Attendees: Wez Davey, Don Parker, Robin Rynhart, Kevin Forrest, Andy Davies, Franz Fuchs, Andrew Watkins, Alan Martin, Dave Johnston,
Apologies: Geoff Floyd, Allan Proudfoot, Chris Bailey, Les Watson, Rick Haggitt, Martin Collinge, Stephen Andrew, Cyril Bouhallier, Richard Albon, Phil Ainsley, Alan Worroll
Agenda
The minutes were reviewed and accepted as a fair representation of the meeting.
11.6 (Robin/Franz) To review purchase potential of Rentokill (at an all time low) – Killed, no investment to be made
13.1 (Les) To gather more information about Tepnel Biosystems to present as a contender for investment - ONGOING
14.1 (Les) - Modify the "Share Buddy" table to include the names of the various share buddies. – DONE, see previous meeting minutes
14.2 (Andy) - Can we purchase an investment trust under the terms of the club. – DONE, we have reviewed a number of IT’s during the month and will choose one later in the meeting.
See the club web page for the latest info. These figures were agreed to by all.
The current unit price is 174p. No new investments were made, no shares were sold. Membership to proshare was purchased and sundries accounted for.
Each "share buddy" at the meeting gave a brief update about their share…
|
Share |
Buddy |
Notes |
Recommendation |
|
CHLD |
Geoff Floyd |
Strong broker recommendation, buy (DJ) |
HOLD |
|
ETE |
Stephen Andrew |
Good quarter sales results |
HOLD |
|
PIC |
Andrew Watkins |
Good quarter profit results, shares have dipped due to 2 senior directors selling 13 million shares |
HOLD |
|
TSF |
Wez Davey |
Unless we are very desperate to get back £150 on the current value, we should keep. Growth will come |
HOLD |
|
BDI |
Robin Rynhart |
Nearly back to the buying price. Recommend selling at 80-90p |
HOLD |
|
VOD |
Alan Martin |
No information |
HOLD |
|
VIG |
Don Parker |
Just purchased an Italian company |
HOLD |
|
PRU |
Andy Davies |
Keep moving +ve/-ve. Adverse reaction to Egg shares as they have dipped from their purchase price, due to competition. |
HOLD |
|
MKS |
Les Watson |
No information |
HOLD |
|
BARC |
Richard Albon |
No information |
HOLD |
|
TSCO |
Alan Worroll |
No information |
HOLD |
6 investments were considered:
Investment trusts:
Fleming European Fledgling Investment Trust (FEF)
Finsbury Technology (FTT)
A number of Investment Trusts have been considered throughout the month and the above 2 trusts were picked for choosing. The results of the purchase vote was:
Fleming European Fledgling – 6
Finsbury Technology – 1
Abstentions – 3
Action 15.1: AD/LW/GF to purchase £500 worth of Fleming European Fledgling
Shares:
Blick (BLK)
Volex (VLX)
Jellyworks – an announcement was made that they have just been bought and so now cannot be purchased.
Bookham Technology
Using the information from emails and use of the Yahoo/Motley fool web site, the following comparison table was created.
|
|
Risk |
Broker |
P/E |
EPS |
PEG |
GEAR |
|
Blick |
Medium |
2.33 |
15 |
11.52 (now) |
0.16 |
15.7 |
|
Volex |
Low? |
1 |
22 |
54 (now) |
1 |
- |
|
Bookham |
High? |
2 |
-616 |
-7 |
-20 |
- |
Voting:
Blick: 0
Volex: 5
Bookham: 3
Abstentions: 1
Action 15.2: AD/GF/LW to purchase £500 worth of Volex shares
Alan made the comment that when the club was 10 people, we made the decision that we would buy shares in £500 sums to offset broker charges. Now that we are 20 people, does this open up the possibility to investing in sums of £1000. Robin said that the cut-off point is somewhere around £300 and so there is no advantage or disadvantage between the £500 and £1000.
Robin made the comments about the fast choice of shares being bought. There was insufficient information on Bookham available and there was a danger that we had made a choice based on broker recommendation. He felt that he has never seen growth when brokers have recommended shares.
He would prefer to see an ongoing spreadsheet listing information, p/e etc.
One of the group’s issues is the work needed to research properly each share. It is very time consuming and not everything can be found out.
Two options briefly discussed were the purchase of "company refs" by J. Slater and also software/scripts to download and analyse web data. AD took a couple of actions to follow this up over the next month. Last Year’s company refs book produced our most successful investments, Chloride, European Telecom and Pace.
Action 15.3: AD to ask about the price of buying this year’s "Company Ref’s".
Action 15.4: AD to initiate talks of automatic downloading of financial data from the web into spreadsheet format for comparison.