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Meeting: |
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Held at: |
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Time: |
17:20 - 18:45 |
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Prepared by: |
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Chairperson: |
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Present: |
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Adrian B |
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Dave G |
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Geoff O’F |
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Kit P |
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Richard W |
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Apologies : |
None |
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Distribution: |
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Chairman’s Acceptance of Minutes |
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Signature |
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The minutes from the monthly meeting of 9 December 98 were agreed.
The next meeting will be the February monthly meeting of the club and will take place at 17:00 on Thursday 11th February in Clancy’s.
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Ref. |
Description & Progress |
Target Date |
|
ALL/0716/05 |
Look for a cheap, off-the-shelf llama to be used as a prize in the fantasy investments competition 0825: None found. Evelyn
Godley may be able to help! 0929: DG stated that Peter Speakman had a pot llama (don’t ask) and
had promised to bring it in for DG to take 1020: No progress 1118: Still no progress. 1209: DG stated that Peter Speakman should be bringing in his pot llama on 11th Dec. GOF stated that he had glued a plastic llama to a block of wood. Either could be used as a trophy for the Lucky Llama competition (they would certainly provide the necessary incentive to win!). Action carried forward. |
CLOSED |
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CB/1020/07 |
Complete a Buy Proposal Proforma for ARM and Filtronic 1209: No further progress |
DROPPED |
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RW/1020/08 |
Complete a Buy Proposal Proforma for BTP and Enterprise Oil 1209: No further progress |
DROPPED |
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KP/1020/09 |
Complete a Buy Proposal Proforma for BAe and LASMO 1209: No further progress |
DROPPED |
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AB/1020/10 |
Complete a Buy Proposal Proforma for JBA and Hyder 1209: No further progress |
DROPPED |
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DG//1020/11 |
Complete a Buy Proposal Proforma for Druck Holdings 1209: No further progress |
DROPPED |
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GOF/1118/01 |
Obtain the next free copy of The Analyst 1209: GOF received the June issue.
Action left open just to remind us to obtain another issue after the
January meeting 0113: New action on AB to obtain next issue |
CLOSED |
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DG/1118/06 |
Try to resolve the anomalies in the weekly price data used by LL-MAIN.XLS 1209: Only two obvious anomalies remain in the early November version
of the file. RW suggests there may be
more in the new version just downloaded.
0113: DG stated that most of the anomolies had been corrected but each download of daily data from MarketEye introduced new ones. Anyone wanting a copy of the ‘corrected’ weekly price data could contact DG for one. |
CLOSED |
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ALL/1209/01 |
Send suggestions for entry into the January Mail on Sunday competition to CB with supporting reason by end 5/1/99 0113: DG had purchased the Mail On Sunday for 3/1/99 but there was no reference to the supposed competition |
CLOSED |
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DG/1209/02 |
Obtain a copy of the Mirror newspaper on 16th December and notify all of the listed stocks in the competition. Follow up by submitting entry on 23rd December. 0113: DG had submitted an entry into the December competition and our entry had got 7 out of 10 correct (with the correct tie-breaker too). However, this was unlikely to have been enough to win. Next entry form is expected to be in the Mirror in mid-Jan (on a Wed which is the only day that the Mirror contains financial pages) |
CLOSED |
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ALL/1209/03 |
Examine wording of the Rules to see whether any amendment is necessary to cover/clarify the procedure on members selling back part of their holding to the club. 0113: See item later in these minutes |
CLOSED |
See end of these minutes
CB supplied his report.
The report showed net total assets of £1767.82 (profit of £117.82 (or 15.71% ARR)), unit value of 107.648p and units held as 273.702 per member (which equates to £279.90 per member if realised; a profit of £4.90 (or 3.92% ARR)).
The current net value if realised on the Science Systems shares was calculated as £865 (a profit of £123.86 (or 74.39% ARR) so far on the deal).
RW supplied an updated copy of the portfolio spreadsheet showing the latest positions in the Lucky Llama competition.
Summary of positions :-
|
Who |
Change
last 5 weeks |
Total
|
Change
overall |
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RW |
11.39% (£565.35) |
£5529.43 |
10.59% |
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KP |
7.09% (£312.71) |
£4724.78 |
-5.5% |
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DG |
3.87% (£221.79) |
£5945.61 |
18.91% |
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CB |
2.04% (£68.52) |
£3431.55 |
-31.37% |
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AB |
1.4% (£66.12) |
£4799.37 |
-4.01% |
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GOF |
-4.69% (-£274.26) |
£5575.59 |
11.51% |
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Average |
3.31% (£160.04) |
£5001.06 |
0.02% |
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FTSE 100 |
10.13% |
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17.1% |
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FTSE All Share |
9.1% |
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14.09% |
Whilst not formally present at the meeting, the pot llama was considered to have been handed over to RW for the month.
Nobody had any buy/sell decisions to present at the meeting. All have till end of Friday 15th January to send in buy/sell requests that would get processed at the weekend.
The need to provide an explicit rule to cover the selling back of part holdings to the Club was discussed. Two proposals for rewording the rules had been set out. The complication to the issue is over the potential for the share prices to rise or fall significantly between agreeing a unit price at a monthly meeting (upon which the funding to the individual selling back is based) and the time at which any necessary share transaction is actioned.
A form of words was arrived at that stated that the aim would be to settle the payment from cash-in-hand where possible (retaining an ‘anticipatory balance’) and to allow an adjustment to any formally calculated payment value should the market situation change between meeting and share sale. The principle was that neither the individual nor the club would be unfairly disadvantaged by the settlement.
DG to issue a revised version of the rules (issue 3) for review and acceptance.
Science Systems has risen further in the last 5 weeks standing at a new high since purchase of 178.5p. No stop-loss has therefore been triggered.
No new buy proposals were brought to the meeting though CB suggested that we choose from the following shortlist:-
TOREX
PARITY
ARM
M&S
TRIAD
TRAFFICMASTER
VODAFONE
[Post Meeting
Note: It has been agreed that we would purchase a holding in ARM]
Nobody proposed that we should sell our Science Systems holding.
Actions carried forward to next meeting
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Ref. |
Description & Progress |
Target Date |
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KP/1020/03 |
Find out what other items could fall into the Market Analysis section of the Buy Criteria 1118: No progress 1209: No known progress 0113: No known progress |
11/2/99 |
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KP/1118/02 |
Sign the revised issue of the club Rules (Issue 2, as updated 22/10/98) 1209: No known progress 0113: No known progress |
11/2/99 |
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ALL/1118/04 |
Send a list of which annual reports you own to DG 1209: No progress 0113: No progress |
11/2/99 |
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DG/1118/05 |
Create a consolidated index of annual reports that we collectively own (based on completion of ALL/1118/04 above) 1209: DG has listed the reports he owns but the completion of this action is dependent on everyone else completing ALL/1118/04 |
11/2/99 |
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AB/0113/01 |
Obtain the next free copy of The Analyst (which is available by contacting 0181 2897966) |
11/2/99 |
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DG/0113/02 |
Issue a revised version of the Rules for review and acceptance so that selling back of part holding to the Club is permitted |
11/2/99 |