Minutes 6 February, 2004Apologies: Bruce Beacham, Mike West
Minutes of Previous Meeting
These were approved and signed.
Matters Arising
The first payment for our First State Global Resources Fund investment had been taken.
The social event with the Midas Investment Club would be held on 25 February at the Friends Provident social club.
Treasurer's Report
The treasurer had sent his apologies but had reported that we had approx £1900 in our account. This sum assumed that the Powderject and Intercare receipts were available.
Share Monitors' Report
Most of the current news on our holdings was in the Otter News. After a short debate it was decided to sell our BAe Systems holding. Our holding Honeygrove Group was debated in the light of their results announced that day. It was decided that because of the relatively small drop in their price following these results we would continue to hold them but monitor them over the next month.
Dealers' Report
John reported that he had purchased 8084 shares at a cost of £500 in Stanelco. As the price had fallen he had decided to sell them at a loss of £122. He had used the proceeds to purchase 312 shares in Cardpoint at a cost of £379. The current value of this holding is £405.
We had received a dividend payment of £13.64 from Intercare. HSBC would be paying a cash dividend of £6.41. Our Comdirect account had a balance of £90 and this would be left there to reduce the sum needed to be transferred for future purchases.
Future Investments
David Redfern reported that he did not feel able at this meeting to put forward a recommendation for a possible pharmaceutical purchase. He would do this at the next meeting. After a discussion on SNB and Clarkson it was decided to purchase £800 of shares in Clarkson the shipping brokers.
A discussion as to the relative merits of investing in the USA took place in view of the $/£. It was agreed we would monitor the situation with a view to switching our monthly IT investment to a fund in this area for the next 12 months. John Winson would investigate if it was possible to purchase shares quoted on the NASDAQ via our Comdirect account.
AOB
Bonnie outlined the areas of the Proshare awards we would be entering and asked for help in completing our entries.
Next Meeting(s)
The date for the March meeting was confirmed as 05 March at Martin Smith's. The April meeting was scheduled for Friday 02 April hosted by Marion Thornton.
Signed:
Date: 05 March 2004