Tan rebukes Laxey and says iCapital.biz has outperformed the KLCI

By Star Online: Business
9 November 2012

PETALING JAYA: iCapital.biz Bhd founder Tan Teng Boo has refuted claims made by Laxey Partners Ltd, one of the substantial shareholders of the company, concerning the “substantial discount” that the closed-end fund was trading to its net asset value (NAV) and that its returns have underperformed the FTSE Bursa Malaysia KLCI.

In a statement , Tan said that Laxey Partners had distorted the facts by focusing only on the short-term which was “its undeniable area of expertise.”

Hostile takeover of iCapital.biz?

By Star Online: Business
6 November 2012

PETALING JAYA: Closed-end fund iCapital.biz Bhd, managed by seasoned fund manager Tan Teng Boo, has become the target of opportunistic investors who may embark on a hostile takeover of the company, insiders close to the matter confirmed.

European hedge fund Laxey Partners has accumulated close to 10 million shares in iCapital.biz, representing just under a 6.9% stake. Laxey has a track record of targeting listed funds that trade below their net asset values (NAVs).

It is fairly common for institutional funds that have bought stocks of closed-end funds trading at a sharp discount to their NAVs to vote for their liquidation.