Minutes of Roborough Investment Club Meeting
#20 - 12 December 2000

Attendees: Alan Worroll, Andrew Watkins, Dave Johnston, Geoff Floyd, Kevin Forrest, Richard Albon, Andy Davies, Martin Collinge, Stephen Andrew, Chris Bailey, Allan Proudfoot, Wez Davey

Apologies: Franz Fuchs, Cyril Bouhallier, Alan Martin, Phil Ainsley, Les Watson,

Absent: Rick Haggitt

• Review minutes of previous meeting
• Review actions.
• Treasurers report
• Review of current holdings
• Share Buddy reports
• AOB
• Agenda for next meeting
• Date of next meeting

1) Review Minutes of previous meeting

The previous minutes were accepted.

2) Review actions

19.1 - Alan Martin to propose a purchase (of shares in an oil company).

3) Review Treasurers Report

RIC Treasurers Report - Dec 00

One missing payment last month -

Cyril Bouhallier - but has paid this month.

BUT Rick Haggitt - has paid £60 this month to make up for last month.

Shares purchase/sales this month

Sold Chloride - £1228.39 realising a profit of £725.83

Sold VI Group - £198.56 realising a loss of £64.73

Purchase 237 DICOM for £1017.14

Dividends Received

None.

Asset Summary

 Investments lost nearly £900 last month.

DICOM lost £200
Parthus lost £240
Tepnel lost £212
Volex lost £327

Old economy shares rose a little or flat: Pru, Tesco, ICI and Barclays.

ICI has recovered to 93% having fallen below the stop loss the month before last month.

Parthus (PRH) is still below the 20% stop loss but has recovered compared to last month.

TSF fallen further to 14% (17% last month) - We have already decided to hold on as it is now worth so little.

Tepnel (TED) has fallen below the stop loss at 71%

4) Review of current holdings

Each "share buddy" at the meeting gave a brief update about his share.

Action 20.1: GF to sell our stake in Tepnel Life Systems

4) Review Investment proposals

4.1) Boots (BOOT.L)

Proposal by Chris Bailey / Les Watson at the previous Tuesday Lunch-time meeting. Further analysis by Geoff showed reasonable dividend yield, low PER and 33% gearing. The share price is currently half of the high set a couple of years ago and the current trend is positive. With an election next year, there could be an emphasis on health. This may help companies like Boots.

4.2) Alliance Unichem (AUN.L)

Proposal by Chris Bailey at the previous Tuesday Lunch-time meeting. Further analysis by Geoff showed reasonable dividend yield, low PER but >100% gearing. The share price is currently at a high and although on a positive trend, the high gearing could affect the company in a downturn.

4.3) Independent Insurance Group (IIG.L)

Information given by Andrew Watkins – PEG 0.82, PER 13.3 EPS 16.1 (Nov CDREFs) – requires further investigation

4.4) Royal Bank Of Scotland (RBOS.L)

Information given by Andrew Watkins – PEG 0.59, PER 13.5 (Nov CDREFs) – requires further investigation

4.5) Iceland (ICE.L)

Information given by Andrew Watkins – PEG 0.2, PER 8.9 (Nov CDREFs) – requires further investigation

4.6) Ferraris Group PLC (FER.L)

Information given by Andrew Watkins – requires further investigation

4.7) Richmond Foods PLC (RFD.L)

Information given by Steve Andrew – requires further investigation

After reviewing, we held a vote on buying boots shares, buying further Tesco shares and holding off to investigate further :– 4.3 - 4.7

5) Agenda for next meeting

• Review minutes of previous meeting
• Review actions.
• Treasurers report
• Review of current holdings
• Share Buddy reports
• AOB
• Agenda for next meeting
• Date of next meeting

Next Meeting: 9^th January 2001