Attendees: Geoff Floyd, Dave Johnston, Robin Rynhart, Richard Albon, Andy Davies, Don Parker Andrew Watkins, Alan Martin
Apologies: Les Watson, Wez Davey
Agenda
The minutes were reviewed and agreed to be a fair and accurate representation of the meeting.
The treasurer presented a copy of the accounts that are posted to the club web pages in Excel format. The value of the club units at the end of October is 99p. This is a slight increase on last month as our shares have risen in value.
There was a discussion on whether to reduce the unit price when cashing in units (by 5%). The ProShare manual indicates that this is fair to remaining members. However the selling costs are subtracted from the value of the shares before calculating the unit value which sounds fair. It was decided to maintain the same price for buying and selling units.
7.1 (GF) To check the ProShare manual again to see if there is more information on the selling discount.
All existing officers where prepared to continue. There where no other candidates. There the officer remain unchanged until the club AGM.
|
Share |
Start price |
End price |
Change |
|
|
GF |
M&S |
283 |
282 |
99% |
|
AD |
Middlesex |
2 |
1.925 |
96% |
|
RR |
Bass |
680.5 |
667 |
98% |
|
DJ |
Mansfield Brewers |
371.5 |
374 |
101% |
|
RA |
Mitel |
460.5 |
105% |
|
|
AM |
Thames Water |
890 |
905 |
101% |
|
WD |
Vodafone |
300 |
318 |
106% |
|
AW |
Druid group |
1068 |
1200 |
112% |
|
LW |
ARM |
1797 |
1982 |
110% |
|
DP |
Netcall |
128 |
172 |
134% |
Don Parker won the for investor of the week. He selected Netcall which rose by 34% during the week. Les has donated a trophy which was awarded to Don.
Andy Davies agreed to run the competition for the following week. Each member nominated share for the new competition.
Robin proposed we invest in Pace. They have recently signed deals with Cisco and LG semiconductor and look a good prospect for growth over the coming years.
Les (not present) proposed ARM. Although the price is already high it is lightly to increase further as 6 more licenses remain to be announced. Also a future share split and possible entry into the FT100 are lightly to increase the share price.
It was agreed to purchase £500 worth of Pace shares as soon as funds are available at the brokers. A 30% limit is recommended before reviewing for sale as Pace shares are more volatile compared to Chroride and European Telecomm.
7.2 (GF) Purchase £500 Pace shares.
3.1 (GF) To contact the tax office and take necessary steps to register the club.
7.1 (GF) To check the ProShare manual again to see if there is more information on the selling discount.
7.2 (GF) Purchase £500 Pace shares.