Minutes of Roborough Investment Club Meeting
#12 - 11 April 2000

Attendees: Phil Ainsley, Richard Albon, Stephen Andrew, Andy Davies, Dave Johnston, Geoff Floyd, Wez Davey, Martin Collinge, Alan Worroll, Don Parker, Andrew Watkins, Les Watson

Apologies:, Rick Haggitt, Kevin Forrest, Allan Proudfoot, Cyril Bouhallier, Franz Fuchs, Chris Bailey, Robin Rynhart, Alan Martin


1) Review Minutes of previous meeting.

The minutes were reviewed and accepted as a fair representation of the meeting.


2) Review Treasurers Report

The treasurer summarised his published report which indicated that the total value of the club was £6021.47 with £1644.98 held in cash at our broker and bank accounts. A total of 3265 units have been issued worth 184p.


Purchases during February included :-

 See the treasurers report on the club web page for further details.


3) Review of current holdings

The Secretary proposed that individual members "sign up" to monitor particular shares and report regularly on the club’s current holdings. This was agreed by the meeting to move forward on this proposal.

Share buddies were agreed as follows for the current club holdings.

CHLD … Geoff Floyd

ETE … Stephen Andrew

PIC … Andrew Watkins

TSF … Wez Davey

BDI … Robin Rynhart (in his absence as he originally proposed this share, and has best knowledge about its background)

VOD … Alan Martin (again proposed in his absense)

VIG … Don Parker

Pru … Andy Davies


5) Review Investment proposals

Proposals were made by a number of members …

Phil – Unilever – Although the share price has recently seem some movement.

Les – Marks & Spencer or Matalan

Geoff - Pizzaexpress, Share seems to have fallen out of favour mainly due to their company report going against analyst expectations. (Analysts expectations were higher). Had been growing at 40% now slowing to around 26%. PEG 0.76, P/E around 20 and seen as good value.

Martin had read a Sunday Times article which indicated that the complexion of the stock market had changed. Strong reasons to buy in Water (utilities) or banking sectors. Stockbrokers historically averages around 1 transaction per customer per year were now averaging around 12.

Don – BP Amoco. The legal wrangle in the US seems to be sorting itself out and BP are coming out of it likely to buy Phillips Oil.

Dave – Tesco.

The secretary proposed that the group buy four of the shares identified, £500 each.

A voting systems was agreed upon and each member attending the meeting placed their votes, the results are given below.

Share brokers 6

Unilever 4

Marks & Spencer 5

Matalan 3

Pizzaexpress 1

Water company 0


Barclays 6

Lloyds 0

BP 4

Tesco 7


Buy more Chloride 0

Volex 1

Do nothing 2

Geoff proposed that we buy £500 of Tesco, the vote was carried by all but one member (Alan Worroll agreed to be the share buddy).

    1. Martin agreed to come back to the meeting at another date and propose a stockbroker to purchase.
    2. Richard proposed to buy £500 of Barclays, the vote was carried by all but one member (Richard Albon agreed to be the share buddy).

    3. Geoff agreed to come back to the meeting at another date after further review of MMT.
    4. Les proposed to buy £500 of Marks & Spencer, the vote was carried by all but two members (Les agreed to be the share buddy).



      6) Review Actions

      11.1 (Chris B) Review the tax implications for members as identified in the Proshare manual. – ONGOING

      11.2 – COMPLETED

      11.3 - COMPLETED

      11.4 - COMPLETED

      11.5 - COMPLETED

      11.6 (Robin/Franz) To review purchase potential of Rentokill (at an all time low) - OUTSTANDING

      11.7 (Allan P) To review purchase potential of Dixons (recent recommendation in paper)- NOT RECOMMENDED - COMPLETED

      11.8 - COMPLETED

    5. (Les) To include intermediate mail with these minutes, i.e. Steve’s Tuesday minutes.


7) AOB



8) Agenda for next meeting (AGM)

[Secretary proposes out of meeting that we hold a brief normal meeting with the agenda given below.]

Next Meeting : 9th May 2000


9) Appendix of other mail

> ----------
> From: Stephen Andrew
> Sent: 23 March 2000 08:09
> To: Dave Johnston; Robin Rynhart; Don Parker; Alan Martin; Wez Davey;
> Andy M Davies; Richard Albon; Stephen Andrew; Kevin Forrest; Phil Ainsley;
> Allan Proudfoot; Cyril Bouhallier; Chris Bailey; Martin Collinge; Geoff
> Floyd; Alan Worrall; Rick Haggitt; Les Watson; Andrew Watkins; Franz Fuchs
> Subject: RIC Meeting Minutes 22/3/00
> Attendees: Dave Johnston, Robin Rynhart, Don Parker, Alan Martin, Wez
> Davey, Andy Davies, Richard Albon, Stephen Andrew, Kevin Forrest, Allan
> Proudfoot, Phil Ainsley, Cyril Bouhallier, Chris Bailey, Martin Collinge,
> Geoff Floyd, Alan Worroll, Rick Haggitt
> Apologies: Les Watson, Andrew Watkins, Franz Fuchs
> Main Agenda:
> 1) Future venue for meetings
> 2) Decision on proceedings for share suggestions
> Item 1
> Three suggestions were recieved for the venue to hold the monthly
> meetings: 1) CR1 (or upstairs in the canteen); 2) Roborough Village Hall
> (4 pounds fifty/hour); 3) Try backroom of the Lopes again. Although CR1
> may occasionally be required for customers, it was suggested that CR1 was
> a conventient place to meet. There were no objections - so this decision
> was carried.
> Item 2
> Discussed whether a more formal structure for suggestions was required.
> The idea of distributing information relating to suggestions to all
> members prior to the monthly meetings was put forward. There were no
> objections so the decision was carried.
> A discussion followed on using small groups to look at sectors/selected
> companies on a weekly basis in order to provide better focus for the club
> as a whole. This technique was used in the club's early days that the club
> was formed. This decision was also accepted.
> AOB:
> Two additional points were raised. RA asked for 2 volunteers to audit the
> end of year accounts. Also, the AGM needs to be arranged for a date
> following completion of the audit to elect a new chairman, etc.
> RH talked about his hot share tip - Tate & Lyle which he is currently
> investigating.
> Meeting concluded prematurely as another meeting was waiting. Discussion
> on formation of small groups to continue at next weeks meeting.

> ----------
> From: Geoff Floyd
> Sent: 30 March 2000 08:18
> To: Les Watson; Richard Albon
> Subject: Minutes of ric meeting 28 Mar 00
> I have added a few points to Richard's minutes below:
> RIC Meeting
> Date: 28/3 2000 CR1
> Present:
> Alan Martin, Allan Proudfoot, Andy Watkins, Andy Davies, Chris Bailey
> Cyril Bouhallier, Dave Johnston, Franz Fuchs, Geoff Floyd, Kevin Forrest
> Les Watson, Robin Rynhart, Stephen Andrew, Wez Davey, Richard Albon
> A number of share buy proposals was raised using a measure criteria
> outlined by Geoff. This includes a list of questions on the purchase
> validity plus a list of metrics on company performance.
> * BP Amoco - Richard Albon.
> * Astra Zeneca - Geoff
> * Prudential - Andy Davies
> A voting system was proposed by Andy Watkins to decide which if any of
> these shares to buy. The voting provides each member with 3 cards to which
> they can name any company proposed on each card, or none if not satisfied
> with the choice. The voter can name the same company on more than one
> card.
> The results of the voting were:
> BPAmoco 8
> Astra Zeneca 4
> Pru 23
> None 8
> The Pru receiving the most votes at the meeting was a clear buy. Astra
> Zeneca was considered a hold and watch while BP was considered a weak buy.
> A proposal to purchase ?500 of Pru shares was carried unanimously. A
> proposal to purchase ?500 of BPAmoco share did not receive the necessary
> 11 votes and was not carried.
> Further share proposals to be considered at the next meeting