Attendees: Richard Albon (Chair), Geoff Floyd, Andy Davies, Alan Martin, Dave Johnston, Les Watson
Andrew Watkins, Don Parker, Wez Davey, Robin Rynhart
Apologies: None
The minutes were reviewed and agreed to represent the meeting.
All outstanding actions were completed.
Don asked what were the benefits of joining the PIC. Geoff indicated that they were various reasons including a monthly newsletter. It was agreed by the meeting that the discussion about whether we should join the PIC could and should be postponed until another meeting.
The majority of the group had been supplied with copies of the agreement for review. Geoff explained a number of aspects of the agreement and the declaration of trust. Questions were raised as to the tax implications for each of the members and also what the benefits/risks were of shares being held through a nominee company.
Action 2.1 (GF): To read the investment club manual to review the tax implications for the group and draw up an opinion which could be explained to the group at or before the next meeting.
Geoff asked the group for a view on whether the club should nominate one member to contol the purchase and sale of shares or whether we should opt for multiple signatures for share dealing. The club decided to think further on this topic before forming a view.
Geoff asked that the club review the declaration of truct, constitution and rules.
Action 2.2 (All): Review Declaration of trust, constitution and rules by 22nd June.
Details from four banks were found, Nat West, Barclays, Lloyds and First Direct.
After some discussion about the details of the accounts the group decided to select the Lloyds charity account.
Action 2.3 (GF): To set up a club account with Lloyds.
It was suggested that each member of the club investigate a different area of the market prior to the club focusing on particular companies. It was suggested that we should aim for a balance of shares although it was clear that this would be difficult to achieve initially. Geoff believed that the minimum share purchase would be £500.
| Bio-technology | Don |
| Construction | Richard |
| Banks | Andy |
| Retail | Les |
| Pharmaceuticals | Dave |
| Oil & Gas | Wez |
| Leisure | Alan |
| Electricals | Geoff |
| Information technology hardware | Robin |
| Utilities | Andrew |
Action 2.4 (All): Review the areas identified above and make recommendations of companies to watch.
The group would like to invite a guest speaker to talk on a range of topics and the club agreed that the sec. should contact Lisa Hansell-Wright to come and talk to us about her experiences of being involved with another investment club.
Action 2.5 (LW): To contact Lisa Hansell-Wright to see if she would be happy to come and talk to us about her experiences with investment clubs.
6) Agenda for next meeting
Next Meeting : 13th July 1999
Actions
2.1 (GF): To read the investment club manual to review the tax implications for the group and draw up an opinion which could be explained to the group at or before the next meeting.
2.2 (All): Review Declaration of trust, constitution and rules by 22nd June.
2.3 (GF): To set up a club account with Lloyds.
2.4 (All): Review the areas identified above and make recommendations of companies to watch.
2.5 (LW): To contact Lisa Hansell-Wright to see if she would be happy to come and talk to us about her experiences with investment clubs.
1.1 (GF) Provide a copy of the Investment club agreement to each member of the club. - COMPLETED
1.2 (All) Review and collate information about saving accounts and stock brokers. - COMPLETED
1.3 (All) E-mail secretary with home e-mail addresses. - COMPLETED