Future
Proposals
Now only
have 11 holdings (10 if we sell Albemarle at target price).
Consider investing in two new companies next time. Homework has
been set.
AOB
ed reminded
us, and encouraged us, to all look at e-mails at least weekly so
we do not miss a chance to take up options like the recent
chance to buy some extra Synergy shares at a discount.
Next
Meeting
Monday 13th September
same time, same place, see you then and have a good summer.
MINUTES
OF THE MINUET’S INVESTMENT CLUB HELD
ON MONDAY 7TH JUNE 2004
Present, Chairperson PR, CB, AD,
SD, JG, MH, DK, PM, EP, JR.
Apologies, RC, TP, AR
2. Finances
Our
decision to buy shares in GW Pharma at the last meeting had its
usual impact, and the share price is now appreciably lower! It
is possible they may rise again. Further angst was introduced by
the fact that National Express ( which we almost bought last
time ) had risen by 15%.We received dividends from McAlpine (£11.12),
Prudential (£7.38) and our star performer in this respect XP
Power (£21.28).
The overall
portfolio was up 15.5% and we had just over £500 available to
invest.
After a
somewhat sophorophic debate mainly spent admiring the flowers in
the social club garden , we decided not to purchase any shares
this month.
3. Profit
Taking
The main
item for discussion was what to do about our main source of
profit, Cairn Energy, which had gone up by 272%. In order to
ensure that we ended in up profit with this share should its
value decline rapidly, the decision of the February meeting was
ratified. JG agreed that he would monitor the share price daily
and would sell all the shares in Cairns on a stop loss basis if
they fell by 20% from their highest ever figure. It was
appreciated that this gave JG a potentially difficult decision,
he would discuss this with the chairperson. if possible.
4.
Information Technology
ed said
that minutes from all previous were now on the club web site. To
access this site the club password must be used (whatever that
maybe ! ) All members were required to sign a new form for the
bankers.
5. Date and
time of next meeting
Monday 12th July
This will
be the last meeting before the summer recess.
MINUTES
OF THE MINUET'S INVESTMENT CLUB HELD ON MONDAY 10TH MAY 2004 AT
THE BARNT GREEN SOCIAL CLUB
Present, Chairperson PR, CB, AD,
JG, PM, EP, TP, AR, JR.
Apologies, RC, SD, MH, DK,
1). The
minutes of the previous meeting were approved as read.
2).
Purchases
Following
the last meeting 27 shares in Mann Group were purchased at 1836
pence and 728 shares of Pace at 69 pence.
Having sold
our Glaxo shares at the £12 mark, as previously agreed, this
together with our monthly income gave us £800 to spend.
3). Finance
Dividends
of £5 each were received from Astra and SKB.
Due to the unpredictable vagaries of the stock market our total investments
were currently up 15%, compared with 21% at the previous
meeting. This was partly due to a 100-point drop in the FTSE
today for which the Americans were blamed.
The
chairperson circulated year on graphs for all our investments.
Big Food showed the biggest drop while Cairn Energy (thanks RC)
showed the biggest gain.
Despite the
day’s drop in the financial markets, our investments were
nonetheless
in a
healthier position than they were twelve months ago.
4). Future
Purchases
There were
three propositions.
(i) To buy
National Express
(ii) To but
more share in Pace
(iii) To
buy more shares in GW Pharma hoping that it would soon obtain a
product licence for its cannabis based product.
The
proposal to buy shares in Pace was dropped on the grounds that
we might end up owning the company as nobody else is buying
shares in it.
After much
debate it was almost unanimously agreed to buy £750 worth of
shares in GW Pharma.
5). Any
Other Business
The
treasurer said we had incurred a £12 charge by Lloyds due to a
May Day bungle on their part
6). Date
and time of next meeting
Monday 7th
June
MINUTES
OF THE MINUET'S INVESTMENT CLUB HELD ON TUESDAY 13TH APRIL 2004
AT THE BARNT GREEN SOCIAL CLUB
Present, Chairperson PR, CB, AD,
DK, EP, AR, JR.
Apologies, RC, SD, JG, MH, PM,
TP.
The meeting
was quorate when CB arrived!!
1).
Amendment to last meeting’s minutes.
256 shares
worth £750 were purchased in XP Power.
MacLellan
shares were sold.
The minutes
were otherwise approved as correct.
2).
Finances
Our current
portfolio is 21%up with Cairns, Cape Albemarle and Bond and
Synergy all performing well.
G W Pharma
was down but it was hoped that a product license for cannabis
(for medicinal purposes) would remedy this.
3). Future
purchases
With £1000
to invest there was keen discussion as to future purchases.
After a fairly well informed debate, it was decided by the
narrowest of margins (a vote of 4:3) to buy £500 worth each of
shares in Pace and Mann.
At the
chairperson’s discretion we would consider selling Glaxo
shares if and when they reach £12.
4). Date of
next meeting
Monday 10th
May
2004.
MINUTES
OF THE MINUET’S INVESTMENT CLUB HELD ON MONDAY 8TH MARCH 2004
AT THE BARNT GREEN SOCIAL CLUB
Present, Chairperson PR, CB, AD,
SD, JG, MH, EP, JR, AR
Observer, John Goult
Apologies, RC, PM, TP
1). The
minutes of the last meeting were approved as read
2). Account
History
(i) A
further £265 worth of shares have been purchased in XP Power.
(ii) The
shares in Cattles were sold for £499 and £758 of shares were
purchased in MAN Group using the money from this sale. These
have now risen 5%
(iii) Anglo
Irish have paid a dividend of £11.71 and Galen a dividend of £4.15
(iv)
Although at the previous meeting it was agreed to sell Glaxo
shares, these were not sold due to a problem accessing the
trading account. Although they then incurred a further loss they
were then tipped as a good buy and so it seemed illogical to
sell them at present.
(v) The
entire portfolio is up 15.1% as of the closing price today.
3). Future
purchases and sales.
(i)The club agreed to reinvest in Mann Group or Cape, both recent purchases
who are performing well. McClellan and Synergy are remaining
static.
(ii) Cairn
Energy have risen by nearly 20% as their final yearly profits
are being declared tomorrow. These shares have risen £300 in
real terms over the last 3 days.
The club considered taking the profits from Cairn but following
discussion decided to retain them.
(iii) It
was suggested that as AstraZeneca and McClellan were static
shares they could currently be sold without incurring a loss to
release funds for further purchases.
This
proposal was put to the vote and carried with 8 votes in favour
and 1 abstention.
(iv) The
sale of these shares would then enable the club to invest a
further £750 in Cape. This was agreed unanimously.
(v) PR has printed off an entire account history since the club was
formed,
after further analysis he will circulate this to club members.
4). Any
Other Business
The date
previously agreed for the next club meeting was in fact Bank
Holiday Monday and so it was agreed to move the meeting to the
Tuesday.
5). Date
and time of next meeting
Tuesday 13th
April.
Please note
change of day
MINUTES
OF THE MEETING OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT
GREEN SOCIAL CLUB ON MONDAY 9TH FEBRUARY 2004
Present
Chairperson PR, CB, AD, SD, JG,
MH, PM, EP, TP, JR, AR.
Apologies
RC,
DK.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising
3).
Portfolio review.
(i) Anglo
Irish continues to perform well having risen between 39 and 56%,
although the price being quoted in euros and not pounds meant
our initial expectations for this share
have had to
be scaled down.
(ii) The
portfolio is currently up 14% including the paper loss incurred
by selling shares, with more shares showing a profit than a loss
(iii) A
further £700 of shares have been purchased in the Big Food
Company.
(iv) At the
last meeting it was agreed to purchase £700 of shares in
Synergy but this was not done as the club had insufficient
funds. Although the funds were in the Lloyds TSB account,
Barclays had not been instructed to take an increased amount,
this situation has now been rectified.
(v) Cairn
Energy is performing spectacularly well and is currently up
123%. There was much discussion as to whether these shares
should now be sold while at an all time high. It was agreed to
set a moving 20% stop loss daily watch, as Barclays do not have
this facility, JG agreed to monitor the situation and sell if
this level is reached. We may buy back at a lower price at some
time in the future if this happens.
(v) XP
Power is showing a steady rise as the technology market
continues to recover. It was proposed and agreed to buy a
further £750 of shares in this company.
(vi)
Following a lively debate it was agreed to sell the club’s
holding in Cattles as it was felt that this company had had its
chance but was not performing at all well.
(vii) It
was also agreed unanimously to sell GlaxoSmithKline as shares
were now at a low and were doing very little.
(viii)
Following the sale of these shares the club would have a further
£750 to invest by the end of the week when this money was
released. MANN group, a company linked to business finance
particularly hedge fund management, had been tipped in
Investor’s Chronicle and the club decided to invest £750 in
this company.
4). Any
other business.
(i) The
rationale for meeting on the second Monday of each month was
clarified. This was to avoid bank holidays and to allow time for
the JR, AR, monthly standing orders to have been
paid into the club’s account.
(ii) All
members are requested to put £5 into the drinks’ kitty at the
next meeting
5). Date of
next meeting.
Monday 8th
March.
MINUTES
OF THE MEETING OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT
GREEN SOCIAL CLUB ON MONDAY 12TH JANUARY 2004
Present, Chairperson PR, AD, SD, (even later arrival),
JG, MH, DK, PM (late
arrival), EP, JR.
Apologies, CB, RC, TP, AR.
1). The
minutes of the AGM held on 1st December were approved
as read.
2). It was agreed that all members should provide the secretary with their
current postal and e-mail addresses.
Members
were reminded that the monthly subscription had been raised to
£30 as from 1st January 2004. In addition, Social
Club subscriptions were also due in January 2004.
3).ed has
paid £25 for web site support, which will be reimbursed from
club funds.
4). PR reminded all members that the club would now meet on the second
Monday of each month.
5). Next
the good news, the club portfolio has risen in value by 3.6%,
excluding losses from previous duff shares.
There is
also £500 in the club account.
6). After
the usual prolonged and occasionally informed discussion, it was
agreed to sell Marks & Spencer shares, (this would incur a
small loss), but to keep Anglo Irish shares which had risen markedly in value. This was in line with club philosophy. It was
agreed that JG would have the authority to sell shares in Anglo
Irish (after discussion with the chairperson if possible), if
the profit went below 80% using today’s values.
7). It was agreed to purchase £700 worth of shares in the Big Food Company
and also Synergy.
8). It was agreed that an observer may attend our next meeting to observe
our companionable chaos, as he wishes to see how the share
club’s business is conducted, with a view to setting up his
own club.
9). Members
were reminded that our website address is
www.minuetsshareclub.co.uk. Any members who wish to have their
pen portraits updated should notify ed.
10). Date
of next meeting.
Monday 9th
February.
MINUTES
OF THE THIRD ANNUAL GENERAL MEETING OF THE MINUETS’ INVESTMENT
CLUB HELD AT BARNT GREEN SOCIAL CLUB ON MONDAY 1st
DECEMBER 2003
Present, Chairperson PR, AD, SD,
JG, MH, DK, PM, TP.
Apologies, CB, RC, EP
1).
Election Of Officers
The current
officers were re-elected en bloc with a vote of thanks from all
present for their hard work and wisdom in guiding the club
through difficult circumstances.
2).
Chairman’s Report
The newly re-elected chairman said that it had been a "year of
recovery" with the FTSE at its highest level for the last
twelve months. This coincided with an impressive recovery of the
value of our portfolio. The chairman expressed his thanks for
the support and encouragement he had received from his officers
and all club members.
3).
Treasurer’s Report
PM gave
the report on ed’s behalf. The club was now showing a small
profit (0.4%) having written off the loss on the sale of Lumina
and Reuters. The meeting approved this report.
4).
Subscription Review
It was agreed to review this annually. After much debate it was
agreed
to increase the monthly subscription with effect from 01/01/2004
to £30 monthly. ALL MEMBERS WERE ASKED TO CHANGE THEIR STANDING
ORDERS AS SOON AS POSSIBLE TO ENSURE JANUARY PAYMENTS ARE
CORRECT.
There was
also discussion about changing brokers to reduce dealing costs,
which are currently £15 per deal plus stamp costs. JG agreed
to check other broker’s rates this will be discussed at the
next meeting.
5). Opting
out mechanism
The
mechanism by which a member would be reimbursed should they wish
to opt out of the club was considered. It was initially suggested that the member should be paid the lower sum of either
the contributions they had made or the current market value of
the shares. After studying previous minutes, it was agreed that
the club would adopt the Proshare rules for this eventuality.
6). Future
Purchases
It was agreed to spend £500 on shares in Cape an AIM company. It was
accepted that this was a high-risk investment but one offering
potential high gains.
7).
Chairman’s dividend
In line
with the difficult financial circumstances experienced
throughout the year, the chairman gave each member a bottle of
virtual champagne (Babycham). These were gratefully received.
8). Dates
of next meetings
It was agreed that future meetings would be held on the second Monday
of each month throughout 2004. The next meeting would beheld on
Monday 12th January
at which members will have the chance to pay their social club
subscription, spend more money on shares and enjoy a social
evening. Partners are invited to join us from 9pm.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON TUESDAY 4TH NOVEMBER 2003
Present, Chairperson PR, CB,
SD, DK, EP, JR, AR.
Apologies, RC (traditional), AD
(cultural event), JG (snooker duty), MH (birthday), PM (London), TP
(PCC).
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3).
Portfolio review.
The
portfolio has a neutral balance. At the end of the day’s
trading share costs were £11,106 and the share value was £11,096,
this does not include the loss incurred in stock sale. The
chairperson congratulated all members for keeping their nerve
and sticking with the club!
The account
has now been transferred from Charles Schwab to Barclays Stock
Brokers. To access the website use the same account number and
password and enter the surname *****
4). AGM.
The
club’s third AGM will be held on Monday 1st
December 2003.
At this
meeting the club will have the opportunity to invest £600.
5). Agenda
for AGM.
(i)
Election of officers
(ii)
Chairperson’s report
(iii)
Treasurer’s report
(iv)
Subscription review
(v)
Possible alteration to share holding account to reduce dealing
costs
(vi) Any
other business
(vii) Dates
of future meetings
5). Date of
next meeting.
The third
AGM will be held on Monday 1st
December.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 13TH OCTOBER 2003
Present, Chairperson PR, AD,
SD, JG, MH, DK, EP, TP, JR.
Apologies, CB, RC, PM, AR.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3).
Portfolio review.
This is
currently showing a loss of less than 5%. The chairperson gave a
brief resume of transactions made over the last year: -
October
M&S purchased; November Reuters purchased; January Galen
purchased; February Cairn purchased; April Albemarle and Bond
purchased; May Lumina and Reuters sold incurring a loss of £800;
June Astrazeneca, GlaxoSmithKline and Synergy purchased; August
Anglo Irish bank purchased.
The
dividends paid roughly cover the club’s dealing costs.
4). Future
purchases.
Including
the money from the M&S B shares the club has £1000 to
invest this month. Following discussion it was agreed to invest
£500 in a company already in the portfolio but with a current
investment of only £500 and a further £500 in a speculative
investment.
The
following well performing companies were considered and a vote
was taken.
(i) Anglo
Irish Bank 5 votes
(ii)
Synergy 4 votes
Astrazeneca
and GlaxoSmithKline were considered as a safe investment but not
likely to perform spectacularly well and so were discounted.
JGs Tips:- JG has been following the companies listed below and put them
forward for possible future investment.
(i)
McLellan – specialising in providing health insurance plans to
companies.
(ii)
Glisten – manufacturing silver coated chocolate.
(iii)
Personnel – specialising in providing uniformed personnel to
the service industry.
A vote was
then taken which resulted in 5 votes for McLellan and 3 votes
for Personnel, with one abstention.
With the
FTSE having finished at its highest level for fourteen months
there was thought to be a high chance of profit taking in the
market the following day, which may well result in a fall of
share prices. It was therefore agreed to delay purchasing shares
in McLellan and Anglo Irish until Thursday.
PR has
been following the building material supplier Wolseley which has
been showing good growth. At present the shares are at an all
time high trading at £7.50. It was agreed to continue to
monitor the share price with a view to future investment if the
price falls.
5). Date of
next meeting.
Tuesday 4th
November.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON TUESDAY 2ND September 2003
Present, Chairperson PR, CB, AD,
SD, JG, MH, PM, TP JR.
Apologies, RC, DK, EP, AR
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3).
Portfolio review.
Charts were distributed to all members showing the variance of share prices
of all the companies in the portfolio over the last twelve
months. At present the portfolio is down 10%, which is a
significant improvement from the last meeting when it was down
18%.
Albemarle
and Bond are one of the best performing shares although their
share price is quite volatile. It is currently up 12.9%.
Anglo Irish
Bank has shown a sustained growth over the last twelve months
and it is currently up 6.8%.
Atrazeneca
has had a variable share price over the last year and is
currently down 805%.
Big Food
Company has shown a recent trend of steady growth and is down
41.6%.
Cairn
Energy is performing well and is showing a better than expected
profit with a recent surge in the share price currently up
13.4%.
Cattles is
showing steady growth up 7.6%.
Galen is
recovering well currently down 2.2%.
GlaxoSmithKline
currently down 4.8%.
G W Pharma
performing well and are up 49.3%.
Marks &
Spencer are the worst performing share over the last year and
are currently down 16.6%.
Synergy are
showing steady growth, currently up 9.6%.
Prudential
is showing signs of recovery, down 47%.
Pace Micro
is recovering slowly and is down 92.3%.
XP Power
has shown a large increase over the last year and is currently
down 72.3%.
McAlpine is
down 31.7%.
The club
currently has seventeen holdings in its portfolio including
Fleming and Marks & Spencer ’B’ shares.
The sale of
Reuters and Lumina made the club a loss of £852.63.
4). Future
purchases.
The club
currently has £500 to invest. It was suggested that the club
purchase £200 of shares in pace Micro, but as this would incur
a dealing cost of £15 it was not deemed to be cost effective.
It was agreed that purchases be made in £500 blocks.
As there
was no consensus about what the club should buy, it was decided
to defer future purchases until the next meeting.
Correspondence
has been received from marks & Spencer’s relating to the
club’s "B" shares. These shares could now be redeemed at 70p per share making the club £100.
It was
unanimously agreed to redeem these shares.
At the next
meeting the club will have £900 to invest.
5). Any
other business.
ed has
recently updated the website.
An
arrangement has been made for JG behind the bar to hold the
club’s drinks kitty.
On arrival
members can purchase their drinks from this kitty (on club
nights only!!).
6). Date of
next meeting.
Monday 13th
October.
Please note
change of date.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 7TH JULY 2003
Present, Chairperson PR, CB, AD,
SD, JG, DK, EP, JR, TP
Apologies, RC, MH, PM, AR.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3).
Portfolio review.
The current
portfolio has a loss of 18.7%, which is quite good for us!!
Both
McAlpine and Prudential are under performing but it was agreed
to leave them at present.
Some
members have expressed concern about the ethics of owning shares
in Cattles and Albemarle and Bond. This will be discussed
further at the next meeting.
4). Future
purchases.
The club
currently has £396 to invest. As the market tends to dip during
the holiday period it should be a good time to buy. Companies
mentioned at the previous meeting were discussed and it was agreed unanimously to invest in The Anglo Irish Bank as the club
has no bank in its portfolio and the Irish economy is the most
vibrant in Europe. The bank should grow on the strength of this.
In August
the club will purchase £500 worth of shares in this company.
5). Any
other business.
It was suggested that club members should consider participating in
alternative forms of gambling. Bingo, dog racing or a casino
trip were all mentioned. To be discussed further!
6). Date of
next meeting.
Tuesday 2nd
September.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 10TH JUNE 2003
Present, Chairperson PR, JG,
MH, DK, EP, JR, AR.
Apologies, CB, RC, AD, SD, PM,
TP.
1). The
minutes of the last meeting were approved as read.
2). The
recent rise in the stock market has been reflected in our
portfolio which is now down 20%, (it has been down 40%).
3). Each
member had been asked to bring a stock recommendation to the
meeting for discussion.
The
following equities were proposed and discussed.
Anglo Irish
Bank, Synergy Healthcare, Abbey National, Cell Tech, United
Business Media, Wolseley, Cadbury Schwedpes, Chubb, Ryanair,
GlaxoSmithKline, Astrazeneca, and Rentokil.
After an informed debate it was decide to invest as follows:
£500 to be invested in three companies, Astrozeneca, GlaxoSmithKline and
Synergy Healthcare.
4). Any
other business.
Members can
review the club’s portfolio on
http://www.schwab-worldwide.com/europe/accounts/accountsmain.html
Click onto
Customer Login
User ID
******
Password
#####
Please
visit the clubs website at www.minuetsshareclub.co.uk where EP has
provided a graphic of how our portfolio is doing.
Donations
to the drinks kitty would be appreciated next time.
5). Date of
next meeting.
Monday 7th
July.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 12TH MAY 2003
Present, Chairperson PR, CB, AD,
SD, JG, MH, DK, PM, EP, JR, AR.
Apologies, RC, TP.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3).
Portfolio review.
The
quarterly statement from Charles Schwab showed that the
following dividends had been paid.
Albemarle
& Bond £9.84
Big Food £2.59
Fleming £5.74
Galen £3.36
Lumina £2.04
Marks &
Spencer £10.00
Marks &
Spencer "B" £1.50
G W Pharma
are performing particularly well and are up 53.3%.
The
portfolio currently is showing an overall loss of 26.4% but
previously the loss has been 38% and the portfolio continues to
outperform the market.
It was suggested that the club should seriously consider introducing a
rigid stock loss policy. Various issues were raised during the
ensuing discussion. There was concern that the dealing costs of
£15 per transaction would not make this cost effective and that
for the policy to work the market would have to be monitored
daily which was impractical. The club could decide a certain
level for each share at which Charles Schwab would be instructed
to sell.
JG stated
that a study had been carried out that showed that if a stock
loss policy is adopted dealing costs rise significantly and
negate any possible gain.
Following
discussion it was agreed not to adopt a policy at present but
this may be considered in the future.
The
portfolio currently has a large stock of fifteen holdings. It
was agreed that it is unwise to hold onto stock too long and
that the club needs to rethink its policy.
At present
it would not be cost effective to sell IFX Power and Pace but if
more cheap holdings were purchase it would minimise the loss.
Reuters and
Lumina are performing badly and members felt that neither
company has any prospect of improving. Following discussion
members agreed unanimously to sell Reuters (current market value
£410) and Lumina (current market value £234) and invest the
money in new stock.
As all
members lacked inspiration as to which stock should be purchased, it was
agreed that before the next meeting each
member should investigate the market and suggest one option at
the next meeting.
4). Any
other business.
If any
member has difficulty in accessing their minutes via e-mail
would they please notify SD.
4). Date of
next meeting
Monday 10th
June.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON TUESDAY 1ST APRIL 2003
Present, Chairperson PR, CB, AD,
SD, JG, MH, PM, EP, JR.
Apologies, RC, DK, TP, AR.
1). The
minutes of the last meeting were approved.
2).
Investment review.
Since the
commencement of the war the total investment has dropped by 39%.
The current
portfolio consists of fourteen serious share holding. IFX Power,
Pace and Big Food Company are not contributing to the portfolio
but it would be uneconomical to sell them as their value is so
low.
The club
had £500 to invest this month and it was decide to continue
consolidating the existing portfolio. G W Pharma and Cairn
Energy are the best performing shares, followed by Albemarle and
Bond who currently have a good purchase price.
Following a
debate about club ethics, or rather the lack of them, it was
unanimously agreed to purchase £500 of shares in Albemarle and
Bond.
3). Any
other business.
At last
month’s meeting it was suggested that the club’s monthly
subscription be increased. Following discussion it was agreed
that the monthly subscription should be increased but the amount
should be unanimously agreed at the AGM.
4). Date of
next meeting
Monday 12th
May.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 3RD MARCH 2003
Present, Chairperson PR, AD, JG,
MH, DK, JR, TP.
Apologies, CB, RC, SD, PM, ed,
AR.
1). The
minutes of the last meeting were approved.
2). There
were no matters arising.
3).
Investment review
Although
the total investment had dropped by over 30%, those present took
some comfort from the fact that the portfolio had increased in
value by 1.9% over the last month.
Cairn
Energy has moved from a 10% drop to an 8% profit. Regrettably
pace Micro now almost qualified as a penny share and would cost
more to sell than the shares are currently worth.
It was suggested that the monthly subscription should be increased to
£40 per person per month, which would allow the club to make
one purchase per month. This would be discussed at the next
meeting.
As there is
currently only £380 in the account, it was decided to defer any
further purchase until April.
There was
some desultory discussion about purchasing a property rather
than shares, but it was decided not to pursue this option when
it was realised that the only property we could afford was in
Baghdad! Another possibility was to look for a company
specialising in providing locum cover for GPs, assuming the new
GP contract was approved.
4). Date of
next meeting
Tuesday 1st
April.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 4TH FEBRUARY 2003
Present, Chairperson PR, CB,
JG, MH, EP, JR, AR.
Apologies, AD, SD, PM, DK, TP.
Late
arrivals. RC.
1). The
minutes of the last meeting were approved.
2). Matters arising. The
following members had been unable to open their minutes: - EP,
JG,
CB and MH. It was agreed that if this happened again
these members would e-mail SD so she would know if a problem
existed.
ed has volunteered a private IT tutorial for SD.
3).
Investment review
The
Chairperson opened the meeting by reminding us that the market
remained very volatile and this was reflected in our share
holdings.
After
reviewing the portfolio we concentrated on those companies which
were currently outperforming the market: Albemarle and Bond,
Cairn and G W Pharmaceuticals. Cairn has recently been reviewed
in Investor’s Chronicle. They have a good track record in the
oil and gas exploration industry and could be seen as a possible
takeover target for a bigger oil company. After discussion those
present voted to invest another £500 in cairn Energy.
4). Any
other business.
It was agreed to pay £25 to enable the web site to keep its domain
name and a cheque would be given to EP who would organise this.
5). Date of
next meeting
Monday 3rd
March.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 6th JANUARY 2003
Present, Chairperson PR, AD, SD,
JG, MH, DK, PM, JR, EP, TP, AR.
Apologies, CB, RC.
1). The
minutes of the AGM were approved as read.
2). There
were no matters arising.
3).
Investment review
The club
has £500 to invest this month. The decision was made to
re-invest in an existing holding.
Cairn
Energy has outperformed the market and remains a solid
investment but following much discussion it was agreed to invest
a further £500 in Galen Holdings. Galen is launching several
new products in the near future. The club first bought shares
when the price was high, but at present the purchase price is
low and so losses would be diluted.
The club
will invest £500 in Galen Holdings this month.
4). Any
other business
The meeting authorised EP to be an authorised signatory at Lloyds Bank and
Charles Schwab.
5). Date of next meeting
Tuesday February
4th.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB 2ND ANNUAL GENERAL
MEETING HELD AT BARNT GREEN SOCIAL CLUB ON MONDAY 16th
DECEMBER 2002
Present, Chairperson PR, AD, SD,
CB, JG, MH, DK, PM, JR, EP, TP, AR.
Apologies, RC.
1). The
minutes of the last meeting were corrected. TP’s name had
been omitted from the list of those present.
2). There
were no matters arising.
3).
Election of officers
All the
club officers formally resigned. Chairperson, PR,
Investment Advisor, JG and secretary, SD expressed a willingness to continue and were
elected unopposed.
PM decided to stand down as Treasurer and ed was elected
unanimously as club treasurer.
The club expressed there thanks to PM for his hard work since the club
was formed.
4).
Treasurer’s statement of accounts
The
statement of income and expenditure, the schedule of investments
held and the Charles Schwab investment account history, all for
the period to 30th November were circulated and
discussed
5).
Investment strategy
The club
has currently fifteen holdings. No investment will be made in
December. Before the next meeting, members should consider if
the club should reinvest in the current portfolio or increase
its holdings.
This will
be reviewed in the new year when companies have released their
post Christmas figures.
All
information about the club’s portfolio can be found on the
Charles Schwab website. Password – *****. Pass number -
########
6).
Meetings calendar for 2003
Monday 6th
January,
Tuesday 4th February, Monday 3rd March,
Tuesday 1st April, Monday 12th May,
Tuesday 10th June, Monday 1st July, August
recess, Tuesday 2nd September, Monday 6th
October, Tuesday 4th November, AGM Monday 1st
December.
7). Any
other business
All
officers were thanked for their work during the past year. The
club chairman paid all members a handsome dividend immediately
consumed by some members.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 18TH NOVEMBER 2002
Present, Chairperson PR, AD,
SD, JG, MH, EP, AR, JR, TP.
Apologies, CB, RC, PM, DK.
1). The
minutes of the last meeting, which has been e-mailed to all
members, were approved as read.
2). Matters
arising.
ed has created a hyperlink from the club’s website to the Charles
Schwab site to allow members access to the club’s portfolio.
3). Current
portfolio.
The club
now has a total of fifteen holdings with a total purchase cost
of £7688.52, and a current market value of £4999.85, a change
of –35%. This has been a better month and the mood of the
members remains cautiously optimistic!!
4). Future
share purchases
It was agreed to continue consolidating the present portfolio.
Additional purchases have already been made in Prudential,
McAlpine and Marks & Spencers.
All the
other companies in the portfolio were discussed on an individual
basis and narrowed down to two options.
(i) Cairn
Energy – continues to hold its value with a current share
price of £2.85. The club’s previous purchase price was £3.00
(ii)
Reuters – the current share price is very low, £2.10, with a
previous price of £10.00. This is a large company and it was
felt that these shares will rise in value.
After much
discussion it was agreed unanimously to invest a further £500
in Reuters.
5). Any
other business
AD now
has difficulty attending regularly on a Monday evening and
suggested changing the evening of club meetings. Following
discussion it was agreed to alternate between the first Monday
and Tuesday of each month from the start of the New Year. The
dates of meetings for the entire year will be agreed at the AGM
next month.
5). Date of
AGM.
Monday December
16th 2002.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 21ST OCTOBER 2002
Present, Chairperson PR, CB, RC,
SD, JG, DK, EP, JR.
Apologies, AD, MH, PM, AR, TP.
1). The
minutes of the last meeting, which has been e-mailed to all
members, were approved as read.
2).
Portfolio review
The market
continues to drop!
Marks and
Spencer is the club’s only share that is holding its own.
Cattles has
made a loss of £25.
Albemarle
and Bond has made a loss of £30.
As the
portfolio is performing spectacularly badly it was suggested
that the club should seek professional advice about future
purchases. Following discussion it was agreed that members enjoyed choosing shares and learning from mistakes made. It was
noted that the club is unable to afford purchasing a tip sheet
at present!
3). Future
share purchases
It was agreed unanimously to consolidate the portfolio and buy further
shares in Marks and Spencer
4). Any
other business
As a result
of the poor attendance at this meeting there were insufficient
members present to make any decisions. This situation was
rectified by the late arrival of one member. It was therefore
decided that, in future, members must arrive by 21:00 at the
latest, for their vote to count.
It was agreed to issue all members with the Charles Schwab password to
allow access to the club’s portfolio and web site information.
Password
– ***** Pass Number – #########
ed will
create a link from the club website.
5). Date of
next meeting
Monday November
18th 2002.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 16TH September 2002
Present, Chairperson PR, RC, JG,
MH, DK, PM, EP, TP, JR.
Apologies, CB, AD, SD, AR.
The minutes
of the last meeting were approved as read.
Thank you PM for the treasurer’s
report.
Current
cash balance £1306.62
Current
stock value £3549.15
Total
value £4915.77
Amount invested to date £6195.37
Bank
balance £266.01
Portfolio
review with discussion about adding to existing stock then took
place. It was agreed the following investments were the most
successful and we may consider adding to them at the next
meeting.
Marks and
Spencer
Cairn
Energy
Luminar
Premium
Bonds were also considered and decided against at this stage.
After a
vote, the result of which contained one abstention and one vote
against, it was decided to invest £1000. £500 in Cattles and
£500 in Albemarle and Bond.
We will
have another £500 to invest at the next meeting.
ed continues to develop the web site at http://www.minuetsshareclub.co.uk
Dates of
next meetings
Monday 21st
October
Monday 18th
November
Monday 16th
December (AGM).
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 15TH JULY 2002
Present, Chairperson PR, CB,
JG, MH, JR.
Apologies, RC,
AD, SD, DK, PM, EP, TP, AR.
The minutes
of the last meeting were completely ignored. We noted that all
our stocks are now showing a loss with the FTSE 100 at a 5 year
low.
A pleasant
evening was spent discussing holidays and other such cheery
things.
It was suggested that at the next meeting we consider diversifying our
portfolio by buying premium bonds. You never know we might win
the big one!
Dates of
next meeting.
Monday 16th
September.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 17TH JUNE 2002
Present, Chairperson PR, AD, SD,
JG, DK,
, EP, AR, JR.
Apologies, CB, MH, PM, TP.
RC was believed to be fishing.
1). The
minutes of the last meeting were approved as read.
2). As no
shares were purchased in Exanol a further £250 was invested in
Prudential. This doubled the club’s share holding.
3).
Portfolio review.
Cairn
Energy has shown a profit of £35.
Luminar has
shown a profit of £24.
M&S has
shown a profit of £2
The Big
Food Company has sold all of its properties and now leases them
back.
The current
portfolio has already shown a loss of £1,600.
4). The
club has no money to invest this month.
It was agreed to avoid any future purchases in technical shares at
present.
At the next
meeting the club will consider investing in:-
Cattles
Finance Company
Albemarle
and Bond.
5). Date of
next meeting.
Monday 3rd
July
2002.
The club
will not meet during August but reconvene on Monday 16th
September 2002.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 20TH MAY 2002
Present, Chairperson PR, CB, AD,
SD, RC, JG, MH, PM, AR, TP, JR.
Apologies, DK, EP.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3). Thank
you PM for the treasurer’s report
A statement
of income and expenditure was circulated. Each club member has
now invested a total of £500.
4). Review
of portfolio
Cairn
Energy, M&S and Luminar have all performed well.
PACE has improved.
Big Food
Company - very poor performance. If sold at the current value
the club would suffer a loss of £500.
Galen
Holdings and Prudential – disappointing performance.
Reuters –
profits continue to fall and at present shares have lost 50% of
the original value.
G W
Pharmaceuticals – cannabis trials continue
McAlpine
– not loosing much yet
5). Future
share purchases
To save
future dealing costs it was agreed to invest in existing stock.
As McAlpine has shown steady growth, a further £250 will be
invested in this company.
Exanol is a
company producing an anti herpes product. After discussion
during the meeting and further consultation outside, it was
decided not to purchase any shares in this company
At the next
meeting the following companies will be discussed
Colt, BT,
BA
6). Date of
next meeting
Monday 17th June
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 15TH APRIL 2002
Present, Chairperson PR, CB, RC,
AD, JG, MH, PM, EP, AR, TP, JR.
Apologies, SD, DK.
1). The
minutes of the last meeting were approved as read after the
spelling of McAlpine had been corrected.
2).
Portfolio review.
For the
first time since the club’s formation three shares were in
profit.
Unfortunately
nine were in debit, the deficit outweighing our profit by our
customary large margin.
Pace and
IFX Power continue to perform spectacularly badly, to the point
where it would not be financially viable to sell the shares.
3). Future
purchases.
There was prolonged discussion as to which shares to buy next,
terminated
by the realisation that there was only £200 in the account. It
was agreed to invest this at the next meeting.
6). Date of
next meeting.
Monday 20th
May.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 18TH MARCH 2002
Present, Chairperson PR, RC, JG,
MH, DK, PM, EP, TP, JR.
Apologies, CB, AD, SD, AR.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3). Thank
you PM for the treasurer’s report
Our Charles
Schwab account became overdrawn because they failed to collect
the direct debit from Lloyds. This has now been rectified.
It was noted that Iceland is now known as the Big Food Company.
M&S
share issue. We have accepted the "Type B" shares.
4).
Portfolio review
M&S and
Luminar remain profitable.
Pace has
fallen spectacularly.
All others
appear to have plummeted and then gained a bit.
5). A
discussion followed which included
The
possibility of selling Luminar – hold
Sidelining
Pace and IFX Power therefore enabling us to buy three more
holdings – to be considered
6). The following companies
were discussed
Cattles
Albemarle
and Bond
McAlpine
It was
decide to invest £500 on shares in McAlpine.
7). Future
plans
The market
appears to have stabilised. We intend to measure our performance
against the FTSE 250 index as from now. Review the share price
of each company over the past quarter. Consider a stop loss of
10 – 15% below current market value.
8). Thank you EP for a splendid web site
http://www.minuetsshareclub.co.uk
9). Any
other business
RC is
hosting a quiz night at the social club on Saturday 23rd
March. Would you like to be in a minuets team? Please contact RC
for details.
10). Date
of next meeting
Monday 15th
April.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 18TH FEBRUARY 2002
Present, Chairperson PR, CB, AD,
SD, RC, JG, DK, EP, TP, AR, JR.
Apologies, MH, PM.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3). Review
of current portfolio
Each
company in the portfolio was discussed and the following
decisions made.
Cairn
Energy – hold
Fleming -
there has been no movement in the share price. Hold at present
but sell if they reach a price at which the trading costs can be
recovered.
Galen
Holdings – Currently expanding into the American market. –
Hold
Iceland –
These have great recovery potential. Hold to see if renaming
strategy works
IFX –
Have shown two prices in the last few days Hold
M&S and
Lumina are the clubs most successful shares – Hold
Prudential
– Currently doing well abroad but have a low UK price at
present. Consider buying further shares in future. – Hold
Reuters –
Have recently made considerable purchases resulting in a drop in
share price but should recover – hold
4). Future
share purchases
The club
currently has £738 available for future purchases.
Following
much discussion it was unanimously agreed to buy £500 of shares
in G W Pharmaceuticals. This company is currently conducting
clinical trials on cannabis-based medicines for the treatment of
nerve pain.
Before the
next meeting all members agreed to investigate the construction
industry with a view to future share purchases.
5). Club
website
It was agreed to pay £25 to load and establish an e-mail address.
The website
address is http://www.minuetsshareclub.co.uk
6). Any
other business
Charles
Schwab have written informing the club that the Iceland name
will shortly disappear and become part of a larger organisation
with the name The Big Food Company.
7). Date of
next meeting
Monday 18th
March.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 21ST JANUARY 2002
Present, Chairperson PR, CB, RC,
AD, JG, MH, DK, EP, AR, JR.
Apologies, SD, PM, TP.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3). Direct
debits
All members
were asked to ensure that their direct debit was paid on the
first of the month to ensure Charles Schwab receives the money
on the third.
4). Review
of current portfolio
The most
recent financial statement as of January 20th 2002
showed a book loss of £915 or 19%.
There was a prolonged and general discussion about buying shares in a bank
or building society, but it was decided to defer this month.
Some concern was expressed about the poor performance of Iceland
shares. It was decided to watch them closely.
5).
Shadowing shares
It was agreed that each member would shadow one company, reporting on
any developments positive or negative.
Cairn
Energy – RC
Fleming
Income – DK
Galen
Holdings – PR
Iceland – MH
IFX Power
– JG
Luminar – AD
M&S – SD
Pace – TP
Prudential
– EP
Reuters – CB
6). Members
were reminded that they should pay their Barnt Green Social Club
annual fee. It was agreed that this would be paid centrally from
our membership fees next year.
7). Dates
The schedule of meetings for the next six months was agreed as
follows
February 18th,
March 18th, April 15th, May 20th,
June 27th, July 15th.
8). Web
site
The Minuets
web pages, designed by EP were demonstrated to unanimous
acclaim.
9). Date of
next meeting
Monday February
18th 2002
MINUTES
OF THE ANNUAL GENERAL METING OF THE MINUETS’ INVESTMENT CLUB
HELD AT BARNT GREEN SOCIAL CLUB ON MONDAY 10TH
DECEMBER 2001
Present, Chairperson PR, CB, AD,
SD, JG, MH, DK, PM EP, AR, JR.
Apologies, RC, TP.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3). All
club officers resigned and expressed a willingness to serve
another term of office. All were unanimously elected unopposed.
4).
Treasurer’s report
A statement
of the club’s income and expenditure and a copy of the Charles
Schwab investment account history was issued to each member.
5). Club
portfolio
Although
the market last year was horrendous it ha been a good learning
process for the club. It was agreed not to sell any of the
current portfolio at present.
The club
currently has shares in nine different sectors. If this becomes
too diverse it will become difficult to monitor and will incur
higher charges from Schwab. It was agreed to invest in a maximum
of twelve companies. This will enable the club to consolidate
its portfolio.
6). Future
share purchases
A wide
range of options was considered and after much decision it was
agreed to purchase £500 worth of shares in Marks and Spencers
on 10th December 2001.
At the next
meeting the club will consider investing in the building sector
and banks and building societies. Both McAlpine and Abbey
National will be discussed.
7). Any
other business
(i) The
club’s Proshare membership is mow due for renewal at a cost of
£34.50. This includes a quarterly magazine and a free help
line. It was agreed not to renew the membership.
(ii) The
club membership was reviewed and it was agreed unanimously not
to increase the membership at present.
8). Date of
next meeting
Monday 21st
January
2002.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 15TH OCTOBER 2001
Present, Chairperson PR, CB, RC,
AD, SD, JG, MH, DK, TP, JR.
Apologies, PM, EP, AR.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3). Current
portfolio
This has a
current loss of £825.09.
The
following dividends have been received:
Galen
Holdings £0.61
Reuters £1.89
Luminar £3.90
Interest
from Charles Schwab £0.34
4). Future
share purchases
The mood of
the meeting was definitely optimistic. It was proposed that
shares in the brewery sector be purchased but this sector of the
market was found to be static at the moment.
Cain Energy
was proposed by RC and following discussion was approved
unanimomously.
It was agreed to purchase £500 worth of shares in Cairn Energy at
midday on 16th October.
5). Any
other business
The PIC
code for Fleming Income and Growth is FMIU.
The
club’s subscription to Proshare is now due for renewal. This
will be discussed at the AGM.
The Social
Club is holding a quiz evening on Saturday 24th
November. It was agreed to enter two teams for this event.
6). Date of
next meeting and AGM
Monday 10th
December 2001.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 17TH September 2001
Present, Chairperson PR, AD, SD,
JG, MH, DK, PM, EP, AR, JR.
Apologies, CB, RC, TP.
1). The
minutes of the last meeting were approved as read.
2). There
were no matters arising.
3).
Treasurer’s report
(i) The
balance on 14th September 2001 was £26.07.
(ii) The
balance held by Charles Schwab 2001 on 17th September
was £704.23.
(iii)
Charles Schwab have advised that they no longer bank with the
Bank of Scotland and requested that we replace the existing
standing order for £325 paid monthly on the 7th with
a direct debit mandate for the same amount paid monthly on the 3rd.
This has been completed and forwarded to Charles Schwab and an
instruction cancelling the existing order issued to Lloyds TSB.
(iv) The
chequebook was never returned after the July meeting and a new
book has been ordered.
4). Future
share purchases
Due to the exceptional state of the market following the attack on the
World Trade Centre it was agreed to invest in a company adopting
the "dartboard method". The names of all present were
put in a hat and DK’s name was withdrawn. He then
threw a dart into the shares section of the Guardian where it
landed on Fleming Income and Growth.
It was agreed to purchase £500 worth of shares in Fleming Income &
Growth at midday on 18th September 2001.
6). Club matters
The date of
the AGM will be fixed at the next meeting
7). Date of
next meeting
Monday 15th
October
2001.
MINUTES
OF THE MINUETS’ INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL
CLUB ON MONDAY 16TH JULY 2001
Present, Chairperson PR, RC, AD,
SD, JG, DK, PM, EP, TP, AR, JR.
Apologies, CB, MH.
1). The
minutes of the last meeting were approved as read.
2). Matters
arising.
It the club
wishes to increase its membership it will use the guidelines in
the Proshare manual.
Social Club
booklets were issued to all new members.
3). Current
portfolio.
