KUALA LUMPUR (Nov 17): Tan Teng Boo, fund manager of closed-end fund icapital.biz Bhd, has urged all shareholders of the fund to vote on the reappointment of Tunku Abdul Aziz Tunku Ibrahim as a director at an adjourned annual general meeting (AGM) to be held on Nov 30.

City of London Investment Management Co Ltd, the single largest shareholder of icapital.biz, which together with Laxey Partners Ltd hold an 11.39% stake in the fund, had voted against the said resolution through a proxy form just two days before icapital.biz's 10th AGM on Oct 11.

Tan said City of London and Laxey Partners – collectively being in a 'powerful position' – should have sent in their proxy forms earlier, which would give the fund enough time to inform other shareholders on this development; and that they should have stated their reason for rejecting the resolution.

Speaking to the press today, Tan, however, noted that City of London legally does not need to explain a reason for doing so, but said the majority of shareholders must be given a chance to at least be aware of this prior.

"I am addressing this [media conference] in my personal capacity as a share owner. In the Securities Commission's ruling, fund managers are prohibited to be a director [in the fund they manage]," Tan explained.

Tan owns less than 1% of the fund via his personal name and Capital Dynamics Asset Management Sdn Bhd.

Tan also indicated that he will not be attending the adjourned AGM on Nov 30. He, however, did not indicate if he will, on the proxy form 'tick' or 'leave it blank'.

Tan is requesting City of London to send a representative to explain its action at the adjourned AGM. The outcome on Nov 30, however, will be taken 'as is' regardless if City of London attends or explains its voting decision.