Minutes 18 July 2003Apologies: David Pankhurst, John Winson, Martin Smith, Bruce Beacham, Mike West
Minutes of Previous Meeting
These were approved and signed.
Matters Arising
The joint social event is going ahead on Wednesday 13 August at Bonnie’s. She would be in touch with regards the detailed arrangements for the food. The other club had agreed to provide the drink but Bonnie thought we would need to have some in reserve. Spouses would be included in this event. We had one bottle of wine left from our competition cellar and Martin Smith had won the monthly share competition with his share Domino Pizza.
Dacre had written to BAE Systems and Intercare reference a visit to their local facilities. Intercare had replied in the negative and BAE still had to reply.
Dacre distributed copies of ‘Otter News’ our new club newssheet that contains items on our current holdings. It was proposed to distribute this via email for those members on line prior to the monthly meeting. Non techies would get their copy at the meeting or if they do not attend with the minutes. He asked that members send him any items of news on our present, and possible future holdings, they come across.
Treasurer’s Report
The treasurer was not present but we had a balance of £1,005, excluding the proceeds of the Powderject sale. He would check if this had been received by Barclays.
Share Monitors’ Report
It was agreed to continue all our holdings but there was a strong feeling that we should weed out those holdings which are ‘basket cases’.
Dealers’ Report
Martin and John were not able to attend. Honey Group was the new name for the Propan Homes and this was reflected in our portfolio. It was believed that the proceeds from the sale of our Powderject holding should now be in our bank account.
Future Investments
Although we had a quorum at the meeting it was agreed that because the date of the meting had been changed we did not feel it was appropriate to make an investment this month. It was agreed however that we would make a decision on the sector and agree a short list of shares in each of them that we would choose from at the next meeting.
The following sectors and shares were agreed on for a decision next month:
Finance - RBOS, HSBC, Alliance & Leicester, Northern Rock, Barclays
Oil - Shell, BP
Investment Trusts - Asian IT
David Redfern would research the IT, Bonnie & Marian the Finance and Dacre the oil options.
AOB
The start of our monthly competition would be delayed until the next meeting. Dacre suggested that we might like to consider holding our meetings in a fixed location instead of moving around members’ homes. The pro and cons of this were discussed and would be considered again at the next meeting.
Next Meeting
This will be held on Friday 29 August hosted by Dacre.
Signed:
Date: 29 August 2003
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