings Berhad*************** 11,894*** 1.92*** 22,837*** 2.00*** 23,789
1 Apex Healthcare Berhad********************** 3,749*** 2.60*** 14,620*** 2.63*** 9,859
2 APM Automotive Holdings Berhad*********** 4,698*** 2.91*** 13,671*** 2.98*** 13,999
24 United Plantations Berhad****************** 741*** 18.42*** 13,646*** 18.42*** 13,646
9 Hibiscus Petroleum Berhad****************** 12,430*** 2.53*** 12,579*** 2.98*** 37,042
13 Kronologi Asia Berhad 31,112 0.40 12,445 0.63 19,601
6 Capital A Berhad -
Redeemable Convertible Unsecured Islamic Debt Securities****** 9,761*** 0.85*** 8,297*** 1.09*** 10,639
12 Kelington Group Berhad - Warrants*********************** 9,461*** 0.83*** 7,805*** 0.52*** 4,872
19 Parkson Holdings Berhad********************************* 22,942*** 0.29*** 6,539*** 0.38*** 8,603
3 Bioalpha Holdings Berhad - Ordinary shares************** 49,058*** 0.11*** 5,151*** 0.13*** 6,377
23 Tong Herr Resources Berhad******************************* 1,888*** 2.37*** 4,475*** 3.25*** 6,136
15 MKH Berhad*********************************************** 2,951*** 1.45*** 4,280*** 1.49*** 4,398
17 OCK Group Berhad**************************************** 5,910*** 0.46*** 2,719*** 0.47*** 2,778
14 Luxchem Corporation Berhad***************************** 5,007*** 0.54*** 2,704*** 0.58*** 2,879
7 Capital A Berhad - Warrants******************************** 4,880*** 0.38*** 1,855*** 0.52*** 2,513
20 Salutica Berhad******************************************* 1,700** 0.81** 1,377*** 1.73*** 2,941
25 Wellcall Holdings Berhad********************************* 1,614*** 0.67*** 1,081*** 1.78*** 2,872
16 Oceancash Pacific Berhad******************************** 3,145*** 0.33*** 1,035*** 0.41*** 1,274
10 HPMT Holdings Berhad********************************** 1,803*** 0.36*** 649*** 0.45*** 802
4 Bioalpha Holdings Berhad - Irredeemable Convertible Preference Shares*** 7,665*** 0.02*** 115*** 0.06*** 422
8 EUPE Corporation Berhad**************************************** 100*** 0.88*** 88*** 0.92*** 92
****************************************TTL Shares*** 285,336*****FV 5/1/2024 358,611 *****FV 52WK H 436,866

Cash 145,722(5/1/2024) 145,722(52WK High)
Others 2,081(5/1/2024) 2,081 (52W High)
NAV 506,413(5/1/2024) 584,669 (52W High)

NAV/Share 3.617(5/1/2024) 4.18 (52 WK High)

Share price (apply 20% discount) 3.34

0 seconds ago

Posted by zhangwin > 2024-01-07 17:59 | Report Abuse

@ FastMoney666,

Yes, I hope COL will go in and buy big so that we can see some excitement in icap. All time high 3.30 - 3.60 would be nice for some of us to take some profit bought at 2.20 - 2.40.

Posted by dumbMoney > 2024-01-07 22:12 | Report Abuse

@zhangwin Why would COL want to bail out shareholders here who have been consistently supporting the management which accused the former for causing the discount? Like they say, voters deserve the government they voted for. Besides, why not wait for the dividend plan to work its wonder as promised?

Posted by JohnD0ugh > 2024-01-08 00:36 | Report Abuse

In the last quarterly commentary, I explained that despite a very tough and rough environment, icapital.biz Berhad has achieved a very strong performance with its NAV appreciating 20.93% and its share price surging 35.66% for the two years ended 25 July 2023. Both have strongly outperformed the 7.59% plunge in the bellwether MSCI Malaysia index.

This strong performance has continued since then. Once again, over a 3-year period, your Fund's share price has outperformed the gain its NAV and the plunge in the MSCI Malaysia index. Your Fund's share price jumped 55.8%, way ahead of the 32.73% in its NAV and the 11.07% plunge in the bellwether index.

What shareowners should notice and acknowledge is the fact that the discount of your Fund's share price has narrowed very substantially from a high of around 40% to only about 20% recently. This did not happen by accident. It is the result of the hard work and heart work put in by Capital Dynamics and myself as the Designated Person of icapital. biz Berhad.

On an annualised basis, the share price delivered an annual compound return of 15.90%, its NAV an annual compound return gained 9.88% while the MSCI Malaysia fell at an annual compound rate of 3.83%.
The strong performance of icapital.biz Berhad is not a fluke shot. It is a result of your Fund Manager and Designated Person patiently and deliberately sticking to its time-proven Bamboo value investing philosophy, despite being continuously harassed by a few large foreign wrecking balls.

Although icapital.biz Berhad still has around RM134 million cash, it has been investing more with its cash assets falling steadily. A new addition to the portfolio of icapital. biz Berhad is Unisem, a semiconductor stock. This implies that its NAV will be appreciating further in future.

With Capital Dynamics' time-proven value investing philosophy, and icapital.biz Berhad still undervalued, it is actually an excellent time to invest more in this truly low-risk, high-return investment. A rise of 55.80% in its share price while the overall stock market plunges 11.07% is indeed a rare gem.


icapital.biz Berhad 1Q24 Report

Posted by FastMoney666 > 2024-01-10 20:53 | Report Abuse

>>>>>>
What shareowners should notice and acknowledge is the fact that the discount of your Fund's share price has narrowed very substantially from a high of around 40% to only about 20% recently. This did not happen by accident. It is the result of the hard work and heart work put in by Capital Dynamics and myself as the Designated Person of icapital. biz Berhad.
>>>>>

Well said Mr. Fund Manager. The discounts were narrowing, it was not by accident. Surely not by accident but got a lot of helping hands from COL by simply studying the data. It’s sickening to see the fund manager keep on claiming credits. Lembu punya susu, sapi punya nama.

Please take a look at these 3 charts in this link

https://www.dropbox.com/scl/fi/wwb8hiq1m8x8qp96jm0c8/COL_Price_Vol.pdf?rlkey=o572yp64awjtu6tsjhjdevh7i&dl=0

Chart 1- between May 2023 till Dec 2023, there were 17 trading days with iCap’s share price shot up more than 5 sen in 1 day….that translate as strong as 3 - 8% surged especially when COL was buying after the injunction was lifted. These large price movements created a lot of breakouts. Of these 17 trading days COL buying contributed 41% of it, CDAM was buying a little here and there but only contributed to 24% - small pistol no bazooka compared to COL. Even other shareholders did a better job which contributed to 34% of these large price movements.

Chart 2 – you can see price change intensity….many of these more than lima sen price surged happened when COL was buying. When iCap started to harass the foreign investors with SICDA between mid Sept to end October, you hardly see large upward price movements.

Chart 3 – It’s even clear when you connect the dots of the price, volume, and events.

Prior to 2/8/2023 when the Fund Manager brought the lawsuit against COL and the same time trying to buy on cheap, the share price was hardly moved and discounts were getting worst from 20% to almost 40%. Pretty sure a lot of Viagra and Steroid being pump, just x naik…At the same time, the fund manager was mobilizing full propaganda against Brutus and penjajah conspiracy theory.

Here is turning point. After the Federal court thrown out iCAP appeal, the buying injunction was lifted for COL. Mama mia, iCap share price just shot up like rocket. Everybody cheers….looking forward to break $3 but he just spoilt the party. With the infinite wisdoms of the fund manager, he harassed foreign investors with SICDA. People got sick of him. One of them, Pop Investments, got an injunction from the court to stop SICDA hoax thing. With that injunction in place, COL resumed buying sikit sikit but each time they bought, it was able to create impact.

Look for the black bar in the volume.

I am really feeling sorry for COL. They had done good to help everybody to narrow the discounts between NAV and share price with a little bazooka but it was treated as enemy no 1 and painted them as a villain that will put sand in everyone’s rice bowls. What is worst, the fund manager keep running campaign to discredit them and keep on “blow cow”(read in Cantonese or Mandarin), let them do the discounts narrowing jobs while he kept attacking them. I think there is a limit to everything, including stxxpidity!

Posted by dumbMoney > 2024-01-10 22:41 | Report Abuse

Like they say, just follow the evidence. It is not like the FM just utter some magic words and prices moved up by themselves. It is just basic supply and demand, more buyers, prices move up, with more than a little help from COL. Please give credit where credit is due and not try to claim it all by yourself.

Posted by JohnD0ugh > 2024-01-14 18:59 | Report Abuse

In last year’s AGM and 2022 annual report, we have explained that the type and quality of shareholders are important in determining the share price performance. Therefore, your Board, together with your Fund Manager and Investment Adviser, have undertaken a series of initiatives and activities to raise awareness of ICAP among younger investors, increase individual share ownership, and engage with existing share owners.

After extensive research, your Fund will introduce, among other strategies, an innovative dividend policy to ensure that the gap between the Fund’s share price and NAV can consistently be auto-remedied moving forward. The innovative dividend policy will address the needs of various shareowners – those seeking long-term capital appreciation, those needing some regular distribution and those who may have to cash in their holdings.

Safeguarding the interests of all share owners remains your Board’s top priority. Your Fund has a Prescribed Limit in its Constitution imposed by the Securities Commission Guidelines for Public Offerings of Securities of Closed-end Funds [Paragraph 3.7.1(iii)] and the Bursa Main Market Listing Requirements [Paragraph 7.40].

The Prescribed Limit is defined under Regulation 2 of the Securities Industry (Central Depositories) (Foreign Ownership) Regulations 1996 ("SICDA FOR") as a quota, restriction or limit on the ownership of shares by a foreigner imposed on the issuer by the memorandum and articles of association (Constitution) or any other constituent documents of the issuer.

Regulation 6 of SICDA FOR provides that shares held by foreigners which fall within the Prescribed Limit shall be entitled to all rights and obligations attached to the shares as determined by the Board. Regulation 6 of SICDA FOR also provides that shares held by foreigners which exceed the Prescribed Limit shall be subject to a determination by the Company as to whether such shareholder shall be entitled to all rights and obligations.

Accordingly, foreign depositors who hold voting shares within the Prescribed Limit of 20% as against the total quantity of shares listed on the official list of the Stock Exchange shall be entitled to vote at any general meeting save for restricted shares standing to the credit of the securities account of foreign depositors as being in suspense, pursuant to SICDA FOR read together with the Prescribed Limit of 20% in the Company’s Constitution, the Securities Commission Guidelines for Public Offerings of Securities of Closed-end Funds, the Bursa Main Market Listing Requirements and Chapter 24A of the Rules of Bursa Malaysia Depository concerning foreign ownership of shares in the Company.

Determination(s) onrights and obligations attached to restricted shares may be made by the Board of Directors of the Company upon the happening of any of the events listed out in regulation 6(2) of SICDA FOR, such as and not limited to (i) prior to the calling of any general meeting; (ii) prior to the undertaking of any corporate action by the issuer; and (iii) the conversion of shares.

Your Board wishes to explain the necessity to comply with SICDA FOR is to ensure that the long-term interests of the majority individual share owners of your Fund are not eroded but instead preserved.


i Capital.biz Berhad 2023 Annual Report