Geoff's action to transfer the comDirect account over to him is ongoing. comDirect have requested that he write a letter confirming all the transfer details.
Geoff's action to transfer ownership of the current account to himself is still on going and there was no progress this month.
The unit price has risen to 115p.
There is a total of £5600 in cash, which could cover up
to 2 resignations without the need to sell shares. Andrew Watkins has resigned
this month, and his resignation has been accepted. He amount he will
be paid will be based on the closing price at the end of the month.
The chairman asked if anyone else is planning on resigning, to try and
avoid the unneccesary cost of having to sell shares quickly. The only other
person who is considering this is Andy (who has been doing so for several
months). Alan P
stated the current Zarlink cuts might make him consider his decision to stay in the group.
The other question raised is what is the minimum number required by law to be an investment club? The anwser is probably 3, as this is the minimum number of officiers the group requires.
4. Review of current holdings
The following is a brief summary of what was said.
Brown Group - going up in a banded ramp with an 11.6% stop loss. Currently
in the mid band - holding
Carnival (the Cruise company) - on a 9.6% stop loss. Has been flat since buying
Creative Education - close to its stop loss value - planning to hold
Ecotech - Trading close to stop loss - flat now. The MI team thought about ditching these recently but the trading cost stopped them!
GKN - Doing well - at the top of its trading band. It was bought for 248 and is currently worth 256p.
Hardys and Hansons - Keeps on going up. What a star!
HSBC - Almost recovered to their purchase price.
Kelda - Going up again. Small fall today (3%), but still a good performer.
Rank - Falling merrily from 335p to 289p. Company announced a restructuring plan recently. Now on a 10% stop loss and beginning to recover.
Pennon - Went down 2.2% after during divident payout. Expected to recover soon.
Scottish Power - dropped 5% last month!
Whitbred - no major movements, up 0.5% this month.
5 . AOB
Alan P stated that he is finding it difficult to hold 'A team' meetings because the personel were not available.
Alan P was unanimously voted in as the new Club Secretary replacing
Andrew. The votes cast were:
Abstentions: 1 (Alan P)
The ex-secretary hopes thge group will continue to do well in the future.
Geoff to progress on taking ownership of the club's current account.
Geoff to write a letter to comdirect to take ownersghip of the