Minutes 5 December, 2003Minutes of Previous Meeting
These were approved and signed.
Matters Arising
Dacre had contacted First State reference our proposed investment in their Global Resources Fund. Because they required a minimum of £1000 as a lump sum investment he and Bruce had decided to open a regular payment scheme with a monthly contribution of £200. This payment would be suspended after we had made 4 payments totalling £800, the sum originally decided on for our investment in this fund. No payment had been taken as at the date of this meeting.
It was agreed that suitable dates for our next social event with the Midas Investment Club were 18/19 February 2004. Bonnie would confirm which date suited them best.
Treasurer’s Report
We had £914 in our account. This assumed that no payment had been taken by First State.
Share Monitors’ Report
Most of the current news on our holdings was in the Otter News. After a vigorous debate over the merits of continuing our Honeygrove Group holding a vote was taken and by 6 – 5 it was decided to continue to hold them. This decision would be reviewed again at our next meeting as the company are due to announce results before Christmas.
Dealers’ Report
As no counter offer had been made for Intercare it was agreed that we would formally accept the offer of £2.80 made for this company by Cardinal Health.
Future Investments
The decision made at the last meeting to allocate £500 to John to “day trade” was confirmed. He would inform us as to what shares he trades and a review of his performance would be made at the March meeting.
The following were put forward for consideration as possible investments:
Clarkson (Transport) - John
Scottish Newcastle Breweries (Breweries) - Marian
Findel (Retail) - Marian
Gold Bullion Securities - Marian
Brenda proposed Booths a supermarket chain based in the North of England but subsequent research showed that this is a private company.
David Redfern proposed that when we receive the money from our Intercare sale it should be used to purchase shares in another pharmaceutical company. He was asked to investigate and make a proposal at the February meeting.
Dacre proposed that we make no investment decision until the February meeting when we would have our Intercare money. At that time we should review in depth our whole portfolio and in particular our Honeygrove and BAe Systems holdings.
AOB
None.
Next Meeting(s)
This was agreed as 09 January and will be our post Christmas social meeting. The venue was agreed as the Seafood Restaurant in Tower Street in Exmouth. Dacre would contact them to see if they can take a group booking. If this was not possible he and Bonnie would conduct a telephone straw poll of the members to agree an alternative venue.
The date for the February meeting were confirmed as 06 February hosted by David Redfern. The March meeting was scheduled for Friday 05 March hosted by Martin Smith.
Signed:
Date: 06 February 2004
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