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Meeting: |
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17:15 – 18:50 |
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Present: |
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Adrian B |
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Dave G |
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Kit P |
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Richard W |
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Apologies: |
Geoff O’F |
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Chairman’s Acceptance of Minutes |
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Signature |
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The minutes from the monthly meeting of 16th February should have stated that the venue was the North Stafford Hotel rather than the North Staffordshire Hotel and that there were apologies from Geoff O’F..
17:00 – 19:30 Wednesday 19th April. Venue Crewe Arms
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Ref. |
Description & Progress |
Target Date |
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DG/0111/04 |
Notify Investor Ease suppliers of the faults in the product as part of DG’s trial period (which should commence mid-Jan) 0216: Trial period not yet complete |
DROPPED |
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ALL/0216/01 |
Review
amended version of Club Rules to approve wording of rule 9(a) |
CLOSED |
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DG/0216/03 |
Check out possibility of registering www.rsic.co.uk as a domain name for the club 0322: Web site of www.rsic.co.uk now set up (though still very much
"under construction". |
CLOSED |
In discussing the revision to the club rules (see ALL/0216/01 above), it was agreed that the start of Rule 9a should be changed from "The club's assets shall be valued monthly by the treasurer, normally within 2 business days of the club meeting......" to "The club's assets shall be valued monthly by the treasurer normally no more than 2 business days prior to the club meeting......". DG to amend rules accordingly.
See end of these minutes
CB supplied his report.
The report showed net total assets of £13,541.53 and unit value of 475.655p.
The current net value if realised on the Science Systems shares was calculated as £3256.00 (a profit of £2514.86 (or 240% APR) so far on the deal).
The current net value if realised on the ARM Holdings shares was calculated as £5805.00 (a profit of £4165.00 (or 893% APR) so far on the deal).
The current net value if realised on the Total Systems shares was calculated as £768 (a loss of £42.98 (or -22% APR) so far on the deal).
The current net value if realised on the Parity shares was calculated as £1401.10 (a profit of £490 (or 179% APR) so far on the deal).
The current net value if realised on the Atlantic Caspian shares was calculated as £279.68 (a loss of -£120.33 (or -134% APR) so far on the deal).
The current net value if realised on the Cable & Wireless shares was calculated as £1079.20 (a profit of £303.20 (or 210% APR) so far on the deal).
CB noted that the Nothing Ventured web site www.nothing-ventured.com was very
good.
RW had not sent out his report but thought that GO'F had won the llama.[1]
All have until end of Friday 24th March to send in buy/sell requests to be processed at the weekend.
Total Systems, ARM Holdings, Parity and Atlantic Caspian were all below 20% stop-loss trigger so a mandatory discussion took place.
It was agreed that selling on stop-loss alone may not be appropriate but that the stop-loss trigger was necessary to provoke discussion. There was some concern that we may never sell anything and there could be a psychological barrier to making our first real sale (Workplace Technologies not really being a true sale decision).
Considering ARM in particular, now may be a bad time to sell and identifying a higher price at which to sell out half our holding may not be sensible as we'd then be selling a rising stock. Need to also consider that ARM will split soon (likely to be agreed on 19th April).
General agreement was that if the technology bubble bursts, it will take a lot of stocks with it but those that survive will be much higher in the long term so are probably undervalued now. Consolidation WILL occur but how fast or savage it is remains to be seen. If there is a slump then maybe we should go liquid.
Again agreed that the only 2 real reasons for selling should be:-
a) if we need the money
b) if there's a better investment elsewhere (including cash)
A possible third reason could be when there's too much risk in one or two dominant stocks in our portfolio. It was recognised that while we continue to put additional money into our club, the proportion of our portfolio held in ARM (or any other stock for that matter) generally reduces.
Decision therefore taken to HOLD.
Not discussed
No sell proposals.
Not discussed
None
Actions carried forward to next meeting
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Ref. |
Description & Progress |
Target Date |
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RW/0415/05 |
As part of improving the records we keep on companies, set up and maintain a file on Science Systems 0510: No progress 0628: No progress 0726: No progress 0827: No progress 0916: No progress 1019: No progress 1124: No progress 1221: No progress 0111: No progress 0216: No progress 0322: No progress |
10/05/2000 !! |
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KP/0827/02 |
Add Annual Reports to list and email to KP 0916: No progress 1019: No progress – DG has also obtained some annual reports since
last meeting so needs to inform KP also 1124: KP to chase 1221: KP to chase all for details of new annual reports 0111: No progress 0216: No progress 0322: No progress |
19/04/2000 |
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CB/0916/02 |
Increase Market Master direct debit to reflect recent increases in subscriptions 1019: Awaited any late requests for changes to subscriptions before
increasing direct debit. 1124: No progress 1221: No progress 0111: No progress 0216: No progress 0322: No progress |
19/04/2000 |
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ALL/1221/07 |
Consider what we could spend some of the Mirror prize money on to improve our education (e.g. books, subscriptions, data, etc.) 0111: Agreed it would be sensible to spend approx £200 on furthering
our education. All to consider what
it could be useful to buy. 0216: RW looked at TechInvest newsletter and it is OK but unlikely
that we will act on its tips straight away.
Consideration of purchase of InvestorEase is a possibility though
ShareScope is worthy of a look into also.
Agreed to carry forward action
to next meeting 0322: Financial Freebies website has some potential ideas. DG said that he was considering whether to
attend one of the recently advertised Proshare seminars. The Leeds one is 16th
April. All agreed that the club
should cover the cost of this (£19.50) if DG wished to attend, as long as he
wrote a report to summarise the seminar. |
19/04/2000 |
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ALL/1221/08 |
Send details of useful URLs to club members with brief description of each 0111: No progress 0216: CB and RW have suggested some useful URLs. RW added that if you register (free) with www.fool.co.uk,
the “MyFool” page presents some useful links. 0322: DG supplied a handout from SHARES magazine with some reviewed
websites but action is still outstanding |
19/04/2000 |
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KP/1221/09 |
Compile and maintain a list of useful URLs 0111: Requires some action on ALL/1221/08 first! |
19/04/2000 |
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ALL/0111/06 |
Consider a suitable speculative investment for the remaining £400 of Mirror competition prize money. 0216: No progress 0322: No progress |
19/04/2000 |
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CB/0216/02 |
Begin process of transferring current account to Fleming Premier Banking 0322: DG noted that rules state that bankers cannot be changed unless
through an extraordinary general meeting.
Agreed to hold an EGM on 19th April to co-incide with next
club meeting. Item on agenda to be
change of bankers. |
19/04/2000 |
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DG/0322/01 |
Amend wording of rule 9a of club rules. Rules to become approved subject to application of the amendment. |
19/04/2000 |