Minutes 3 October, 2003Apologies: Mike West, Martin Smith
Minutes of Previous Meeting
These were approved and signed. John would be writing to Barclays to ask them to arrange for future dividends from Rexam to be received as a scrip dividend.
Matters Arising
The third edition, plus a special late edition, of Otter News had been distributed. Dacre reminded members that he needed everybody to look for items to be included in future editions. They can be sent to him in any format and he will knock them into shape.
Dacre had received the necessary paperwork to invest in the Aberdeen Asian Smaller Coys IT. A decision as to whether we proceeded with this investment would be made later in the meeting
Treasurer’s Report
We had £1100 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 with the exception of PPL which would be sold.
The reasoning behind this decision was that with the company going into liquidation in the near future, a process likely to take approx 12 months to finalise, we were unlikely to receive a sum much larger than the current value of our holding.
Dealers’ Report
John had made the 2 purchases agreed at the last meeting. The details are as follows:
HSBC - 99 shares - £823
BP - 188 shares - £828
Future Investments
The decision from the last meeting to invest in the AASC IT was confirmed with a sum of £500 agreed. Dacre would complete the paperwork and send a personal cheque which he would be reimbursed for.
The following were put forward for consideration.
Alltracel (Pharmaceutical/AIM) - John
Parkdean Holidays (Leisure/AIM) - John
Oystertech (Building materials/AIM) - Gwilys
Hornby (Household) - Marion
Stagecoach (Transport) - Dacre
Unilever (Food producer) - Brenda
Morrisons (Food retailer) - Brenda
Wolseley (Building materials) - David Pankhurst/Marion
After a series of votes it was decided to make a purchase £500 of shares in Stagecoach. A discussion then took place as to whether we had enough information on the company to make this decision. It was decided to delay this purchase and for it to be confirmed, or not, at the next meeting. All members were reminded of the need to research the company so we did indeed have the information to hand to base this decision.
AOB
Dacre produced a list of proposed dates and hosts for the next 12 months which was agreed. Members who found they were unable to host on the due date were asked to arrange a swap with the host of the next meeting.
The proof of identity paperwork sent to Comdirect had been returned by them and was returned to members.
Bonnie thanked John for agreeing to host the meeting at short notice.
Next Meeting(s)
This will be held on Friday 07 October hosted by Bruce. Dacre would contact Mike to see if he could host the following meeting, provisionally fixed for 05 December.
Signed:
Date: 07 November 2003
Top of page