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Meeting: |
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Held at: |
The Brocklebank, |
Date: |
17th
October 2005 |
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Time: |
17:00 – 18:00 |
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Prepared by |
Simon B |
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Chairperson: |
Adrian T |
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Present: |
Adrian T |
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Richard W |
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Kit P |
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Simon B |
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Apologies: |
Dave G ,Chris B |
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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:-
Wednesday 23rd November
Monday 19th December
Accepted.
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Ref. |
Description &
Progress |
Status |
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DG/0718/03 |
Update the Strategy to cover
our changing a company’s sector where we consider it to be appropriate to do
so. 0810: To be incorporated into next version of strategy for review
after the Annual Strategy Review discussion 0921: Carried forward pending completion of action DG/0810/04 |
Complete |
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DG/0718/04 |
Update the Strategy to
explicitly state how the Money Management checks should be calculated 0810: To be incorporated into next version of strategy for review
after the Annual Strategy Review discussion 0921: Carried forward pending completion of action DG/0810/04 |
Complete |
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DG/0718/06 |
Update the Strategy to state
that default position when faced with a rights issue would be to do nothing
but to allow the offer to be taken up if a proposal was put forward on a case
by case basis 0810: To be incorporated into next version of strategy for review
after the Annual Strategy Review discussion 0921: Carried forward pending completion of action DG/0810/04 |
Complete |
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DG/0718/09 |
Contact Proshare to see whether
they are aware of any club competitions in newspapers etc. 0810: No progress 0921: No progress |
Complete |
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DG/0810/04 |
Update the Strategy to propose
an approach to managing any cash held in investment trusts 0921: See discussion in section 5.6 of these minutes. Strategy to be updated to reflect the
agreement. |
Complete |
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CB/0921/01 |
Transfer £4000 from the Bank of
Scotland current account to the newly opened deposit account |
Complete |
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RW/0921/02 |
Purchase £4000 of Alliance
Trust |
Complete |
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ALL/0921/03 |
Investigate diverse but non-UK
dominant investment trusts to be a potential temporary investment vehicle for
our cash |
17/10/2005 |
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RW/0921/04 |
Write a brief outline of the
main points to learn regarding government bonds so that we can subsequently
consider which bond may be an appropriate temporary investment vehicle for
our cash Email sent by RW |
Complete |
See end of these minutes.
See separate report for detail.
None
Fundamental portfolio is showing as “too low”
We now only have one holding, Egg, in the Speculative portfolio and this only represents 2% of net assets but, as the strategic thresholds are 0%-25%, this is not actually “too low”.
Fundamental and Speculative proposals are still encouraged.
Basically breakeven this month – down £49 (0.2%) vs a 2.6% drop in the All Share.
Significant moves have been Charter (+20%), Hyder Consulting (+8%), Advanced Fluid Connections (-7%), Alumasc (-8%), Carclo (-9%) and Wagon (-9%).
McAlpine and Hyder Consulting remain above their stop loss levels so remain unsold.
Lambert Howarth reaches its anniversary this month and will be sold. It is currently showing a 17.5% loss, which will make it the portfolio’s worst performing share to date (although it will lose this dubious honour to Advanced Fluid Connections next month!). Wyndeham Press Group will replace it.
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Type |
Company |
EPIC |
Purchase Date |
Price |
# Shares |
Total Cost |
Dividends Received |
Valuation Date |
Current Bid Price |
Share Value |
Total (inc Dividends) |
Profit / Loss |
Profit / Loss % |
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Value |
McAlpine
(Alfred) |
MCA |
18/08/04 |
254.70 |