Meeting:	Monthly Meeting and AGM - July 2002
Held at:	The Lamb		Date:		24t^h July 2002
			Time:		17:00 – 18:30
Prepared by		Kit P
Chairperson:	Richard W
Present:	Kit P
	Dave G
	Chris B
	Adrian T
	Simon B
	Richard W
Apologies:	None
Chairman’s Acceptance of Minutes
_____________________________________________				____ / _____ / ____
Signature				Date

1 NEXT MEETING

Wednesday 21st July 2002 17:00 - 19:00

Venue: The Brocklebank

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/0627/01	Appoint Auditors	COMPLETED

3.2 Actions Carried forward to Next Meeting

See end of these minutes

4 CHAIRMAN’S STATEMENT

5 Treasurer’s Report

5.1 Monthly Report Summary

See Report

5.2 Matters Arising From Report

None

5.3 Annual Report

See Report – flat performance on the year, slightly above FTSE

6 Lucky Llama competition

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

7 PORTFOlio Management

7.1 Monthly Reports and Recommendations

Fundamental Portfolio:-

Headlam	HOLD
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
Savukks (SVS)	HOLD until June 2003

7.2 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 but VOTE rather than an immediate mechanical SELL
HEAD	Richard	284	227.2	20% trailing
FUL	Dave			20% trailing

7.3 New Buy Proposals

None

7. Competitions

None

8. Resignations and Elections of Officers

Chairperson Simon B

Treasurer Chris B

Secretary Dave G

Auditors Adrian T and Richard W

Bank Fleming moved to Cater Allen

Broker Charles Schwab

9. AOB

ProShare membership has lapsed. It was decided not to renew immediately, but to wait until it offered better value (e.g. when more competitions were sponsored).

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 0724: No progress	21/08/2002
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 0724: No progress	21/08/2002
CB/0724/01	Update Club member list with Charles Schwab and Cater Allen	21/08/2002
ALL/0724/02	Update Strategy for Mechanical portfolio to SELL after one year and BUY in the following month.	Strategy Review

Proposed agenda for NEXT meeting.

Proposed agenda for NEXT meeting.

RSIC Monthly Meeting – Wednesday 21st August between 17:15 and 19:00

Venue: The Brocklebank

1. Date of Next Meeting (4 mins)
[Agree a date for the next meeting]

2. Agenda Changes? (2 mins)
[Any items for AOB or any suggested reordering of agenda?]

3. Minutes of last meeting (1 min)
[Any comments on minutes from previous meeting

4. Actions from last meeting (20 mins)
[Progress on actions]

5. Treasurer's Report (10 mins)

6. Portfolio Management (30 mins)

6.1. Mechanical Portfolio

6.2. Monthly Report for each Company in Fundamental Portfolio

6.3. Latest sell conditions for each share held

6.4. New Buy Proposals

7. Lucky Llama Competition (10 mins)
[Latest positions and any new buy/sell decisions]

8. Competitions (10 mins)

9. AOB