ICAP's 6th Annual General Meeting (Part 4)

Finally it came to the voting session to approve those proposed agenda. However, there was an incident happened during the voting process. The company secretary wanted voters to raise their hand with the ‘shareholder card’ given in order to indicate they approve the said agenda. However, we were confused at that moment because we did not receive any ‘shareholder card’ from the organiser. So the voting process was becoming chaos and shareholders inquired why we need to show the ‘shareholder card’ then only we can vote and we were not given with the card. The company secretary explained to us that some shareholders might assign proxies to attend the AGM, and it was possible a shareholder could assign two proxies. In order to limit one shareholder only have 1 vote, so one of the two proxies, who were assigned from the same delegation, can vote if he has the card. Later the company secretary apologised to us that she made a mistake because the rule of voting with the card had been cancelled and thus every shareholders or proxies can vote. I was not quite pleasure to this announcement made by the lady because she should not make this kind of mistake and confuse the shareholders. Some more she was doing a right move initially because there was only one proxy can vote with the delegation of voting right from the shareholder. And now everyone can votes will lead to a situation that two proxies can vote from the same delegation and thus it is unfair to those shareholders who do not assign two proxies to vote. Luckily the shareholders had no different opinion or dispute over the 6 agenda and approved the agenda unanimously or else the voting result can be challenged in the court. I hope this kind of mistake will not repeat in the next AGM.

The second half of the AGM was the presentation of investment portfolio of ICAP by TTB. I divide the presentation into two parts: presentations of the investment portfolio and of the economic outlooks.

The following information is the listed companies that the fund held as at 16-June-2010 (refer to the 2010 annual report):-
1) Parkson Holdings;
2) F & N Holdings;
3) Boustead;
4) Petronas Dagangan;
5) Padini Holdings Bhd;
6) PIE;
7) Suria Capital;
8) Integrax;
9) Tong Herr Resources;
10) Malaysia Smelting Corp;
11) Mieco Chipboard; and
12) Hai-O Enterprise.

TTB also explained to shareholders why the fund disposed the share of the following companies as stated below:-
1) Astro All Asia Network plc;
2) Kuala Lumpur Kepong Berhad;
3) Lion Diversified Holdings Berhad;
4) Poh Kong Holdings Berhad;
5) Swee Joo Berhad;
6) Telekom Malaysia Berhad; and
7) Hai-O Enterprise.

(to be continued)