Attendees: Alan Martin, Les Watson, Franz Fuchs, Andy Davies, Dave Johnston, Geoff Floyd, Cyril Bouhallier.
Apologies: Allan Proudfoot,. Chris Bailey, Phil Ainsley, Andrew Watkins.
Absent: Wez Davey.
Agenda
The previous minutes were accepted.
46.1 Cyril to initiate transfer of all remaining holdings from Charles Schwab to Comdirect:
All shares have been transferred to Comdirect, however there is now a £20.00 cash deficit in the Charles Schwab account (resulting from charges related to the transfer of shares to Comdirect), which still has to be settled.
13 Feb 2003: Bought 249 Shares of Interserve at 196.80p/share for £498.98
24 Feb 2004: Sold 280 Shares of Royal Sun Alliance at 83.02p/share for £220.46
24 Feb 2003: Sold 364 Shares of Volex at 113p/share for £399.32
None
Kelda: £39.69
|
Company |
No shares |
Average price |
Total Cost |
Selling price |
Net selling value |
Profit or loss to date |
Change |
% |
|
|
Tea leaves |
Chloride |
1747 |
57.21 |
999.50 |
30.00 |
516.60 |
-482.90 |
34.94 |
6.76 |
|
|
Interserve |
249 |
200.80 |
499.98 |
205.00 |
502.95 |
0 |
- |
- |
|
|
Marconi |
5090 |
4.91 |
249.98 |
2.13 |
100.92 |
-149.06 |
25.96 |
25.72 |
|
|
Rexam |
202 |
492.88 |
995.61 |
321.00 |
640.92 |
-354.69 |
-68.68 |
-10.72 |
|
|
Spirent |
4295 |
23.28 |
999.86 |
11.75 |
497.16 |
-11.32 |
-408.03 |
-82.07 |
|
|
Tesco |
2 |
258.5 |
5.17 |
161.00 |
-8.78 |
-13.95 |
-0.57 |
-0.80 |
|
Coffee beans |
Chorion |
4304 |
23.23 |
999.99 |
4.00 |
164.66 |
-835.33 |
0 |
0 |
|
|
Eckoch Technology |
2000 |
39.13 |
782.56 |
12.00 |
228.00 |
-554.56 |
20.00 |
8.77 |
|
|
DS Smith |
650 |
154.36 |
1003.31 |
147.00 |
948.00 |
-55.31 |
143.00 |
15.08 |
|
|
Kelda |
505 |
396.83 |
2004.01 |
403.00 |
2047.21 |
43.20 |
31.56 |
1.54 |
|
|
Securicor |
755 |
132.55 |
1000.74 |
78.25 |
583.29 |
-417.45 |
-11.32 |
-1.94 |
|
|
Urbium |
4304 |
0.00 |
0.00 |
5.25 |
218.46 |
218.46 |
0 |
0 |
|
Total |
|
|
|
9540.71 |
|
6439.39 |
-3101.32 |
-232.64 |
-5.54 |
Unit price is down -5.54% from 87p to 86p.
The issue of "misfiring" stop losses was raised. Tealeaves have been experiencing unexplained triggering of Comdirect's automatic stop-loss facility, which resulted in premature sale of shares (Volex, Rexam). This is believed to have happened at start of trade, were significant fluctuations in share prices are not uncommon. To avoid further occurrences of this, an e-mail stop-loss alert service will be used instead (Coffeebeans already use such a facility), and shares breaching the stop-loss criteria will be sold manually.
It was agreed that an e-mail stop-loss alert service for the club's holdings (i.e. for Coffeebeans and Tealeaves holdings) shall be set up. This e-mail service should send alerts to at least Cyril and Geoff who shall then undertake to sell shares breaching their stop-loss.
Action: Cyril and Geoff to set up an e-mail alert service for the club's holdings.
It was noted that almost all of our cash was held in the Lloyds account rather than our brokers account. This makes quick purchases of shares impossible, as we have to wait for the funds to be transferred from bank to broker, before a share purchase can be executed. Tealeaves have missed at least one buying opportunity because of this. A vote was taken on whether to transfer all funds to the brokers account or to keep them in the banks account (where we earn more interest, as Cyril explained). The majority voted for moving all cash to the brokers account (4 in favour, 3 against, 0 abstentions).
Action: Cyril to transfer all of our cash holding to the brokers account.
Next Meeting : 8th April 2003