Minutes of Roborough Investment Club Meeting #61 17^th May 2004

Attendees: Cyril Bouhallier, Wez Davey, Franz Fuchs, Geoff Floyd, Andy Davies (telephone), Andrew Watkins, Chris Bailey

Apologies: Les Watson, Allan Proudfoot, Alan Martin, Phil Ainsley

Absent:

Agenda

Review minutes of previous meeting

Review of actions Treasurer's report

Review of current holdings

AOB

Agenda for next meeting

1. Review minutes of previous meeting

Minutes accepted with no corrections.

2. Review Actions

There was an action on Cyril to amend an error in the accounts for Feb / Mar / Apr 2004. All now corrected.

3. Treasurer's Report

Shares purchase/sales this month

Cowboys bought 395 shares of British Empire at 252.91p/share for £998.99
Cowboys bought 219 shares of Savills at 455.95p/share for £998.53
Cowboys bought 265 shares of Shell at 377.22p/share for £999.63

Resignations

None

Dividend Received

Pennon £19.80

Asset Summary

	Company	No shares	Average price	Total Cost	Selling price	Net selling value	Profit or loss to date	Change from previous month	%
Cowboys	British Empire	395	252.91	998.99	248.00	967.10	-31.89	-	-
	Enterprise Inns	154	649.31	999.19	607.50	923.05	-76.88	13.09	1.42
	Hardys & Hansons	143	424.33	606.79	480.00	673.90	67.11	7.15	1.06
	ISoft Group	267	374.50	999.91	405.00	1068.85	68.94	146.85	13.74
	Kelda	505	396.83	2004.01	464.00	2330.70	326.69	44.19	1.90
	Savills	219	455.95	998.53	473.00	1023.37	24.84	-	-
	Shell	265	377.22	999.63	389.00	1018.35	18.72	-	-
Bulls	Bovis Home	223	447.81	998.61	539.50	1190.59	191.98	-113.73	-9.55
	Brown (N) Group	800	124.06	992.50	123.00	971.50	-21.00	38.00	3.91
	Creative Education	9825	10.18	999.91	5.00	578.75	-521.16	-24.56	-5.13
	Eckoch Technology	2000	39.13	782.56	11.00	207.50	-575.06	-15.00	-8.67
	Pennon	150	678.17	1017.25	690.00	1022.50	5.25	-7.50	-0.73
	Rank	385	259.73	999.97	317.00	1207.95	207.98	-30.80	2.55
	Royal Doulton	6361	12.14	771.97	9.00	559.99	-211.98	63.61	11.36
Total				14170.56		13644.10	-526.46	121.30	22.94

Unit price is up from 101p to 102p.

Cowboys and Bulls to continue in their present form.

4. Review of current holdings

Shell - good company, overstated its reserves by 8-10%. Share price should recover

British Empire - Oh dear! Momentum trade based on rising share price

Secretary left meeting at this point. No further minutes taken. Discussions with other team member confirms nothing major occurred

5. AOB

Nothing minuted

6. Agenda for next meeting

Review minutes of previous meeting

Review actions

Review treasurer's report

Review current holdings

AOB Agenda for next meeting

Action Summary