How the Top 2 investors of iCAP closed-end fund might have acquired their 10.56% outstanding shares.

From the 1.1.2011 to 7.11.2012, there were 459 market transaction days.
The total number of outstanding iCAP shares is 140,000,000 shares.

The average number of shares traded per day for that period = 89,700 shares
The % of total outstanding shares transacted per day for that period = 0.064%.
The average RM value of shares traded per day for that period = RM 195,249.

The total number of shares traded for that period  = 41,277,700 shares
The % of total outstanding shares transacted for that whole period = 29.5%.
The total RM value of shares traded for that period = RM 89,814,731.


The Top 2 shareholders of iCAP as on 31.5.2012 own 9,028,491 and 5,748,600 shares respectively.
These Top 2 shareholders collectively own 14,777,091 shares or 10.56% of total outstanding shares of iCAP.

Assuming that these Top 2 shareholders started to accumulate their shares in iCAP from 1.1.2011 to 7.11.12, the followings can be inferred:

- they would have been responsible for 35.8% of the total transactions for this period.

- they would have invested a total RM 32,152,965 to acquire a combined total of 14,777,091 shares of iCAP.

- they would have invested an average of RM 70,050 per day to acquire their shares during this period.

- their average price per iCAP share they bought at was about RM 2.18 per share.


Excel worksheet:
https://docs.google.com/open?id=0B-RRzs61sKqRMG5WZU9mdXJld0E