ICAP's 6th Annual General Meeting (Part 1)

Last Saturday (14-Aug-2010), I went together with a friend to attend the icapital.biz Berhad’s 6^th Annual General Meeting (“AGM”) at KLCC Convention Centre. We reached at the said location at 8.30 a.m. After the shareholder registration, we were given a door gift voucher and subsequently we went to a counter to claim the door gift. Later we realised that there was no refreshment being served before the commencement of the AGM, though we were provided with the afternoon lunch voucher anyway, but you would find out later WTF was the lunch then. I think icapital.biz (“ICAP” or “the Company”) is becoming more ‘thrifty’ nowadays despite it is making profit…^_^!!

The AGM started at around 9 a.m. As usual, the chairman of ICAP hold the speaking of the proposal for the 6 agenda to be approved by the shareholders. The chairman and fund manager were tried to reply any inquiries about the agenda and the ICAP’s annual report for year 2010 from shareholders. However, I felt that the quality of the questions asked by shareholders was deteriorating year by year and this year the AGM would have the dumbest Q&A session from shareholders!

An uncle who looks like in his 60’s coming to ask few questions and those questions were so stupid that I didn’t want to hear his voice. Anyway, I still remembered clearly his first questions was related to the sources of the amount of the “Others Expenses” for year 2010. He seemed not happy that the Company was spending RM39,300 on this “Others Expenses”. The fund manager of ICAP, Tan Teng Boo (“fund manager” or “TTB”), patiently replied to the fellow that the “Others Expenses” contain few category of expenses of which he cannot remember the exact detail of the categories. Anyway, he later address this query that the “Others Expenses” do contain advertisement fees, printing fees, the cost of holding the AGM and other small small miscellaneous expenses. I was afraid later the uncle would then further inquired what is the ‘miscellaneous expenses’ and fortunately he didn’t do so or else I would stand out to stop him to waste our time.

The other 2 questions raised by this old uncle were related to those stocks that the fund manager has invested in. For the detail of the question I can’t recall exactly, but I still remember TTB mentioned that he would revert back to the old uncle with the 2 questions during the presentation of investment portfolio of the Company. However the old uncle not satisfied that TTB not addressing his questions and keep raising his voice to emphasise his questions need to be answered immediately. But TTB insist he would only mention those questions that related to the stocks the fund invested during the presentation. The old uncle who felt not happy with that TTB’s reply and grumble all the way during the meeting.

(to be continue)