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Meeting: |
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Held at: |
The Brocklebank |
Date: |
18th
October 2007 |
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Time: |
17:20 – 18:30 |
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Prepared by |
Dave G |
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Chairperson: |
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Present: |
Chris B Dave G Kit P Richard W 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 meetings are:-
Thu Nov 15
Thu Dec 20.
The buy proposal was for Blue Planet Worldwide Financials, not Blue Water Financials.
Otherwise Accepted
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Ref. |
Description &
Progress |
Status |
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DG/0621/07 |
Write to tax office to seek
clarification on what can and cannot be paid for out of club funds 0720: Not yet done 0829: No progress 0920: No progress 1018: Chris and Dave had discussed during the month and taken the
view that the agreement already in place between ourselves and the tax office
could reasonably be interpreted as covering the circumstances we’re talking
about so no need to explicitly write to them for clarification. |
DROPPED |
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SB/0621/09 |
Bring the pot llama to the AGM 0720: Not done but the llama is in the office in 0829: No progress 0920:Simon remembered but as Dave wasn’t present it remains in his
desk draw in 1018: Handed to Dave. If
anyone has any ideas for what role the llama could play long terms then shout
up. |
CLOSED |
See end of these minutes.
See separate report for detail.
Highlights/Lowlights: £1930 profit in the month but still down on the performance of the FTSE (3.0% v 5.1%), now five consecutive months of underperformance. A wide range of performance within the portfolio ranging from Alexon down 18.4% on the month to Ceres Power up 19%.
The Unit Value was up from 796.82 to 818.562
Overall club assets stand at £74,899 (profit of £33,404).
Nothing to discuss.
The Fundamental portfolio is still “too low”, despite the Blue Planet purchase last month, with 17.5% held in this portfolio against strategic minimum of 25%. However, the purchase has meant that Fundamental portfolio no longer has any breaches of the strategic limit of 30% in any one stock (though it is close, with Tesco representing 28.5% of the Fundamental portfolio).
The Fundamental also remains too low in
Alliance Trust is still above the strategic limit for any single temporary investment vehicle (12.5% v 10%) though this issue was acknowledged at the time of deciding to buy so is acceptable.
Fundamental buy proposals of
No report had been produced this month but there were no transactions due.
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.
|
Company |
Annivers-ary date |
Purchase Price |
Target Price |
Trailing Stop Loss |
High |
Target Met? |
Sell If Below |
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Lookers |
Nov-07 |
167.72 |
251.58 |
25.16 |
219.75 |
No |
251.58 |
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Jan-08 |
273.73 |
410.60 |
41.06 |
309.00 |
No |
410.60 |
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Royal Dutch Shell B |
Feb-08 |
1702.53 |
2553.80 |
255.38 |
2167.00 |
No |
2553.80 |
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ScS Upholstery |
Feb-08 |
422.90 |
634.35 |
63.44 |
437.50 |
No |
634.35 |
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Renold |
Feb-08 |
131.96 |
197.94 |
19.79 |
143.00 |
No |
197.94 |
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Taylor Wimpey |
Mar-08 |
402.44 |
603.66 |
60.37 |
469.30 |
No |
603.66 |
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Character Group |
May-08 |
175.00 |
262.50 |
26.25 |
185.00 |
No |
262.50 |
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M&C Saatchi |
May-08 |
169.00 |
253.50 |
25.35 |
166.50 |
No |
253.50 |
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Alexon |
Jun-08 |
260.16 |
390.24 |
39.02 |
260.00 |
No |
390.24 |
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Persimmon |
Jul-08 |
1178.31 |
1767.47 |
176.75 |
260.00 |
No |
1767.47 |
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Empresaria |
Aug-08 |
132.00 |
198.00 |
19.80 |
137.00 |
No |
198.00 |
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Ukrproduct |
Aug-08 |
78.20 |
117.30 |
11.73 |
78.50 |
No |
117.30 |
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Qinetiq |
HOLD - Not yet met sell criteria (see table in 5.6 below) – though it got very close !! |
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Wipro |
HOLD - Not yet met sell criteria (see table in 5.6 below) |