Minutes of Roborough Investment Club Meeting #64
16th Aug 2004

Attendees:
Andrew Watkins, Les Watson, Wez Davey, Alan Martin, Andy Davies, Chris Bailey, Geoff Floyd

Apologies:
Franz Fuchs

Absent:
Alan Proudfoot, Phil Ainsley, Cyril Bouhallier (holiday)

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

No official minutes from previous meeting (appologies from the secretary). Skeleton minutes have been provided thanks to Geoff. The minutes are therefore not approved.

2. Review Actions

Previous actions not minuted, but believed to have been carried out anyway. No way to confirm this.

3. Treasurer's Report

Treasurer's report was based on May figures, although the asset summary attached to this report is up todate.
Unit price has fallen from 102p to 100p in line with the general stock market decline experienced this month.

Shares purchase/sales this month

Sell

Shell for £1053.62

Purchase

Personal Group for £1002.49
Volex Group for £999.48

Dividends Received

Enterprise Inns £5.54
Rolls Royce £26.45
Brown (N) £32.80

Asset Summary

	Name of Company	No shares	Average price	Total Cost	Selling price	Net selling value	Profit or loss to date	Change during month	%
Cowboys	British Empire	395	252.91	998.99	240.50	937.48	-61.51	-17.77	-1.9%
	Hardys & Hansons	143	424.33	606.79	505.00	709.65	102.86	-38.61	-5.4%
	Kelda	505	396.83	2004.01	516.00	2593.30	589.29	75.75	2.9%
	UK Coal	641	155.82	998.78	139.50	881.70	-117.08	-102.56	-11.6%
	Volex	597	167.42	999.48	179.00	1056.13	56.65	56.65	5.4%
Bulls	Bovis Homes	223	447.81	998.61	514.00	1133.72	135.11	-26.76	-2.4%
	Brown (N) Group	800	124.06	992.50	106.25	837.50	-155.00	-102.00	-12.2%
	Creative Education	9825	10.18	999.91	5.13	491.52	-508.39	-49.13	-10.0%
	Eckoch Technology	2000	39.13	782.56	9.00	167.50	-615.06	-22.60	-13.5%
	London Stock Exch	265	376.54	997.82	356.00	930.90	-66.92	-19.21	-2.1%
	Pennon Group	150	678.17	1017.25	730.00	1082.50	65.25	-92.25	-8.5%
	Personal	525	190.95	1002.49	184.50	956.13	-46.36	-46.36	-4.8%
	Rank	385	259.73	999.97	295.75	1126.14	126.17	-21.17	-1.9%
	Royal Doulton	6361	12.14	771.97	7.63	472.84	-299.13	64.24	13.6%
				14171.13		13377.01	-794.12	13377.01	100.0%

Unit price falls from 102 to 100p.

4. Review of current holdings

Cowboys:

British Empire - momentum buy, not doing well, starting to track down - about to sell.

Hardy's and Hanson's - continuing to rise, after last month's 5% fall. Will continue to monitor closely for the inevitable fall off.

Kelda - Continuing upwards with divident due 25th August. Will monitor regulator's planned price capping on Utility revenues to see the affect on share price.

Volex - ditched

IOT - trading in a fairly wide band - bought at bottom of band, hope they will rise.

APB - plan to buy these.

Bulls:

No comments recorded for Bovis Homes, Browns, and Creative Education.

Personal group bought on favourable technical analysis - good PEG, low gearing, good fundermentals.

Royal Doulton - up 14% this month

Les recommended that the London Stock Exchange held by the Bulls is ditched, based on his analysis of the share price.

5. AOB

Attention has been drawn to the fact the club's financial situation, share purchases, members and minutes are all web based, and can be found easily with web search engines. Concern was raised that this might be taken advantage of by unscrupulous individuals, although no one could conceive how. At present no members addresses or telephone numbers are listed, and it is not possbile to trade shares without the appropriate username and passwords. These are not listed on any web pages.
So the decision was to monitor the situation closely, and ensure that members phone numbers, home and e-mail addresses are NEVER put in any web documentation.

6. Agenda for next meeting