Minutes of Roborough Investment Club Meeting
AGM 2000 - 13 June 2000

Attendees: Alan Martin, Geoff Floyd, Richard Albon, Andrew Watkins, Wez Davey, Phil Ainsley, Andy Davies, Allan Proudfoot, Don Parker, Chris Bailey, Les Watson

Apologies: Rick Haggitt, Martin Collinge, Cyril Bouhallier, Franz Fuchs, Robin Rynhart, Stephen Andrew, Dave Johnston, Kevin Forrest, Alan Worroll

1) All officers of the club resign.

As it said, the club's officers resigned.

2) Election of Chairman

Richard proposed that Andy Davies be the chairman of the club, the proposal was seconded by Chris Bailey. Andy agreed to stand for office and was voted in unanimously by those in attendance.

3) Election of Treasurer

It was proposed (by everyone - OK such was the relief that I forgot to make a note of who actually made the proposal, Sec), that Geoff be re-elected unopposed to the position of treasurer. This proposal was seconded by Phil Ainsley, Geoff (in a daze at such overwhelming support) agreed to stand and he too was unanimously elected.

4) Election of Secretary

Don Parker proposed that Les Watson continue as Secretary and was seconded by Andrew Watkins (I think - Sorry). Anyway the vote was unanimous and so with a new set of officers installed the meeting moved on.

5) Auditors report

Chris Bailey and Andy Davies acted as the club's auditors and both recommended that the club's accounts be accepted. Chris suggested that the accounts could benefit from a new layout but indicated that Geoff's bookkeeping was meticulous. Chris also suggested that the treasurers expenses should also be covered by a miscellaneous account. This was agreed.

6) Treasurers report

Geoff presented a summary of the club's accounts over the past year. This presentation is loaded up on the club's web page so it is not included here. Geoff also indicated that he had submitted the accounts to the tax inspector who agreed that our submission was acceptable. He would therefore be issuing each member with a copy of their tax liability for the past year due to the RIC. In summary monies in our investment club grew by some 67% over the year compared with the FTSE All share index which grew by 6%.

6) AOB

The treasurer raised the question whether we should join Proshare at a cost of £29.50 for one year or £54 for 2 years. The treasurer recommended that we go ahead with membership for one year and the club members agreed unanimously.

Andy (the in coming chairman) suggested some of the start-up drive had been lost from the club and that we are becoming slightly stale. He proposed that we consider holding a "semi" formal meeting fortnightly on Tuesday Lunchtimes (held 2 weeks after the normal monthly meeting). This meeting should be allowed to make purchasing or selling decisions if more than 10 members were in attendance and majority voting was held.

After some discussion the group decided that we should allow decisions to be made at all Tuesday meetings if sufficient members were present so the proposal was modified to that given below.

It is proposed that the club hold a regular lunchtime Tuesday meeting, where decisions can be taken by a majority of members present. Provided that at least half of the club members are present at the meeting and that minutes should be taken of the meeting and included (attached)in the minutes of the following club monthly minutes. Proposed by Andy Davies, Seconded by Andrew Watkins and agreed by all attendees.

Geoff proposed that all research data be loaded up on to the club's web page and that an open invitation be passed to the "share mentors" to pass this to Geoff.

A vote of thanks was proposed by Don and seconded by Chris and a warm round of applause was given to Richard for steering us through our first year of sound financial growth.

The meeting closed at 5:55pm