Minutes 7 November, 2003Apologies: Marion Thornton, Mike West, Gwilys Price
Minutes of Previous Meeting
These were approved and signed. John had contacted Comdirect to ask them to arrange for future dividends from Rexam to be received as a scrip dividend but unfortunately this is not possible for nominee account.
Matters Arising
Dacre had made the investment of £500 in the Aberdeen Asian Smaller Coys IT and we were already showing a small profit.
Treasurer’s Report
We had £938 in the account of which £860 was available for investment.
Share Monitors’ Report
Most of the current news on our holdings was in the Otter News. After a short review it was decided to continue all our current holdings
Intercare had received a takeover offer from Cardinal Health of £2.80 per share. The offer had been recommended by the board. We would accept this offer however if a counter bid came forward we would sell into any rise in the price.
Rexam have made an offer of a rights issue of 2 shares per 11 held at a price of £2.55 per share. Our holding of 221 shares would allow us to buy 40 shares at a total cost of £103. It was agreed we would take up this issue.
We had also received advance warning that Carbo would also be offering a rights issue at a price of £0.14 per share. Further details were awaited.
Dealers’ Report
We had received two dividend payments
Capita - £3
Cadburys - £7
In addition we had received £34 from the sale of our PPL shares.
Future Investments
The shares put forward at the last meeting were re-considered and the decision to purchase a holding in Stagecoach was not confirmed.
The following were then considered for a final decision:
Parkdean Holidays (Leisure/AIM) - John
First State Global Resources Fund - Bruce
It was decided unanimously to make a purchase £800 of units in FSGRF as it was in a new sector and gave us a broad coverage of the mining sector as well as further exposure to Asia. It is viewed as a medium to long term hold. Dacre would contact the fund for the relevant paperwork.
In view of the number of shares John had put forward which had achieved good returns Martin proposed that we allocate John £500 for him to use for day trading of shares of his choice. He would have a free hand in the choice of what to buy and when to buy/sell. The suggested time period for this experiment would be 3 months.
As this was a major change of investment policy, and because 3 members were not present, it was decided to delay a final decision until the next meeting.
AOB
Gwilys had confirmed that the skittle alley at Friends Provident was available and that refreshments were also available. It was agreed that Bonnie would approach the Midas IC to see if they were going to host a reciprocal social evening.
Next Meeting(s)
This will be held on Friday 05 December hosted by Mike West.
The January meeting would be our post Christmas social meeting. A number of options for the venue were put forward and a final decision would be made at the next meeting.
The date and host for the February meeting were 06 February at David Redfern’s.
Signed:
Date: 05 December 2003
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