Attendees: Phil Ainsley, Richard Albon, Stephen Andrew, Andy Davies, Dave Johnston, Geoff Floyd, Wez Davey, Martin Collinge, Alan Worroll, Don Parker, Andrew Watkins, Les Watson
Apologies:, Rick Haggitt, Kevin Forrest, Allan Proudfoot, Cyril Bouhallier, Franz Fuchs, Chris Bailey, Robin Rynhart, Alan Martin
Agenda
The minutes were reviewed and accepted as a fair representation of the meeting.
The treasurer summarised his published report which indicated that the total value of the club was £6021.47 with £1644.98 held in cash at our broker and bank accounts. A total of 3265 units have been issued worth 184p.
Purchases during February included :-
See the treasurers report on the club web page for further details.
The Secretary proposed that individual members "sign up" to monitor particular shares and report regularly on the clubs current holdings. This was agreed by the meeting to move forward on this proposal.
Share buddies were agreed as follows for the current club holdings.
CHLD Geoff Floyd
ETE Stephen Andrew
PIC Andrew Watkins
TSF Wez Davey
BDI Robin Rynhart (in his absence as he originally proposed this share, and has best knowledge about its background)
VOD Alan Martin (again proposed in his absense)
VIG Don Parker
Pru Andy Davies
Proposals were made by a number of members
Phil Unilever Although the share price has recently seem some movement.
Les Marks & Spencer or Matalan
Geoff - Pizzaexpress, Share seems to have fallen out of favour mainly due to their company report going against analyst expectations. (Analysts expectations were higher). Had been growing at 40% now slowing to around 26%. PEG 0.76, P/E around 20 and seen as good value.
Martin had read a Sunday Times article which indicated that the complexion of the stock market had changed. Strong reasons to buy in Water (utilities) or banking sectors. Stockbrokers historically averages around 1 transaction per customer per year were now averaging around 12.
Don BP Amoco. The legal wrangle in the US seems to be sorting itself out and BP are coming out of it likely to buy Phillips Oil.
Dave Tesco.
The secretary proposed that the group buy four of the shares identified, £500 each.
A voting systems was agreed upon and each member attending the meeting placed their votes, the results are given below.
Share brokers 6
Unilever 4
Marks & Spencer 5
Matalan 3
Pizzaexpress 1
Water company 0
HSBC 2
Barclays 6
Lloyds 0
BP 4
Tesco 7
MMT 6
Buy more Chloride 0
Volex 1
Do nothing 2
Geoff proposed that we buy £500 of Tesco, the vote was carried by all but one member (Alan Worroll agreed to be the share buddy).
Richard proposed to buy £500 of Barclays, the vote was carried by all but one member (Richard Albon agreed to be the share buddy).
Les proposed to buy £500 of Marks & Spencer, the vote was carried by all but two members (Les agreed to be the share buddy).
11.1 (Chris B) Review the tax implications for members as identified in the Proshare manual. ONGOING
11.2 COMPLETED
11.3 - COMPLETED
11.4 - COMPLETED
11.5 - COMPLETED
11.6 (Robin/Franz) To review purchase potential of Rentokill (at an all time low) - OUTSTANDING
11.7 (Allan P) To review purchase potential of Dixons (recent recommendation in paper)- NOT RECOMMENDED - COMPLETED
11.8 - COMPLETED
> ----------
> From: Stephen Andrew
> Sent: 23 March 2000 08:09
> To: Dave Johnston; Robin Rynhart; Don Parker; Alan Martin; Wez Davey;
> Andy M Davies; Richard Albon; Stephen Andrew; Kevin Forrest; Phil Ainsley;
> Allan Proudfoot; Cyril Bouhallier; Chris Bailey; Martin Collinge; Geoff
> Floyd; Alan Worrall; Rick Haggitt; Les Watson; Andrew Watkins; Franz Fuchs
> Subject: RIC Meeting Minutes 22/3/00
>
> Attendees: Dave Johnston, Robin Rynhart, Don Parker, Alan Martin, Wez
> Davey, Andy Davies, Richard Albon, Stephen Andrew, Kevin Forrest, Allan
> Proudfoot, Phil Ainsley, Cyril Bouhallier, Chris Bailey, Martin Collinge,
> Geoff Floyd, Alan Worroll, Rick Haggitt
>
> Apologies: Les Watson, Andrew Watkins, Franz Fuchs
>
> Main Agenda:
>
> 1) Future venue for meetings
> 2) Decision on proceedings for share suggestions
>
> Item 1
>
> Three suggestions were recieved for the venue to hold the monthly
> meetings: 1) CR1 (or upstairs in the canteen); 2) Roborough Village Hall
> (4 pounds fifty/hour); 3) Try backroom of the Lopes again. Although CR1
> may occasionally be required for customers, it was suggested that CR1 was
> a conventient place to meet. There were no objections - so this decision
> was carried.
>
> Item 2
>
> Discussed whether a more formal structure for suggestions was required.
> The idea of distributing information relating to suggestions to all
> members prior to the monthly meetings was put forward. There were no
> objections so the decision was carried.
>
> A discussion followed on using small groups to look at sectors/selected
> companies on a weekly basis in order to provide better focus for the club
> as a whole. This technique was used in the club's early days that the club
> was formed. This decision was also accepted.
>
> AOB:
>
> Two additional points were raised. RA asked for 2 volunteers to audit the
> end of year accounts. Also, the AGM needs to be arranged for a date
> following completion of the audit to elect a new chairman, etc.
>
> RH talked about his hot share tip - Tate & Lyle which he is currently
> investigating.
>
> Meeting concluded prematurely as another meeting was waiting. Discussion
> on formation of small groups to continue at next weeks meeting.
>
> ----------
> From: Geoff Floyd
> Sent: 30 March 2000 08:18
> To: Les Watson; Richard Albon
> Subject: Minutes of ric meeting 28 Mar 00
>
> I have added a few points to Richard's minutes below:
>
> RIC Meeting
>
> Date: 28/3 2000 CR1
>
> Present:
> Alan Martin, Allan Proudfoot, Andy Watkins, Andy Davies, Chris Bailey
> Cyril Bouhallier, Dave Johnston, Franz Fuchs, Geoff Floyd, Kevin Forrest
> Les Watson, Robin Rynhart, Stephen Andrew, Wez Davey, Richard Albon
>
> A number of share buy proposals was raised using a measure criteria
> outlined by Geoff. This includes a list of questions on the purchase
> validity plus a list of metrics on company performance.
>
> * BP Amoco - Richard Albon.
> * Astra Zeneca - Geoff
> * Prudential - Andy Davies
>
> A voting system was proposed by Andy Watkins to decide which if any of
> these shares to buy. The voting provides each member with 3 cards to which
> they can name any company proposed on each card, or none if not satisfied
> with the choice. The voter can name the same company on more than one
> card.
>
> The results of the voting were:
>
> BPAmoco 8
> Astra Zeneca 4
> Pru 23
> None 8
>
> The Pru receiving the most votes at the meeting was a clear buy. Astra
> Zeneca was considered a hold and watch while BP was considered a weak buy.
>
> A proposal to purchase ?500 of Pru shares was carried unanimously. A
> proposal to purchase ?500 of BPAmoco share did not receive the necessary
> 11 votes and was not carried.
>
> Further share proposals to be considered at the next meeting
>