Minutes of Roborough Investment Club Meeting #43 - 12th November 2002

Attendees: Allan Proudfoot, Alan Martin, Dave Johnston, Andy Davies, Chris Bailey, Cyril Bouhallier, Andrew Watkins, Les Watson, Franz Fuchs and Tay Huq, a potential new member.

Apologies: Geoff Floyd, Phil Ainsley

Absent: Wez Davey

Agenda

  1. Review minutes of previous meeting
  2. Review of actions
  3. Treasurer's report
  4. Review of current holdings
  5. AOB
  6. Agenda for next meeting

1. Review minutes of previous meeting

The previous minutes were accepted.

2. Review Actions

42.1: Geoff Floyd to recreate missing minutes - Action completed.

42.2: Cyril to adjust the RIC split figures to account for the true transfer value - Action completed, RIC split accounts have been adjusted.

3. Treasurer's Report

The following errors were noted in the treasurer's report for October 2002:

  1. Unit price is up, not down, from 87p to 90p.
  2. Mix-up in the Shares purchase/sales section:

ACTION: Cyril to correct these in the treasurer's report.

Shares purchase/sales this month

10 Oct: Coffee Beans bought 250 shares of Kelda at 395.34 pence/share for £988.36 17 Oct: Tea Leaves sold 28 shares of Send at 55 pence/share for £15.40 (Takeover)

Resignation

None

Dividends Received

Kelda: £45.39
Securicor: £5.43

4. Review of current holdings

Chloride - lifted by improving tech sector sentiment

Chorion - selling some of their assets

Eckoh Technology - a write off; no longer being watched/tracked

Kelda - hit by sector sentiment

Marconi - question was raised on what market valuation was based on, growth potential?

Rexam - no news/comment

Royal Sun Alliance - recovering; cash call well received

Securicor - negotiations on cash handling for post offices fell through

Tesco - no comment

D S Smith - tracking the wider market

Urbium - no news/comment

Volex - lifted by improving tech sector sentiment, long-term base line seems to be in the £4 - £5 region ( on 12 November 2002 Volex closed at £0.90)

5. AOB

Cyril reported that a cheque to the value of Rick's share had been sent to Rick Haggitt's widow, but had not yet been cashed.

Tay Huq was shown where to find RIC web site and application forms for club membership.

6. Agenda for next meeting

  1. Review minutes of previous meeting
  2. Review actions
  3. Review treasurer's report
  4. Review current holdings
  5. AOB
  6. Agenda for next meeting

Date of next meeting

Next Meeting : 10th December 2002