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Held at: |
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17:15 – 18:40 |
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Present: |
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Adrian T |
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Richard W |
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Chris B |
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Simon B (from item 4) |
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Kit P (from item 4) |
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Apologies: |
None |
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Chairman’s Acceptance of Minutes |
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Signature |
Date |
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Monday 4th October 2004. Venue: Brocklebank 16:45 – 18:30.
Other future meeting dates agreed:-
Tuesday 2nd
November
Thursday 9th December
All assumed to start at 16:45 in The Brocklebank unless otherwise stated.
Action CB/0720/04 should not have been marked as closed but otherwise the minutes were accepted.
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Ref. |
Description & Progress |
Status |
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AT/0629/02 |
Produce monthly report for Parity from next meeting 0720: No progress 0817: No progress |
COMPLETE |
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SB/0817/01 |
Arrange for additional paperwork to be signed by all members and passed to Helen so that we can finally open our Abbey account |
COMPLETE |
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RW/0817/02 |
Sell Euro Motor Holdings and purchase Alfred McAlpine for the mechanical portfolio |
COMPLETE |
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RW/0817/03 |
Purchase Big Food Group for the fundamental portfolio |
COMPLETE |
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SB/0817/04 |
Produce monthly report for Big Food Group from next meeting |
COMPLETE |
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DG/0817/06 |
Amend future agenda to include an item for discussion of how to spend the “Learning” and “Fun” budgets |
COMPLETE |
See end of these minutes.
See separate report for detail.
Highlights/Lowlights A good month with a rise of approx £1100. Unit value up from 454.213 to 474.455. We have £3,822.83 of non-mechanical cash.
The need for a decision on what to do with our Templeton warrants was raised. Covered as part of section 5.4 of these minutes.
Despite our fundamental purchase of Big Food last month, the proportion of assets in common UK stock is still in the “Too Low” category (70% against strategic minimum of 75%) and the fundamental portfolio is also still “Too low” (19% against strategic minimum of 25%).
Further purchases for the Fundamental portfolio would address these so proposals are still encouraged.
This month is a month for selecting a share for the ‘Growth’ side as our fourth purchase. Top candidate was Cape which sparked off a discussion about whether or not we should purchase more ….. until we realised that the strategy precludes us from buying a share for the mechanical portfolio if we already hold it at all, not just whether it is already held in the mechanical. Just when it was getting interesting, attention was switched to the next best candidate which was Hyder. We don’t already have that so Richard to make purchase of appropriate amount.
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 |
363.00 |
Yes |
330.68 |
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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 |
69.00 |
No |
99.75 |
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4Imprint |
Growth |
May 2005 |
141.50 |
212.25 |
21.23 |
144.00 |
No |
212.25 |
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Fyffes |
Value |
Jun 2005 |
117.34 |
176.00 |
17.60 |
119.50 |
No |
176.00 |
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Sportingbet |
Growth |
Jul 2005 |
99.05 |
148.55 |
14.86 |
99.05 |
No |
148.55 |
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McAlpine |
Value |
Aug 2005 |
254.70 |
382.05 |
38.21 |
256.25 |
No |
382.05 |
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CodaSciSys |
HOLD – Not yet met sell criteria (see table in 5.5 below) |
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ISG |
A review took place of ISG as one was scheduled for Sep 2004 in accordance wit |