Minutes of Roborough Investment Club Meeting #69
17th January 2005

Attendees:
                    Andrew Watkins,Wez Davey,Geoff Floyd,Franz Fuchs,Andy Davies,Alan Proudfoot, Alan Martin

Apologies:
                   Les Watson

Absent:
                    Chris Bailey,Phil Ainsley

Agenda:

Review minutes of previous meeting
Review of actions
Treasurer's report
Review of current holdings
AOB
Agenda for next meeting

1. Review minutes of previous meeting

Previous meeting's minutes approved.

2. Review Actions

Cyril is the named individual  for the comDirect trading account. Geoff was actioned to investigate the mechansim for transfering ownership. comDirect require minutes that state that the lead investor has been changed from Cyril to Geoff. This will be recorded under AOB. They also required signatures from the rest of the group authorising this.

3. Treasurer's Report

Cyril has been overpaid by about £15. Geoff has been actionrd to get a refund.

The group sold UK coal for £820.80, and London Stock Exchange for £1207.69. The group received a divident from Scottish Power for £11.58. The unit price rises from 110p to 111p, and is about 112p today. Full details below.

Shares purchase/sales this month

Sales
UK Coal for £820.80
London Stock Exchange for £1207.69

Dividends Received

Scottish Power £11.58

Asset Summary

  Name of Company No shares Average price Total Cost Selling price Net selling value Profit or loss to date Change during month %
A Bovis Homes
223
447.81
998.61
580.00
1280.90
282.29
142.72
11.1%
  Personal
525
190.95
1002.49
200.00
1037.50
35.01
-52.50
-5.1%
  Pennon Group
150
678.17
1017.25
995.00
1480.00
462.75
125.25
8.5%
  Royal Doulton
6361
12.14
771.97
11.50
719.02
-52.95
47.71
6.6%
  Scot Power
234
434.62
1017.00
403.00
930.52
-86.48
-6.44
-0.7%
  TT Electronics
578
172.74
998.45
192.00
1097.26
98.81
26.01
2.4%
  Whitbread
109
825.41
899.70
846.00
909.64
9.94
26.16
2.9%
MI Assocd Brit Ports
241
414.52
998.99
474.25
1130.44
131.45
-20.49
-1.8%
  Brown (N) Group
800
124.06
992.50
120.00
947.50
-45.00
-94.00
-9.9%
  Creative Education
9825
10.18
999.91
5.50
527.88
-472.03
111.03
21.0%
  Eckoch Technology
2000
39.13
782.56
7.75
142.50
-640.06
-62.60
-43.9%
  Hardys & Hansons
143
424.33
606.79
550.00
774.00
167.21
3.57
0.5%
  HSBC
98
918.10
899.74
879.00
848.92
-50.82
-37.24
-4.4%
  Isoft
294
339.26
997.43
344.00
998.86
1.43
-124.22
-12.4%
  Kelda
245
396.83
972.24
628.50
1527.33
555.09
165.38
10.8%
  Rank
385
259.73
999.97
263.50
1001.98
2.01
-192.50
-19.2%
14955.60
15354.25
398.65
57.84
0.4%

Unit price climbs from 110 to 111p.


4. Review of current holdings

A very brief summary was provided by each team:

A team:
Bovis reached it £6 target and was sold. However they have gone up since selling.
Royal Daulton. Plan to hold until it reaches its compulsory purchase price (12p). This will save dealing costs but could tie up the money for several weeks during the purchase. They are not worth selling yet.

MI team:
Hardy's and Hanson's - keeps going up. Have been tipped by several papers as a good share to take profits on, so keep a close eye on them.
HSBC - down
Kelda - down
Rank - down
The last week of the month was not good for the MI team. Hope that shares will recover next month.

5. AOB

a) Geoff has agreed to become the lead investor for the club. A vote taken by the members present at the meeting was as follows:
For: 6
Against: 0
Abstain: 0
Absent: 3
The club therefore recognises Geoff as the lead investor.

b) Wez Davey (the current Chairman) has resigned. He resignation has been accepted.
Alan Martin put his name forward to become chariman. He was unopposed and unanimously voted Chairman as follows:
For: 5
Against: 0
Abstains: 0
Absent: 3

c) The  Z' team have renamed themselves MI (Mission Impossible). Their goal (seen as virtually impossible) is to outperform the 'A' team. Hence, the new teams are:

The 'MI' team:
Geoff,
Franz,
Les,
Chris

The 'A' team:
Andy,
Phil,
Alan M,
Alan P,
Andrew

d) The question was raised again, on whether it is still appropriate to have competing 2 teams. The answer was a universal 'yes' whilst the number of members in the club remains above 7.

e) The question "Do we want to continue?" was also raised. Of the remaining 6 members (excluding Wez), 4 (Alan M, Alan P, Geoff and Franz) were in favour. The other 2, (Andy and Andrew) admitted that should the club reach breakeven they would seriously consider resigning too.

6. Agenda for next meeting

Review minutes of previous meeting
Review of actions
Treasurer's report
Review of current holdings
AOB
Agenda for next meeting
Action Summary

Geoff agreed to take ownership of the club's current account, and will find out what is involved in transfering ownership.

Geoff to recover the excess mony paid to Cyril.

All: Complete the form that transfers ownership of the comDirect trading account from Cyril to Geoff

Date of next meeting

Monday, 21st February 2005, 5.00pm to 6.00pm