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Meeting: |
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Held at: |
The Brocklebank, Crewe |
Date: |
16th May
2005 |
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Time: |
17:00 – 18:15 |
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Prepared by |
Dave G |
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Chairperson: |
Adrian T |
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Present: |
Adrian T |
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Chris B |
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Dave G |
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Richard W |
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Simon B |
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Apologies: |
Kit P |
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Chairman’s Acceptance of Minutes |
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Signature |
Date |
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Proposed dates for future meeting are as below. Each to be confirmed at the preceding meeting:-
Monday 20th June
Monday 18th July (AGM)
Wednesday 10th August
Monday 19th September
Monday 17th October
Monday 21st November
Monday 19th December
The heading should have said “April” instead of “March” and the Cape stop loss should have been shown as 137.2 instead of 135.6.
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Ref. |
Description & Progress |
Status |
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SB/0323/03 |
Correct the buy proposal form, especially the market cap entry. 0420:
No progress |
COMPLETE |
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DG/0420/01 |
Propose revised dates for future meetings |
COMPLETE |
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CB/0420/02 |
Amend treasurers report to show champions for UBC Media and Raymarine |
COMPLETE |
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ALL/0420/03 |
Determine appropriate sector for Raymarine 0516: Electrical and Electronic Equipment |
COMPLETE |
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ALL/0420/04 |
Consider revising/relaxing the value mechanical criteria to allow 5-6 stocks few 0516: Agreed not to relax the filters any further even though this may result in no candidates. In that circumstance, we would run with a gap in the mechanical portfolio and would decide how best to fill the gap (e.g. would we just wait till the following month?) if and when it happens. |
COMPLETE |
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DG/0420/05 |
Look out for more details to enter the club for the Money Observer competition 0516: See “Competition” section of these minutes |
COMPLETE |
See end of these minutes.
See separate report for detail.
Highlights/Lowlights (mainly lowlights, it must be said!). Bad month again with our holdings down £2356, equivalent to a 7.7% drop. Net assets actually rose by approx £200 but that was only due to increases in subs from some people and the cheque from winning the proshare award. Unit value down from 590.736 to 550.780. We have £6359.88 of non-mechanical cash.
Chris has worked out the tax calculations for the 185 tax form. Chris will transfer the numbers onto the form unless anyone spots a mistake.
Oystertec will rename to Advanced Fluid Connectors during the next month.
Fundamental portfolio is still “Too low” (22% against strategic minimum of 25%).
This is a month for the ‘Growth’ side of the portfolio with 4Imprint being sold and replaced by Dart Group. Dart Group was 3rd in the candidate list but we already held Cape and Carclo which were the top two candidates. Richard to carry out the transactions.
The table below now reflects the sell situation for each mechanical holding. The appropriate sell condition (i.e. “Anniversary” or “Sell If Below”) 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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4Imprint |
Growth |
May 2005 |
141.50 |
212.25 |
21.23 |
252.50 |
Yes |
231.28 |
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Fyffes |
Value |
Jun 2005 |
117.34 |
176.00 |
17.60 |
160.00 |
No |
176.00 |
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Sportingbet |
Growth |
Jul 2005 |
99.05 |
148.58 |
14.86 |
349.00 |
Yes |
334.14 |
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McAlpine |
Value |
Aug 2005 |
254.70 |
382.05 |
38.21 |
346.00 |
No |
382.05 |
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Hyder |
Growth |
Sep 2005 |
150.00 |
225.00 |
22.50 |
231.50 |
Yes |
209.00 |
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Lambert
Howarth |
Value |
Oct 2005 |
272.00 |
408.00 |
40.80 |
363.00 |
No |
408.00 |
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Oystertec |
Growth |
Nov 2005 |
24.65 |
36.98 |
3.70 |
30.75 |
No |
36.98 |
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Taylor
Woodrow |
Value |
Nov 2005 |
242.39 |
363.59 |
36.36 |
312.25 |
No |
363.59 |
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Bellway |
Value |
Dec 2005 |