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Held at: |
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17:10 – 18:00 |
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Prepared by |
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Chairperson: |
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Present: |
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Richard W |
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Dave G |
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Apologies: |
Chris B |
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Kit P |
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Simon B |
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Chairman’s Acceptance of Minutes |
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Signature |
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AGM. Tuesday 20th July 2004. Venue: To be arranged 16:45 – 18:30.
Other future meeting dates agreed:-
--- August yet to be
agreed ----
Tuesday 7th September
Monday 4th October
Tuesday 2nd November
All assumed to start at 16:45 in The Brocklebank unless otherwise stated.
There was an error in the stop-loss table in section 5.5 of the May minutes in that the exit criteria for CSY had not been updated to reflect the amendments agreed at the review.
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Ref. |
Description & Progress |
Status |
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CB/0520/01 |
Revise Treasurer’s Report to show that DG reports on ISG each month rather than RW |
COMPLETE |
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RW/0520/02 |
Purchase 4Imprint Group (FOUR) shares, purchasing appropriate amount based on valuation of mech portfolio |
COMPLETE |
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RW/0520/03 |
Purchase £1000 of Parity (PTY) shares |
COMPLETE |
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AT/0520/05 |
Submit the Application Form for setting up the City Deal account |
COMPLETE |
See end of these minutes.
See separate report for detail.
Highlights/Lowlights A mixed performance this month but slightly up overall. Unit value up from 445.579 to 448.642. We have £4,005.99 of non-mechanical cash.
None.
The proportion of assets in common UK stock is in the “Too Low” category (61% against strategic minimum of 75%). Fundamental portfolio was also “Too low” (16% against strategic minimum of 25%).
Purchase proposals for the Fundamental portfolio would address these so are encouraged (see 5.6 below).
This month is a month for selecting a share for the ‘Value’ side of the mechanical portfolio with TDG being sold. Top candidate for purchase this month is Fyffes which is best known for its bananas. Richard to make purchase of appropriate amount (approx £1100).
The table below now reflects the sell situation for each mechanical holding. The appropriate sell condition is shown in bold
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Company |
Portfolio |
“Anniversary” |
Purchase Price |
Target Price |
Trailing Stop Loss |
High Since Purchase |
Target Met? |
Sell If Below |
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Crest
Nicholson |
Value |
Already
passed (Apr 2004) |
215.50 |
323.25 |
32.33 |
361.25 |
Yes |
328.93 |
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European
Motor Hdgs |
Value |
Aug 2004 |
172.78 |
259.17 |
25.92 |
221.00 |
No |
259.17 |
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Severfield-Rowen |
Value |
Oct 2004 |
323.88 |
485.82 |
48.58 |
410.00 |
No |
485.82 |
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Countryside
Properties |
Value |
Dec 2004 |
196.70 |
295.05 |
29.51 |
279.00 |
No |
295.05 |
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Wagon |
Value |
Feb 2005 |
198.00 |
297.00 |
29.70 |
198.50 |
No |
297.00 |
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Horizon |
Growth |
Mar 2005 |
66.50 |
99.75 |
9.98 |
64.50 |
No |
99.75 |
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4Imprint |
Growth |
May 2005 |
141.50 |
212.25 |
21.23 |
142.5 |
No |
212.25 |
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CodaSciSys |
HOLD – Not yet met sell criteria (see table in 5.5 below) |
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ISG |
HOLD – Not yet met sell criteria (see table in 5.5 below) |
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Parity |
HOLD – Not yet met sell criteria (see table in 5.5 below) |
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Atlantic Caspian |
HOLD (especially as it’s delisted !!) |
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Templeton Emerging |
HOLD – underlying share is now below the strike price of the warrants so unlikely that the warrants will be worth anything by the time they expire in September 2004. That said, agreed that it was not worth selling them as the most we could lose at current valuation was approx £75 whereas we could make gains if the underlying share price picks up. |
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Cape |
HOLD – Not yet met sell criteria (see table in 5.5 below) |
Consideration was given as to whether we actually did indeed hold any shares in Atlantic Caspian following the consolidation in the Spring. Chris to contact Barclays to see whether we do have any holding of Atlantic Caspian.
The following is the summary of sell criteria for each stock held within the Speculative or Fundamental portfolios (the Mechanical holdings are dealt with as part of section 5.2 above). 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.
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Stock |
Reportee |
“High”
Price |
Stop
Loss (based on the “high”) |
Exit
Criteria |
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CSY |
Richard |
420 |
210p |
Hold until at least Nov 04 and then review. In addition, review following any trading or results statement that expects / reports a fall in either revenues or profits over the previous reporting period;Trailing stop loss of 210p to start from purchase price (based on mid-price due to large spread). (High = 420.0p) |
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ISG |
Dave |
193.5 |
96.75p |
Hold for 12 months (September 2004) then review. Before then, run trailing stop loss of 50% to start from purchase price |
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PTY |
Adrian (from July) |
38.8p (based on average purchase price of 19.4p) |
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Review in November 2004 but sell half the holding if it should double (this has be entered as a limit order so would not need constant monitoring) |
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CAPE |
N/A (speculative) |
100 |
80 |
20% trailing stop loss |
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ACA |
N/A (speculative) |
20.4 |
5p |
Start price 10.2p. Invoke 15% trailing stop loss once price has doubled, or sell if price falls 50% from purchase (unless not worth selling) |
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TEMA |
N/A (speculative) |
57 |
14.25p |