Meeting:	Monthly Meeting - June 2002
Held at:	The Brocklebank		Date:		27t^h June 2002
			Time:		17:30 – 18:30
Prepared by		Kit P
Chairperson:	Richard W
Present:	Kit P
	Dave G
	Richard W
Apologies:	Simon B
	Adrian T
	Chris B
Chairman’s Acceptance of Minutes
_____________________________________________				____ / _____ / ____
Signature				Date

1 NEXT MEETING

Thursday 24th July 2002 17:00 - 19:00

Venue: The Lamb

2 Minutes of previous meeting

The minutes from the last monthly meeting were accepted except for the following:

3 ACTIONS FROM PREVIOUS MEETING

3.1 Actions Closed Since Last Meeting

Ref.	Description & Progress	Status
DG/0528/01	Send RSIC Investment Strategy to Simon	COMPLETED

3.2 Actions Carried forward to Next Meeting

See end of these minutes

4 Treasurer’s Report

4.1 Monthly Report Summary

See Report

4.2 Matters Arising From Report

None

5 Lucky Llama competition

This Month’s Winner: Dave. Dave has the yellow jersey.

6 PORTFOlio Management

6.1 Monthly Reports and Recommendations

Fundamental Portfolio:-

Headlam	HOLD – -9.2% against sector fall of 3%
Logica	HOLD
Fulcrum	HOLD

Speculative Portfolio:-

Parity	HOLD
Atlantic Caspian	HOLD
Templeton Emerging	HOLD
London Clubs International	HOLD
Cape	HOLD

Mechanical Portfolio:-

Countryside Properties	HOLD until October 2002
Wimpey (George)	HOLD until December 2002
Westbury	HOLD until February 2003
Crest Nicholson	HOLD until April 2003

6.2 Stop Loss / Sell Criteria (as of 12^th December 2001)

The following is the summary of stop loss positions for each stock in the “Fundamental” sub-portfolio. The stop loss is invoked against the “end of day” price, but the sell decision may wait for the opening price to avoid rogue trades at the end of day.

Stock	Reportee	“High” Price	Stop Loss (based on the “high”)	Exit Criteria
LOG	Richard	197	200	200 after 6 months TSL above 350
HEAD	Richard	284	227.2	20% trailing
FUL	Dave			20% trailing

6.3 New Buy Proposals

Savills (SVS) was selected for the Mechanical Portfolio. Buy at £800 agreed.

7. Competitions

Mirror – FTSE Flyer

8. AOB

Simon B accepted as a member by unanimous vote.

Actions carried forward to next meeting

Ref.	Description & Progress	Target Date
DG/0919/04	DG to add stop loss summary to Web site 1017: No progress 1120: In progress 1212: No further progress – hasn’t updated web site for around 4 months so will start to do so 0116: No progress 0220: No progress 0321: No progress 0424: No progress 0528: No progress 0627: Some progress	24/07/2002
KP/0116/02	Bring in Constitution for Adrian to sign 0220: No progress 0321: No progress 0424: No progress 0528: No progress 0627: No progress	24/07/2002
DG/0627/01	Appoint Auditors	24/07/2002

Proposed agenda for NEXT meeting.

RSIC Annual General Meeting – Wednesday 24^th July between 17:00 and 19:00

Venue: The Lamb

1 Date of Next Meeting

2 Minutes of previous meeting

3 Actions from previous meeting

4 Lucky Llama competition

5 Chairman's Statement

6 Treasurer’s Reports

6.1 Monthly Report

6.2 Annual Report of Accounts

6.3 Auditors Report

7. Portfolio Management

7.1 Monthly Reports from Fundamental Portfolio

7.3 Latest Sell Conditions for Each Share Held

7.2 New Buy Proposals

8 Resignations and Elections of Officers

8.1 Chairperson

8.2 Treasurer

8.3 Secretary

9 Appointments

9.1 Auditors

8.2 Stockbroker

9.3 Banker

10 Strategy Review