Actually, those who are disgusted with ttb or iCAP can choose to sell their shares. I think this happened all the time. Those who favoured ttb or iCAP may be the buyers of these shares. I think this happened all the time.
The issue facing iCAP shareholders this Saturday is quite different. Laxey Partner has amassed a sizeable stake in iCAP. As a shareholder, they rightfully can request for changes. However, their motives may not be fully aligned to many long term shareholders of iCAP.
They are invited to state their case. How can they hope to reduce the market price - NAV gap? I thought this was a stupid thing really. This gap exists because of various factors. They should propose how they hope to reduce this gap without liquidating this fund.
Share buyback? Will this work? Doubtful ...
Dividends? Why? I would rather have my funds retained in iCAP to compound at a high rate of return.
As I have written earlier, ttb and his board of directors (hopefully they will be retained at this AGM) should stay focus on the performance of the NAV of this fund rather than wasting any time worrying over the market price - NAV gap of iCAP which I feel they have little or no control over.
If Laxey Partner wishes to pay a price closer to the NAV price, this gap would have narrowed. On the other hand, it was also this discount that allowed them to buy into this fund in the first place? Now they are going for their exit strategy. They are invited to be long term investors in this fund, just like the rest. Hope this will be realised on Saturday.