Meeting:

Monthly Meeting & AGM - July 2004

 

Held at:

The Holly Bush Inn, Sandbach

Date:

20th July 2004

 

 

Time:

18:40 – 21:15

Prepared by

Dave G

 

Chairperson:

Adrian T

 

Present:

Adrian T

 

 

Chris B

 

 

Dave G

 

 

Kit P

 

 

Richard W

 

 

Simon B

 

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

Tuesday 17th August 2004. Venue: Brocklebank 16:45 – 18:30.

Other future meeting dates agreed:-

Tuesday 7th September
Monday 4th October
Tuesday 2nd November

All assumed to start at 16:45 in The Brocklebank unless otherwise stated.

2           Minutes of previous meeting

Accepted.

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

SB/0716/01

Issue chairman’s annual statement via email

0820: No progress

0919: No progress

1022: No progress

1121: No progress

1219: No progress

0123: No progress

0227: No progress

0323: No progress

0421: No progress

0520: No progress

0629: No progress.  Probably not worth keeping this action open now as Adrian needs to do one for next month anyway so we’ll close this action on it’s birthday next month.

0720: The following statement was presented at the AGM – the birthday of the action.

“The last 12 months (from July 2002 to July 2003) has been a difficult year, with the unit price dropping below 300p for the first time since November 1999.  Strong Chairmanship allowed recovery back above 300p by end of the year”

COMPLETE

KP/1219/02

(changed from ALL/1219/02 at 23/01/204 meeting)

Check to see whether you have a copy (electronic or hardcopy) of the minutes that are missing from the Website.  These are December 2000, August 2001, March 2002, April 2002, May 2002

0123: Nobody could find any electronic copies of the minutes so KP to dig out the hardcopies and scan them in.

0227: No progress

0323: It was thought that Kit was going to do a trawl of the server at Crewe so the action was left open

0421: Kit still needs to do the trawl

0520: Update from Kit needed

0629: No known further progress

0720: The minutes cannot be found.  Action dropped.

DROPPED

AT/0421/02

Complete audit of 2003 accounts

0520: All paperwork is available – just need to complete the audit

0629: No progress – As Adrian is about to go on leave, Dave offered to attempt to do the audit in Adrian’s absence so that it may be completed before the AGM.  Adrian to consider this and leave the paperwork for Dave to collect on his visit to Crewe on 7th July if appropriate

0720: Audit complete – just needs Simon to confirm by email for the records (see action SB/0720/01)

COMPLETE

ALL/0520/04

Consider Abbey as a possible buy for the Fundamental portfolio and do research as necessary

0629: No progress

0720: Agreed to drop the action – can resubmit as a buy proposal in the future as necessary

DROPPED

DG/0629/01

Confirm date of AGM

COMPLETE

CB/0629/03

Contact Barclays to see whether we still have any shares in Atlantic Caspian

0720: The 10000:1 consolidation in May 2004 left us with no holding so these have now been written off

COMPLETE

RW/0629/04

Make mechanical trades (sell TDG, buy Fyffes)

COMPLETE

DG/0629/05

Arrange for signed constitution to be sent to Helen so that we can get our £1000 prize money

0720: Signed at the meeting.  Chris to post to Helen (see action CB/0720/02)

COMPLETE

3.2          Actions Carried forward to Next Meeting                         

See end of these minutes.

4           Chairman’s Report

Adrian asked for this to be deferred for completion at the next meeting

5           Treasurer’s Report

5.1          Monthly Report Summary

See separate report for detail. 

Highlights/Lowlights  A good performance this month.  Unit value up from 448.642 to 463.529.  We have £4,395.25 of non-mechanical cash.

5.2          Matters Arising From Report

Chris distributed completed tax form 185(new) to each member.

Brief discussion took place regarding the Standard Form of Agreement for Capital Gains.  It was unanimously agreed that the terms of the “Arrangement for Assessment of Capital Gains”  were acceptable and Chris was actioned to complete the agreement on behalf of the club and return to the HM Inspector of Taxes.

5.3          Annual Report

Chris distributed the annual accounts which had already been initially audited by Richard.  It had been an excellent year with net assets up approx £9600 against subscriptions of only £3335.

6           PORTFOlio Management

6.1          Monthly Money Management Checks

The proportion of assets in common UK stock is in the “Too Low” category (62% 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.

6.2          Mechanical Portfolio

This month is a month for selecting a share for the ‘Growth’ side of the mechanical portfolio.  Top candidate for purchase this month is Sportingbet (SBT) which is an on-line bookies.  Richard to make purchase of appropriate amount (approx £1060).

The table below now reflects the sell situation for each mechanical holding.  The appropriate sell condition is shown in bold

Company

Portfolio

“Anniversary”

Purchase Price

Target Price

Trailing Stop Loss

High Since Purchase

Target Met?

Sell If Below

Crest Nicholson

Value

Already passed (Apr 2004)

215.50

323.25

32.33

361.25

Yes

328.93

European Motor Hdgs

Value

Aug 2004

172.78

259.17

25.92

224.00

No

259.17

Severfield-Rowen

Value

Oct 2004

323.88

485.82

48.58