Saturday, 10 November 2012

iCAP closed end fund: 87% of shareholders voted for the status quo

 Saturday November 10, 2012 MYT 5:22:15 PM

Trio fail to get elected to

By John Loh

KUALA LUMPUR: Andrew Pegge, Low Nyap Heng and a shareholder Lo Kok Kee failed to get elected to the board of Bhd at its packed AGM on Saturday.
At the six-hour meeting, which started at 9am, shareholders overwhelmingly threw their support behind its fund manager andfounder Tan Teng Boo.
Some 87% of shareholders voted against the resolutions seeking board representations for Pegge, Low and Lo on Malaysia's only listed closed-end fund.
Earlier, Kingsnorth told journalists outside the AGM at a hotel here that Laxey, which owns 6.9% of, had accomplished what it set out to do.
"The debate (about the discount between's share price and net asset value) is good. The company is better for this.
"We are still the largest shareholder and will continue to express our views," he said.

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