iCapital's Investment In Axiata

Yet another freakingly boring post. :D

Last posted: A Quick Look At iCapital's Annual Report 2008

• Or how about Axiata (formally known as TM International (TMI))?
  
  iCaital mentioned in its annual meeting that it owned some 2,200,000 shares in Axiata worth some 17.883 million. (That should work to an average cost of some 8.12 or so). Due to the incredible rights issue, Axiata plunged to below 2.50 recently.
  
  And iCapital is a shareholder.
  
  Now for a share to have plunged to so low and with the upcoming rights issue, surely iCapital needs to disclose and inform its minority shareholders what it intends to do.
  
  That is only correct, yes?
  
  Why can't it mention this in its quarterly earnings notes?
  
  Doesn't the minority shareholder have the right to know?
  
  Don't you think it's rather silly to ask the minority shareholder to wait till next annual meeting to find out more?

Axiata is now trading at 1.80.

iCapital.biz has 2,200,000 shares.

Based at 1.80 the shares are worth only 3.960 million. iCapital.biz cost is 17.883 million!

Ahem!

Them paper losses ... OUCH!

Ouch!!!!

Axiata's right issue is 5 for every 4 at 1.12.

Now IF iCapital undertakes the rights issue, will get 2,750,000 new shares of Axiata and they would need to fork up an additional 3.080 million ringgit.

This would means that iCapital potential investment in Axiata would be a whopping 20.996 million!

How?

Is iCapital undertaking this Axiata rights issue?

How?

And again with the lack of disclosure in iCapital's quarterly earnings, how does one know?

Does one have to wait for iCapital's next annual meeting to find out?

Kind of silly isn't it?

Can see the point of why iCapital needs to disclose their investment portfolio in their quarterly earnings report?