Minuets Minutes

MEETING OF THE MINUETS SHARE CLUB SUNDAY JULY 11^TH 2010 AT BARNT GREEN SOCIAL CLUB

Those present

PR, JG, MH, DK,EP, TP, JR and AR.

Apologies from

AD and PM.

The meeting was brief – we were back in time for the football!

Carillion - the share price fell in line with the market. PR and JG will continue to monitor.

Black Sheep last traded last week at £4.75 (the previous week they were still at £5.50)

Landkom – although we are showing a loss Jim pointed out that we are 20% up on our second purchase.

BP - fell after we invested! (What is new) but now on it’s way up. The shares are currently showing a loss of 5.6%.

Next meeting will be at 8pm on Sunday 12^th September. Further dates for autumn will be decided then.

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB SUNDAY 14TH JUNE 2010

Present: Chairman PR, AD (Hon Sec again), JG, EP, TP, AR, JR.

Apologies: MH, DK, PM

The minutes of the previous meeting on Sunday 26th May were approved as an accurate record of that meeting

The chairman said the market had fallen again recently , with an overall 14 % fall in our portfolio. We had £1000 to spend. It was unanimously agreed to purchase £ 1000 of BP shares.

It was agreed to consider selling some Carillion shares at our next meeting to fund future purchases.A stop loss was set on Carillion

Date of next meeting This will be Sunday July 11th 2010 at 7pm in the Social club - please note the earlier start to allow us to watch the world cup final -

There will be no meeting in August.

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB SUNDAY 16TH MAY 2010

Present: Chairman PR, AD, JG, MH, DK, PM, EP, AR, JR.

Apologies: TP.

The minutes of the previous meeting held on 14.03.10 were approved as an accurate record of that meeting. There had been a social evening at a curry house on 11.04.10 but there was no business conducted so no minutes.

There were no matters arising from the previous 2 meetings

The Chairman said we had £700 to invest. It was unanimously agreed to neither buy nor sell any shares ,but to wait for our next meeting when there should be approx £1000 to invest.

DONM : Sunday June 13th at 8pm in the Social club

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE SHAHIA RESTAURANT ON SUNDAY 11TH APRIL 2010

Present: Chairman PR, AD, JG, DK, EP, JR, TP.

Apologies: MH, PM.

The membership arrived at the restaurant by several means, the trains being replaced by a bus, the driver of which did not seem to understand the concept of tickets!!

Our two guests CB and SD were welcomed to the meeting. As there were no minutes available the menu was read instead.

Members Dividend

	EP reported rather sadly that Lloyds had been unable to supply a new cheque book in time for the meeting. The members were then invited to draw lots to determine the lucky winners of a dividend cheque. Rather suspiciously the winners were the Chairman, Treasurer and MH who had sent his apologies.
	Fortunately an ample supply of food and alcohol arrived at this point preventing a series of awkward questions.
	At the end of the meal a vote of thanks was passed to the Chairman for selecting the restaurant. The mathematicians amongst the members were then set the task of dividing the bill into nine equal shares. At this point EP suddenly remembered Lloyds had in fact managed to produce a cheque book and all members present were treated to their dividend!
	We then all departed by car. It should be noted that the two members who had bought return rail tickets had therefore paid the fares of those who had a free ride on the replacement bus and thus the club has not defrauded Central Rail!

Date and Time of Next Meeting
SUNDAY 11^TH MAY AT 8PM AT BARNT GREEN SOCIAL CLUB.

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 14TH MARCH 2010

Present: Chairman PR, AD, JG, MH, PM, EP, JR.

Apologies: DK, AR, TP.

The minutes of the last meeting were approved as read, there were no matters arising.

Beer Fund

	EP reported that the cheque given to JR to cover the cost of last month’s bar bill unfortunately bounced thus incurring a bank charge of £15 a the club has no overdraft facility.
	EP has not been able to arrange for one month’s subscriptions to be paid into the Lloyd’s account and so he requested a cash payment of £30 per member to top up the beer fund.

Portfolio Review

· Petrofac is about to demerge and form another company called Enquest. An Enquest share will be issued for each Petrofac share owned. This will result in the club having another company in its portfolio.

· GW Pharma is performing well and a proposal was put forward to keep a holding of £3000 and profit take the remaining £1,103.42. This was agreed unanimously.

· The portfolio has recovered well but it was agreed that are three companies performing extremely poorly, Ark , Speedy Hire and Landkom. It was proposed to sell these holdings to make the portfolio more manageable. Following discussion it was agreed unanimously to sell Speedy Hire and Ark but to retain Landkom as the club has reinvested in this company comparatively recently and owns a considerable number of its shares.

· The club has over £8000 in its bank account but it was not thought to be a good time to make any further investments as the market is currently high and it was felt that it would drop after the pending general election. A proposal was made for all members to take a cash divided of £1000. Following much discussion this was put to the vote and carried with a majority of 5:1. After the sale of Ark and Speedy Hire and profit taking from GW Pharma all members will receive a payment of £1000.

Any Other Business

The club has not had a social function for some considerable time and all members are asked to think of suggestions for a group outing and bring them to the next meeting. As it is unlikely that there will be much business to discuss at this meeting it was decided to have a meal instead of a formal meeting.

Date and Time of Next Meeting

SUNDAY 11^TH APRIL AT 7pm AT THE SHAHIA PALACE CURRY HOUSE REDDITCH.

This is opposite Redditch station and the times of suitable trains from Barnt Green will be circulated to all members.

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 14^TH FEBRUARY 2010

Present: Chairman PR, AD, DK, PM, EP, JR, AR.

Apologies: JG, MH, TP.

The minutes of the AGM were approved as read. PR reported that an agenda item was omitted at this meeting which was to review club subscriptions. Following a brief discussion it was agreed for these to remain at £30 monthly.

Portfolio Review

	This has not been a good month for the portfolio due to the economic uncertainty in the Euro nations.
	Following the last meeting a further £2000 has been invested in Carillion

Future Investment

	The club currently has a large amount of cash in its bank balance. It was agreed at the last meeting to invest monthly in multiples of £1000 in an attempt to even out the market’s volatility.
	HSBC has fallen recently and it was thought that this could be a good time to buy.
	Members also considered Petrofac to be a good long term investment.
	Following discussion a proposal was made to invest £2000 in HSBC which was agreed unanimously. PR will attempt to do this tomorrow in Jim’s absence.

Any Other Business

The distribution of the Chairman’s annual dividend was delayed due to Parcel Force but had now arrived. All members were presented with a bottle of ‘bashah’ beer from the Brew Dog brewery. This is not a company in the club’s portfolio but one in which the chairman is showing a keen interest. A company which was launched in 2007 and is now a multi million pound enterprise. All members expressed their thanks for this dividend.

EP reported that he has just purchased the club’s domain name for the next to years at a cost of £44.95.

Date and Time of Next Meeting
Sunday 14^th March at 8pm at The Barnt Green Social Club

MINUTES OF THE 10^TH ANNUAL GENERAL MEETING OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 17^TH JANUARY 2010

Present: Chairman PR, AD, JG, MH (MBE), DK, EP, JR, AR.

Apologies: PM, TP.

The chairman opened the meeting by formally congratulating Mike on his recent prestigious award!

All the club’s officers resigned after stating their willingness to stand again and were all re-elected unanimously.

Treasurer’s Report

	EP circulated copies of the club’s schedule of investments as of 30/11/09.
	The beer fund currently contains only £90 and it was agreed that next months’ subscriptions should remain in the Lloyds account and not be transferred to Barclays.
	2009 was a record year of trading for the club, over the last twelve months £27.000 of shares have been traded.
	The club currently has a large cash balance in Barclays.

Chairman’s Report

· When the club was founded it was agreed to review its prospects every five years. As the club is now entering its tenth year members were asked to consider the club’s future.

· All members agreed unanimously to continue with club for the long term

· Following the recent liquidation of a significant part of the portfolio the club currently has 2/3 if its assets in equity and 1/3 in cash. Members were asked to vote on the following proposals: (i) return the cash to investment club members as a share out. 2 votes (ii) Invest the money in equities. 6 votes.

· Following discussion it was agreed to invest monthly in the months leading up to the election rather than make a large investment this month. Historically share prices tend to fall in the build up to an election and the stock market remains extremely volatile.

Portfolio Review

· British Land has improved dramatically following a deal to build future Tesco stores, although this is not reflected in the share price.

· Carillion has recently secured a deal to build schools in the north.

· Mann hedge fund continues to go up and down.

· Greene King is showing signs of recovery.

· GW Pharma has had its phase three trial approval for its drug for MS and hopes to start marketing it in Europe and Canada .

· HSBC is performing quite well and is now paying dividends.

· Landkom is increasing its winter crop planting and is hoping for better production in the current year. The club has 6,277 shares in this company.

· Petrofac continues to perform well.

· Speedy Hire has become a ‘penny share’ with the club loosing a lot of money in this company.

· Synergy remains a good consistent performer.

· Tullow Oil is currently in negotiation for the right to pump large untapped sources of oil in Uganda . Oil prices have recently risen.

· Taylor Wimpey is showing positive returns.

· Ultra Electronics remains buoyant.

· Black Sheep remains unchanged at £5.50.

Future Investments

	The portfolio currently has 15 holdings which members agreed was large enough.
	Recent buy recommendations in Investor’s Chronicle included Greene King, Synergy, Ultra Electronics and Carillion.
	Each of these recommended companies was discussed and it was then agreed to invest a further £2000 in Carillion.

Date of Future Meetings
Sunday 14^th February
Sunday 14^th March
Sunday 11^th April
Sunday 16th May
Sunday 13^th June

Following the conclusion of the AGM, members retired to Deedar’s for a curry!

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 15^TH NOVEMBER

Present: Chairman PR, AD, JG, MH, DK, EP, JR, AR.

Apologies: PM.

The minutes of the previous meeting were approved as read.

Portfolio Review

· Black Sheep shares are up at £5.50 and are now worth £2,612.50.

· Since the last meeting Tullow Oil has been sold, raising £1,500 and this money has been invested in Taylor Wimpey. Thanks were expressed to DK for his excellent research into the construction industry which resulted in members voting to invest in this company.

· Landkom , Ark Therapeutics, Speedy Hire and GW Pharma are all down but all the other companies in the club’s portfolio have risen.

· JG distributed copies of his log of Investors’ Chronicle suggestions against the club’s portfolio.

Management of Portfolio

· Members were agreed that the market may well continue to creep up until Christmas and would probably fall in the New Year. A proposal was put forward for the club to sell all its positive holdings and put the money in the bank with a view to making further investments when the market falls. Following much discussion it was agreed to consider each holding individually and to vote to decide whether to keep or sell these shares. The following was agreed unanimously:

· Ark – down 2/3 but not showing any signs of recovery and would incur a large loss. KEEP

· British Land - coming back slowly. KEEP with a view to buying more shares.

· Carillion – almost back to its previous value and is currently a buy recommendation. KEEP

· Man Group – has come back well. Agreed to take out £1600 and keep a holding of £2000.

· Greene King – currently positive news about brewing companies. KEEP

· GW Pharma. KEEP

· HSBC – a solid company which has already risen by 20% but only purchased recently and will pay good dividends. KEEP

· Landkom – remains highly speculative. KEEP

· Nestor – has risen slowly but members did not think it will get back to the purchase price and if sold now the club will only loose £200. SELL ALL

· Petrofac – currently up 83%. Agreed to take a profit of £850 and keep original stake.

· Speedy Hire – currently so low it is in danger of going bust. KEEP

· Synergy – agreed to keep £2000 invested and take a profit of £2900

· Tullow Oil – although the club had recently taken a profit form this holding it was agreed to keep a stake of £2000 and take a profit of £1060.

· Taylor Wimpey – recent acquisition. KEEP

· Ultra Electronics – keep a holding of £2000 and take a profit of £2900

· Black Sheep – cannot be traded on an open market and would be expensive to trade, pays a reasonable dividend. KEEP.

A proposal was made to invest a further £300 in Landkom as the share price is so low. This was agreed by a vote of 5:3.

Any Other Business

PM has informed members that Waitrose will not be able to provide a wine tasting and so the date of the AGM was moved to;

SUNDAY 17^TH JANUARY

AGM at7pm at the Barnt Green Social Club followed by a curry at Deedar’s’ Indian Restaurant

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 18^TH OCTOBER 2009

Present: Chairman PR, AD, JG, MH, DK, PM, EP, JR, AR

Apologies: TP

The minutes of the previous meeting held on 13^th September 2009 were approved as an accurate record of that meeting.

Portfolio Review

	The market continues to improve slowly, with seven shares in positive territory.
	£1000 of shares in Greene King and HSBC have been bought since the previous meeting.
	Dividends received will be detailed at the AGM in January.

Future Investments

· The club has £1000 available to invest this month.

· It was agreed to sell £1,500 worth of shares in Tullow. These have risen over 60% and it was agreed to realise some profit as discussed at previous meetings.

· It was agreed to invest £2,500 in a construction company. DK will research this field and email his recommendations to all members. Subject to electronic agreement the club will buy shares in his choice of company prior to the next meeting.

Exciting Social Event

The club will organise a wine tasting evening on 14^th January 2010 preceded by the AGM that evening. Details to follow.

Date and Time of Next Meeting

Sunday 15^th November 2009 at 8pm at The Barnt Green Social Club

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 13^TH SEPTEMBER 2009

Present: Chairman PR, AD, JG, MH, PM, EP, JR, AR.

Apologies: DK, TP.

The minutes of the previous meeting were approved as read.

Portfolio Review

	The market has improved overall, with six shares now in profit.
	The club has £2,600 in the bank to invest.
	Black Sheep are currently valued at £5.
	Full details of recent dividends received will be declared at the next meeting.

Future Investments

	There was a proposal to sell some shares in companies such as GW Pharma which were in profit. This would enable the profit generated to be invested in different companies. However there was concern that should GW shares rise further the club would miss out on this extra income. This will be discussed again at the next meeting.
	There was a proposal to invest in two different breweries, Wetherspoons and /or Green King.
	There was a further proposal to purchase more shares in HSBC.
	Following discussion it was agreed unanimously to invest £1000 in HSBC, and by a vote of 4:3 to invest £1000 in Green King.

Date of Next Meeting

Sunday 18^th October at 8pm at The Barnt Green Social Club. (Please note change in starting time)
At this point members adjourned to Deedar’s for further refreshments

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 12^TH JULY 2009

Present: Chairman PR, JG, DK, EP, TP, JR.

Apologies; AD, MH, PM, AR.

Portfolio Review

	It has been another difficult month in the financial market. All weekly reports from ‘JG nice but grim’ have been negative.
	Speedy Hire is performing particularly badly
	ARK remains unchanged
	British Land – although commercial property continues to drop members thought it would recover at some future stage. The dividends paid provide a better return than if the money was in the bank.
	Mann Group is beginning to rise
	Carillion will recover
	Green King is improving steadily and is currently a buy recommendation in the press. The club will consider investing further in this company at the next meeting.
	GW Pharma is currently up 3%. This remains a long term investment.
	Landcom is considered a right off.
	Nestor has remained at 28p for the last six months but is another long term investment.
	Synergy, Tullow, Petrofac and Ultra Electronic are all performing well.
	British Airways is currently down 15%. It was agreed that the club purchased these shares at a bad time and that they were not likely to recover any of their value in the medium term. A proposal was made to sell BA which was carried unanimously.

Future Investment

	The club currently has £900 to invest
	As a severe drop in the market is predicted and there is no meeting in August, it was agreed not to make any further investments until the September meeting

Date and Time of Next Meeting

Sunday 13^th September at 7:30pm at the Barnt Green Social Club followed by a curry at 8pm at the Deedar
PLEASE NOTE CHANGE OF START TIME.

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 14^TH JUNE 2009

Present: Chairman PR, MH, PM, EP, JR, AR

Apologies: AD, JG, DK, TP.

Portfolio Review

	Man Group has shown a rise of 85% since March.
	Synergy is currently + 2.3%
	BA has recently fallen
	GW Pharma is currently down 4.3% but there is no particular reason for this drop.
	Black Sheep is currently valued at £5
	Petrofac is showing a steady rise. As a company which provides infrastructure for the oil industry it should be a fairly safe investment during the recession.
	ARK Therapeutics is the commercial branch of the academic drug research undertaken at Imperial College . It has recently had some very positive results from drug trials for a new drug for brain cancer but the investment is currently not reflecting this.
	British Land continues to suffer from effect of the recession on commercial property but it does pay good dividends.

Future Purchases

The club does not have sufficient funds to make any purchases this month unless a holding is sold and it was unanimously agreed not to do this.

Any Other Business

	EP reported that the he has now removed all members’ names from the club’s web site. He has redone all the graphs and these will shortly appear on the site.
	AR raised the issue that now the membership has been reduced to 10 members the club needed to decide how many needed to be present at a meeting for it to be quorate. Following discussion it was agreed that if 5 members are present decisions regarding up to 10% of the value of the portfolio can be made. For anything over this value a minimum of 6 members must be present.

Date and Time of Next Meeting

Sunday 12^th July 2009 at 8pm at the Barnt Green Social Club.

This will be the last meeting before the summer recess.

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 10^TH MAY 2009

Present Chairman PR, AD, JG, DK, PM, EP, TP, JR,

Apologies MH, AR.

Portfolio Review

	Since the last meeting additional shares have been purchased in Man Group
	The market is currently at the highest it has been for the last four months and the portfolio has been doing well with the recent purchases of BA, Petrofac, and Tullow all showing a rise.
	It has been rumoured that Greene King is about to create a right’s issue and it was agreed unanimously to take up this offer if the opportunity arises later this month.

Future Dealings

	Members discussed whether or not to make an investment this month but it was agreed that the club should take a long term view and make an investment in a solid company while the market is low.
	It was felt that if members did not have confidence in any of the companies in the portfolio they should be sold. Following discussion it was agreed to sell Wolfson to minimise the club’s losses as it has recently made a mini recovery. This sale would enable the club to make two investments of £1000 this month.
	PM proposed that the club invest in the banking sector as, after the club’s disastrous experience with Anglo Irish, the sector was no longer represented in the club’s portfolio. It was generally agreed that this sector would recover at some point. There followed a discussion during which the strengths and weaknesses of HSBC, Lloyds and Barclays were considered and after much debate it was agreed unanimously to invest £1000 in HSBC.
	Members also felt that the oil sector would be a good area in which to invest further and it was agreed to invest another £1000 in Tullow Oil.

AOB

· EP suggested that the club introduce a ‘stop gain’ policy to prevent the club experiencing the huge losses it made with Anglo Irish, should a similar situation arise in future. There was general agreement that the club should devise a system to sell to realise some profit if a holding was doing well. After discussion it was unanimously agreed to consider selling a holding at a point when the club would recover its initial investment and leave any remaining money invested.

DATE AND TIME OF NEXT MEETING

SUNDAY 14^TH JUNE AT 8pm AT BARNT GREEN SOCIAL CLUB

MINUTES OF THE MINUETS INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL CLUB ON SUNDAY 19TH APRIL 2009

Present AR, PM, EP, PR, MH, DK, JG, JR and AD.

Apologies SD & TP.

Chairman told us that all 3 shares purchased after the last meeting were up.

British Airways 23.8%
Petroface 7.8%
GW8.1%

The portfolio was up £3,000.
The best performers were
Tullow 12%
Ultra 25%
Black Sheep stood at £5
Info from JG-
On 13th April 2005 we purchased 225 shares at 440p each. Dealing costs were £25.
On 21st January 2006 we purchased 250 shares at 550p each. Dealing costs were £30.
We had £1800 available so were in a position to purchase one share
We then discussed shares to buy, including Imarsat, and considered selling Nestor, we noted that our portfolio consisted of 17 companies so did not wish to buy another new company.
The group voted to invest £1000 in Man Group

Next meeting
Sunday 10th May at 8pm.

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 15TH MARCH 2009

Apologies: DK, PM

Portfolio Review

Premier Oil has been sold and Tullow Oil purchased which has already seen a rise of 10%
At the last meeting it was mentioned that there was a rumour that British Land was about to undertake a rights issue and a letter was received by the club with details of the terms and conditions of this issue sooner than expected. JG canvassed all members’ opinions by email, requiring a response within twenty four hours. The vote was 5:4 against taking up the option to invest further and as a result this option was sold for £115 with a commission cost of £19.
JR requested that the club form a policy should a similar situation arise in future as members had little time to respond and limited information. (DK voted from Australia but his vote arrived too late to be counted.) It was felt that this was still the best way of obtaining a quick decision between meetings. It was clarified that the chairman does not have a vote but in the case of a draw he would have a casting vote.
PR provided further information about I Shares explaining it was a subdivision of Barclays Ireland which manages exchange traded funds and index investing in a range of companies thus spreading the risk across the index. It was felt that, although this would be an interesting way of diversifying the portfolio, the club follows a high risk strategy of investing on the stock market and that I Shares are more suitable for long term personal investment.
GW Pharma has had positive results from its Phase Three UK drug trial. The shares are currently worth 57p and it was proposed to invest further in this company in the hope future trails will be equally significant.
The club has £3000 to invest this month and British Airways, Petrofac, Inmarsat and GW Pharma were all nominated for an investment of £1000. Members were asked to vote for the one company they did not want to invest in and as a result Inmarsat was eliminated.
It was therefore agreed to invest £1000 in British Airways, GW Pharma and Petrofac, a gas and oil utilities company.

Sunday 19^th April at 8pm at the Barnt Green Social Club

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 22^ND FEBRUARY 2009

Present Chairman PR, AD, JG, MH, PM, EP, JR, AR

Apologies

The chairman welcomed PM back and presented him with a Minuets’ presentation box of darts.

Portfolio Review

It was reported in The Times that ARK Therapeutics is currently number four in the companies that has shown the largest rise.
As Anglo Irish has now been nationalised by the Irish government the £4000 the club has invested is now worth nothing.
No current data was available for Black Sheep.
Man Group is rumoured to have been involved in fraudulent investments and has fallen as a result.
It is rumoured that British Land is about to undertake a rights issue as it is experiencing such financial difficulties.
Dividends are still being received from companies.

Future Dealings

The last purchase made by the club was Synergy in October.
The current market does not inspire confidence in investing. There was much discussion as to whether the club should delay any future purchases or make an investment this month. This was put to the vote and 7 members were for making a purchase and 1 against.
Exchange traded funds were discussed. The charges are low and can be invested in through I Shares, a subdivision of Barclays, The portfolios have a range of companies in them and so this spreads the risk. They are traded in the same way as ordinary shares. Club members were interested in this as a future investment and all members agreed to research this further before the next meeting. Further information can be obtained by typing I Shares into Google.
All the holdings in the portfolio were considered for further investment. Members felt that oil prices had bottomed and considered oil to be a good long term investment. After much discussion it was proposed to sell Premier Oil as it was not performing as well as other oil companies, and invest this money in Tullow Oil. This proposal was carried unanimously.

Any Other Business

The treasurer pointed out since the club subscription had been reduced all members had changed their standing orders with alacrity.
The chairman has traditionally given all members an annual dividend with a link to the portfolio. This year all members were presented with a bottle of ‘Cannabis Beer’ which was gratefully received. Admiration was expressed for his ability to source this.

DATE AND TIME OF NEXT MEETING

Sunday 15^th March at 8pm at the Barnt Green Social Club

Minuets Minutes AGM 18th January 2009

Present PR, EP, MH, JG, AR, TP, AD, JR and DK

The Chairman reminded us we were in a time of Global Financial Crisis, ours was a high risk strategy and as such we were not immune from losses.

EP gave us copies of the Annual Figures which were correct as of 30/11/2008.

Over the year the club has received dividends amounting to £1,164.30, which is approximately £100 per month.

We are more than 50% down over the last 9 months.

Anglo Irish has fallen dramatically and trading in shares has been suspended.

Shares worth £18,629-66 +475 Black Sheep worth £6.25 on 19th Jan 2009=£2,960-75
Cash worth £3,652-34
Money in the bank worth £739-63

We did not revisit the shares and there was mixed opinion about investing in the market at the present time.

Resignation of SD was discussed and there was a unanimous vote to pay her in cash.

Monthly “subs” were then discussed and by majority vote it was agreed to lower the dues to £30 per month. DK pointed out that this would enable us to make a £500 purchase every 2 months. All members agreed to reduce their direct debit mandates before 1st Feb this year.

And we agreed to take the beer money from our cash reserves for the time being.

AD told the club that PM may be interested in rejoining. There was a unanimous vote and it was agreed warmly that we would like to welcome him back in. It was then agreed that he would buy SD’s share. He confirmed that he would like to take up this offer and agreed to the mechanism for buying back in just after the meeting was closed.

TP proposed a warm vote of thanks for all the club officers who offered to stand down, but were strait-way re-elected. SD has offered to continue as club secretary -great-thanks SD we are really pleased to accept that you continue.

Confidentiality and the website was discussed for some time, EP will look into this, maybe remove pages or add passwords.

Date and times of next meetings

Sundays at 8pm

22/02/2009
15/03/2009
19/04/2009

MINUTES OF THE MINUETS INVESTMENT CLUB HELD AT BARNT GREEN SOCIAL CLUB ON SUNDAY 16TH NOVEMBER 2008

Present-Chairman PR, JR, EP, MH, JG, TP and AR

Apologies SD AD, DK-all blaming their relatives for keeping them away!

This was the last meeting for 2008
This was a lively and positive meeting. Mr Chairman encouraged us to look at all the shares which had risen since the last meeting, as follows:-

Wolfson
Ultra
Synergy
Speedy
Nestor
Green King
(Sadly Black sheep down to £6.25)

AR pledged “I will buy everyone a drink when GWP becomes our best performing share” We debated selling the portfolio with exception of GW to get that drink!

But..........we pressed on soberly taking stock........

The port folio has a current value of approx £21,000
We have £886 to spend-not enough to invest this time.
By the AGM we should have approx £1,700-so be thinking.

We then discussed, and then looked at the portfolio, and to enable us to buy more companies without selling shares, Decided to split the portfolio into actively and passively managed groups

A = Actively Managed B = Passively Managed
Ark-B
Anglo Irish-A
British Land-B
Carrillion-A
Man-A
Green King-B
GW-B
Lancom-B
Nestor-B
Premier Oil-B
Speedy Hire-B
Synergy-A
Ultra-A
Wolfson-B
Black Sheep-B

Then we decided to lock in some profit, we asked JG to sell 30% of our holding in Ultra. Then PR and JG will watch this share and apply a stop loss at 20%, if this is felt by them to be because of the share itself and not a reflection of the market as a whole.

We touched on Day Trading and Spread Betting-then went and did what we do best-curry and beer! We missed you DK, AD and SD!

Next meeting AGM Sunday January 18th 2009 8pm at “The Social”

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 19^TH OCTOBER 2008

Present: Chairman PR, AD, SD, JG, MH, DK, EP, JR

Apologies: TP, AR

Portfolio Review

AD suggested selling the shares in the portfolio that have not lost too much of their value but other members expressed concern that the money raised could not necessarily be invested any better. It was agreed not to sell on a falling market.

The price of shares reflects the current fear of recession, the market is now oversold and more shares have been sold than the market warrants.

Now may be the time to buy as the market is so low despite the fact that it may go lower still. JG suggested that the market may well have risen by 12% by the next meeting.

It was agreed to continue with the club’s philosophy of purchasing shares rather than keeping substantial amounts in the bank and that £1500 would be invested this month in one of the club’s existing holdings.

All the companies in the portfolio were considered on an individual basis and four were identified as having the best potential for growth. All members then voted for their choice for investment.

(i) Carillion – considered a good investment but the club invested in this company last month. ONE VOTE

(ii) Premier Oil – the price of oil is bound to go up in the future. NO VOTES

(iii) Synergy – despite concerns that the NHS may be forced to make cuts it was generally agreed that this is a sound investment. FOUR VOTES

(iv) Ultra Electronics – considered a safe company but the club already has a substantial sum invested. TWO VOTES

It was therefore agreed to invest a further £1000 in Synergy.

Visit to the Black Sheep Brewery

This has been cancelled as the education authority has changed its policy and EP is no longer able to borrow the minibus.

3. Date and time of next meeting

As the meeting on Sunday 16^th November will be the last one of the year it was agreed to move time of the meeting to 7pm at the Barnt Green Social Club followed by a meal at Deedar’s Indian Restaurant at 8pm.

4. The meeting closed with the chairman’s well-considered comments.

‘The Minuet’s Investment Club is alive and well and, despite the current economic climate, continues with its philosophy of invest and be damned!’

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 14^TH SEPTEMBER 2008

Present Chairman PR, AD, SD, JG, EP

Social Events

A vote of thanks was given to EP for arranging a very successful evening at the dogs at Hall Green, it is hoped to repeat this at some point.
Members were reminded that the next outing is to the Black Sheep Brewery on Saturday 1^st November

Portfolio Review

Carillion, Man Group, Synergy and Ultra Electronics all show a positive balance
Black Sheep has defied the credit crunch and remains at £7
The figures hide a lot of movement in the market over the last few weeks.
The club currently has £2000 to invest, this figure includes recently paid dividends.
The current portfolio consists of 15 holdings and there was a reluctance to sell any of these at present.
Following discussion it was agreed to invest £1000 in an existing share in the portfolio this month and keep the remaining £1000 to invest in a natural resources’ company next month. Members are encouraged to investigate companies in this area and report back at the next meeting.
Each company in the portfolio was considered and members voted for those in which they wished to reinvest. Anglo Irish, Carillion and Premier Oil were all proposed and it was agreed unanimously to invest a further £1000 in Carillion.

Dates and Times of Future Meetings

Sunday 19^th October at 8pm

Sunday 16^th November at 8pm

No meeting in December

AGM Sunday 18^th January 2009 at 7pm at the Barnt Green Social Club followed by a meal at Deedar’s Indian Restaurant at 8pm

MEETING OF THE MINUETS SHARE CLUB SUNDAY JUNE 15^TH2008 AT BARNT GREEN SOCIAL CLUB

Present Chairman PR, AD, AR, TP, JR, MH, DK

Apologies SD, JG, EP.

Minutes of the previous meeting: were accepted as an accurate record of that meeting

Portfolio review: The market remains volatile, with more of our shares losing value. This was accepted stoically. We had £1200 to spend, and decided to invest a further £1000 in Anglo Irish, as it was felt that Anglo Irish was less exposed than other banks, and should not lose value excessively despite regular falls in the banking sector. We should then have over £ 1000 to spend in September.

Club outings: We will go to the dogs at Hall Green on Tuesday July 8^th.Wives (and at members discretion girl friends) are welcome to this social event. Dinner there should be approx £13 a head, with the first race at 7.30 pm. There was discussion about using club funds for betting but this was rejected as being even more certain to lose our money.

A further outing to the Black Sheep Brewery was planned for Saturday 1^st November 2008.WAGS were again welcome. EP has said he can use the mini bus on that day, although those staying overnight (see note about WAGS above) or if the mini bus was full might wish to drive up separately.

Date of next meeting: there will be a short informal (and non minuted) meeting over dinner at the dogs on 08.07.08 to discuss any urgent business. The next meeting in the social club will be in September.

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 27^TH APRIL 2008

Present: Chairman PR, AD, SD, JG, MH, DK, EP, JR, AR.

Apologies: TP

The meeting started with the chairman congratulating all members for turning up at the correct time this month.

Portfolio Review

The market remains very volatile
Premier Oil has shown a dramatic rise due to the increase in the price of oil.
GW Pharma fell briefly below 50p due to disappointing trial results.
Ark fell for no apparent reason.
Black Sheep remains solid at £7

The club has approximately £2000 to invest this month. The club currently has fourteen holdings but to sell any would involve taking a loss and so it was agreed to expand the portfolio to avoid this.

The following options were considered

M & S – shares are currently cheap and the company is about to expand into India

National Express

Lankom – a company which is buying land in the Ukraine and then making the land fertile, by adding fertilisers, for the farming of cereal crops. Local farmers are guaranteed an income.

Following much discussion it was agreed unanimously to invest £1,500 in Lankom thus diversifying the portfolio.

Club Outings
It was suggested that another trip to the Black Sheep Brewery should be arranged during the October half term, this was greeted with enthusiasm on the condition that the minibus contains a full tank of petrol!

It was also proposed that the club have an outing to ‘the dogs’ which would involve a meal and a chance to bet on the races. It was suggested that the club should use some of the investment account money to place club bets and see what return / loss can be made instead of purchasing shares.

EP agreed to explore both outings and present further details at the next meeting.

Date and time of next meeting
SUNDAY 8^TH JUNE 2008 AT 8PM AT THE BARNT GREEN SOCIAL CLUB

Minutes of the Minuets meeting held on Sunday 30th March at the Barnt Green Social Club

Due to the lack of a quorum no decisions were taken apart from spending the drinks kitty.

Date of next meeting Sunday April 27th at 8pm at Barnt Green Social Club.

Minutes of the Minuets meeting held on Sunday February 24 2008 in the Barnt Green Social Club

Present :JR, DK, TP, PR, MH, AD (acting secretary),AR, EP, AR JG.

Apologies :SD ( minutes done by her deputy so while they may be quicker than usual please make allowances for any errors )

The minutes of the previous meeting were approved as an accurate record apart from deleting the reference to climate exchange.

Matters arising
All present were thanked for their punctuality in remembering the new winter start time of 7 pm. The March meeting will also start at 7pm before reverting to 8pm for the April meeting.

Portfolio
Despite the current daily fluctuations in the stock market the portfolio was holding up well. Only 3 shares were showing a loss.
Black sheep has risen to £7 from an initial purchase price of £4.40.We have a total of 475 shares in Black Sheep, with a value today of £3325.
The overall value of the portfolio ( including Black Sheep ) was £39,880 with an additional approx £1900 in our bank account.

Purchases
There was an unanimous decision to spend £1000 on shares at the meeting, but a variety of opinions on which share to buy.
We discussed:-
Whether to buy or sell Anglo-Irish shares. This has been a recurrent theme given the recent sharp drop in the banking sector, and the decision whether to take a profit on the Anglo Irish gains we had previously made. There was 1 vote in favour of profit taking ( ie selling some/all of the shares ) 2 votes for buying more shares ( since the price had fallen now might be a good time to buy ) and 6 votes for no action on Anglo Irish.
Proposals to buy Green King ( 3 votes ), Carillion ( no votes ) Man group ( 2 votes ) and GW Pharma ( 4 votes ) were tabled. After prolonged discussion, the chairman suggested we each had 1 vote for the share we most wanted to buy , with the results as above. Despite the attraction of a site visit to the Greene King brewery we voted to spend £K1000 on more GW Pharma shares. GW had risen slightly in recent weeks and the overall feeling was that this was a good time to yet again invest. Jim said he would do that on Monday morning.

Date of next meeting will be Sunday 30th March at 7 pm in the Barnt Green Social Club

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 27^TH JANUARY 2008

Present; Chairman PR, AD, SD, JG, MH, EP, TP, JR, AR

The meeting began at 7.30 when it was quorate due to some confusion about the new start time.
The minutes of the AGM were approved as read, there were no matters arising.
All those present paid their £20 contribution to the drinks’ kitty.

Portfolio Review

The last two weeks have been very interesting for the stock market. Despite its current volatility the portfolio is still showing a profit.
GW Pharma is showing a profit
Profit taking from Rio Tinto and Climate Exchange proved to be a good decision
Synergy, Wolfson and Climate Exchange have all gone down steadily and could be a good buying opportunity. Climate Exchange is the biggest faller.
Black Sheep is currently worth £7
The current portfolio is worth £33,000

Future Purchases

The club has £3,500 in the Barclays’ account, with a further £500 going in on 10^th Feb.
Economic gurus are currently very downbeat about the current market situation and predicting that it could drop even further. It would be a brave time to buy.
As the market is so low it would be a bad time to sell any of the portfolio.

The following spending options were considered

(i) Put £4000 in the Building Society and earn 6% interest but this would not be in keeping with the club’s philosophy.

(ii) Take the £4000 as a cash profit, so far no money has been paid to members since the club’s formation but this was unanimously rejected.

(iii) Invest £2000 and keep the remaining balance in the bank which was the members’ preferred option

Ultra Electronics is the share that has dropped the most but remains in profit and so could be a good buy. It is one of the few companies which produce products of the quality demanded by the US military.
It was felt that GW Pharma may have turned a corner and have a bright future but the club has bought and sold shares in this company several times, It was agreed to watch its progress and see how the current drug trials progress.
Members seemed to be suffering from stock market fatigue and having made the decision to make an investment this month, no one had any real idea as to where to invest.
Following much discussion TP proposed investing £2000 in Ultra Electronics. This was put to the vote and carried with 6 for, 2 against and one abstention.

Any Other Business

Barclays’ Stockbrokers have still not returned the documentation that was sent in October last year. JG agreed to chase this up.

Date and time of next meeting

SUNDAY 24^TH FEBRUARY 2008 AT 7PM AT THE BARNT GREEN SOCIAL CLUB
ALL MEMBERS ARE REMINDED OF THE NEW START TIME OF 7PM

MINUTES OF THE 8^TH AGM OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 6^TH JANUARY 2008

Present: Chairman PR, AD, SD, JG, MH, DK, EP, TP, JR, AR.

The minutes of the last meeting were approved as read, there were no matters arising.

Chairman’s Report
The chairman expressed his thanks to all members for their continued support over the last year. There was no chairman’s dividend this year due to ill health.
At the start of the year the club had eleven members, there is a current membership of ten.
2007 saw huge fluctuations in the market ranging from a seven year high of 6700 to a low of 5800. It rallied at the end of the year but has now plummeted as a result of unemployment figures in the USA. Despite this, the club is still showing a healthy profit and has a significant amount of cash to invest.

Membership
It was agreed that the club runs well with the current membership of ten, but if it drops any further recruitment of new members may be desirable. There have been no recent enquiries about membership and it would be difficult to structure the finances for a new member to join.

Subscription
The monthly subscription is currently £40 and in the past it was agreed that this should rise at the rate of inflation. Following discussion it was agreed, unanimously, to increase the subscription to £45 per member per month beginning at the start of February 2008.

Treasurer’s Report
All members are required to contribute £20 at the next meeting to the drinks’ kitty.
EP circulated the figures for the last year and submitted the following notes on the published figures
All the dates reported are at the close of trading on Friday 30/11/07. As we had decided to trade at the meeting on the previous Sunday we were still in the process of buying two groups of shares on the Friday evening. The data from Barclays is showing an anomaly whereby the purchase of Ark Therapeutics has cleared, the purchase of Man Group made at the same time has not cleared. The Barclays web page listing our portfolio shows Man Group as a purchase but on their Account History page it does not show. Both pages report a closing balance of £2046.40 that does not take into account the Man Group shares.
In order to report a closing balance of our assets I have not included the Man Group purchases in our figures. It does not show on the Barclays Account 2007 sheet as it is not on their Account History Page. It is on the Schedule of Investment Sheet so that this matches up the Barclays Web Site but the value of £302.00 is not included in the total purchase cost. I have highlighted this with asterii.
On the statement of Income and Expenditure sheet I have combined RC’s and PM’s subscriptions to save space. I will add CB’s to this column for next year’s accounts.
Dividends are still running at the level of approximately the annual subscription of one member. This year they have been slightly higher at £532.28 compared to a subscription figure of £465.00.
Overall we have assets of £42,410.88 an increase of £2,439.44 over last year. Our trading profit has fallen from £12,048.92 to £9,115.78. This is due to a steady decline in the price of some of our shares over the last 6 months. However, if we include CB’s settlement figure of £4591,60 we would show a profit figure of £13,707.38 a small increase on last year.
A vote of thanks was given to EP for all his hard work over the last year.

Future Purchases
PR proposed that the club profit take from Climate Exchange, it was agreed that this holding has probably run its course and is currently up 80% on the initial investment. Following discussion it was agreed unanimously to sell.
TP proposed investing in Nestor Healthcare, a company providing out of hours GP services and homecare. It was proposed, and agreed unanimously, to invest the money from the sale of Climate Exchange directly into Nestor and to put a sell price of £1 on these shares for a quick profit.
It was agreed to leave any further purchases until the next meeting.

AOB All the club’s officers resigned and all agreed to stand again. A vote of thanks was given to all officers.

Date and Time of Next Meetings
27^th January 7pm
24^th February 7pm
30^th March 7pm
27^th April 8pm
8^th June 8pm
13^th July 8pm.
NB STANDING ORDER TO BE INCREASED TO £45 BY 1^ST FEBRUARY 2008
£20 CONTRIBUTION TO THE DRINK’S KITTY AT THE NEXT MEETING

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 25^TH NOVEMBER 2007

Present Chairman PR, AD, SD, JG, DK, MH, JR, AR.

Apologies: EP, TP.

Prior to the chairman’s arrival at 20.25 the meeting was ably chaired by JR.
The minutes of the last meeting were approved as read.

Matters Arising

JG has sent all the necessary documentation to Barclays’ Stockbrokers but has not heard anything further.

Portfolio Review

Graphs were circulated showing the club’s holdings performance against the market performance. Although performing below the sector level they all mirror the general market trend.
JG reported that the stop loss policy has been suspended due to market volatility.
Following JG’s email members had agreed to purchase a further £473 worth of extra shares in Ark Therapeutics. The money for this purchase will be taken from the account shortly.
The following dividends have been received : British Land - £18.69 ; Carillion - £31.96

Future Investments

MH proposed that the club sell its holding in Rio Tinto, as it at a current high, to realise some profit to invest in other holdings. Following much discussion it was agreed, by a majority of 7:1, to sell the entire holding.
It was agreed to keep £2000 in reserve in case a good buying opportunity arises between meetings. Should this occur members can vote and express their opinions via email.
The entire market is currently a buying opportunity but after considering each of the club’s existing holdings individually four were identified for further investment and each member cast two votes. The following result was obtained;
Anglo Irish – 3, Speedy Hire – 2, Synergy – 7, Premier Oil – 4
JG will sell Rio Tinto and buy Synergy and Premier Oil on 26.11.
It was agreed not to have a meeting in December but if a good buying opportunity arises members are to be canvassed by email.

Date and time of next meeting

AGM Sunday 6th January 2008 at 7pm at the Barnt Green Social Club followed by a meal at Deedars restaurant

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 28^TH OCTOBER 2007

Present: Chairman PR, AD, SD, JG, MH, EP, JR, AR.

Apologies: DK, TP.

The minutes of the last meeting were approved as read. There were no matters arising.

Barclays’ Account

JG has received a letter from Barclays’ Stockbrokers requesting that all members provide documentation proving identity and proof of address, this letter has been circulated to all members giving details of the types of documents which are acceptable. These must be submitted to JG as soon as possible

Portfolio Review

The market remains in turmoil, the stop loss policy has not been in operation for the last two months because of this.
Some shares are holding their value whist others are under performing.
AngloIrish has fallen due to the drop in the banking sector. This is has been one of our best performing shares. The club has a long term investment strategy but this can result in the portfolio becoming stale and it was suggested that as the club has so much money invested in Anglo Irish, selling part of this holding would release cash for other investments. It was agreed to look closely at its performance over the next month and reconsider the position at the next meeting.
Green King quickly reached its stop loss level but as the investment is small it was agreed to hold at present.
Carillion has lost the Rail Track contract
The following dividends have been received:
Black Sheep £45, British Land £20, Speedy Hire £40, Rio Tinton £17

Date and Time of next meetings :-

Sunday 25th November 7 pm at the Social Club followed by 8 pm at the Deedar Restaurant

MINUTES OF THE MINUETS' INVESTMENT CLUB HELD ON SUNDAY 16TH SEPTEMBER 2007

Sunday 16^th September “2007. Social Club and moving to The Deedar
Thank you to “Curry-Ed” for organizing us into a fine evening out.
Those present-PR, JR, EP, TP, JG, DK, AR, DK, MH.
Apologies SD, AD.

Welcome back to the new season by our Chairman, who said his is pleased that although this has been a turbulent few months on the stock market our portfolio has stood up very well.
Stop losses have been suspended in view of the current market situation.
The following shares had performed well :-
Ultra
Synergie
Rio

The following shares had been through their stop loss :-
Wolfson Micro-Electronic
Britishland
Carillion was down as it had lost contract to network rail
Man group-all hedge funds had taken a hammering
Green King-we were told not to be too concerned-we all need beer!
GW-always volatile
Premier Oil
Speedy Hire
The shares news of the night
Black Sheep-£6.50 this time last year it was £4.40.

TP brought to the meeting a list of all the shares in the clubs portfolio and the value of each share 1 year ago; this was very helpful in making our decision. Some discussion followed about whether to invest tonight or not given the market conditions.
But we voted and £1,000 was invested in Wolfson Micro Electronics on the following Monday morning-thanks JG.

Next Meetings-8pm Social Club
Sunday 28^th October
Sunday 25^th November

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 8^TH JULY 2007

The start of the meeting was delayed to await the result of the semi - British Wimbledon victory.

Present: Chairman PR, AD, SD, JG, MH, DK, TP, JR, AR.

Apologies: EP

The minutes of the last meeting were approved as read

Portfolio Review

JG observed that the portfolio is no longer out performing the market.
At the last meeting it was agreed to invest in Sainsbury’s if the price was favourable. After the meeting the price rose steadily and remains high and so the investment was not made.
Over the last month the portfolio has shown dramatic losses and a slight gain, reversing the trend of the previous month.
Anglo Irish is the biggest faller and has lost £1000 over the last month.
British Land almost reached its stop loss level. It now has to return 90% of its profits to shareholders and so a substantial dividend should be received at some point.
A dividend of £58.87 has been received from Carillion
The mining companies continue to perform well
Black Sheep remains, as always, at £6. The club has £3000 invested in this brewery and although the shares are not doing much, it was agreed to hold onto them for the present. Production is being scaled up and so the share price may improve.

Future Purchases

The club currently has £1300 available to invest with a further £400 going into the account this week.
PR proposed investing in Wolfson Electronics, a British company making chips that go into I Phones, after discussion it was agreed unanimously to invest £1000 in this company
Green King is currently a buy recommendation in Investor’s Chronicle. Members were keen to invest in another brewery and have already started planning a visit. It was agreed unanimously to invest £750 in this brewery which also has a large property portfolio.

Membership

At the meeting in January it was agreed to review the club’s membership at the last meeting before the summer break. As there are currently no new requests for membership it was agreed to continue with the current membership. This will be reviewed at the AGM.

Date and time of next meeting Sunday 16^th September
19.30 Drinks at the Barnt Green Social Club
20.00 Deedar Indian Restaurant Barnt Green

MINUTES OF THE MINUET’S INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 10^TH JUNE 2007

Present: Chairman PR, AD, SD, MH, DK, JR, AR.

Apologies: JG, EP, TP.

The minutes of the last meeting were approved as read, there were no matters arising.

Portfolio Review
Black Sheep remains at £6!
All investments continue to do well and the club now has as much money as it did before CB was paid. The market’s current volatility is due to a rise in global interest rates and has fallen 2.5%.
Premier Oil slipped into the red as a result of a dry well but is expected to pick up.
Rio Tinto has paid a dividend of £60.

Dividend Review
JR has reviewed the dividends received over the last year. In the last twelve months
The following dividends have been paid:
Anglo Irish x 2 - £35.76
British Land x 3 - £57.12
Carillion x 2 - £58.60
Mann Group x 2 - £61.03
Rio Tinto x 2 - £99.45
Speedy Hire x 2 - £50.81
Synergy x 2 - £32.14
Ultra Electronics x 2 - £64.01
The total amount received is the equivalent of one extra member.
Ark, Climate Exchange, GW Pharma and Premier Oil do not pay dividends.

Future Purchases
Following much discussion it was agreed to invest £1000 in Sainsbury’s. This purchase had been agreed at the April meeting, but was postponed due to CB’s resignation. PR will watch the market closely and buy at his discretion.

Date and Time of next meeting.

SUNDAY 8^TH JULY at 8 pm Venue to be confirmed

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 13^TH MAY 2007

Present: Chairman PR, AD, SD, JG, MH, DK, EP, JR, AR.

Apologies: TP

The minutes of the last meeting were approved as read, there were no matters arising.

The portfolio continues to perform well

Resignation of Member
CB has resigned from the club. Her stake in the portfolio is currently valued at £4,600. The club has £1,496 in the Barclay’s account and the following options for raising the remaining sum were considered.
(i) Sell the entire portfolio and start again
(ii) Sell holdings to the value of the amount invested so far and leave the profits invested.
(iii) Sell a share to raise the required amount.
Following much discussion it was unanimously agreed to sell part of the club’s holding in Rio Tinto, which is currently at a record high, and take a profit of £4000 to pay CB.
This will leave the club with a well balanced portfolio of good performing shares and approximately £1000 to invest at the next meeting.

3. Date and time of next meeting

Sunday !0th June at 8pm at the Barnt Green Social Club

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT DEEDAR INDIAN RESTAURANT ON SUNDAY 22^ND APRIL 2007

Present: Chairman PR, AD, SD, JG, MH, DK, EP, JR, AR.

Apologies: CB, TP.

The minutes of the last meeting were approved as read, accompanied by poppadums, there were no matters arising.

Portfolio Review
The portfolio has now recovered from its losses in March. The standing order from the Lloyds’ account has now been increased to £440 per month which means the club currently has £996 available to invest.
A dividend of £60.04 has been received from Rio Tinto.
Climate Exchange is the best performing share and is currently up 140%. British Land is currently not performing well and may be affected if the Bank of England increases its base rate next month. This company deals with large commercial property and receives rental income from shopping centre retailers

Future Purchases
At the last meeting it was agreed to watch two companies previously held in the portfolio with a view to reinvesting this month. (i) Pay Point has remained fairly flat over the last twelve months. (ii) Cairn Energy has been declining steadily over the last year.
PR proposed investing in Sainsbury’s because of its much improved performance and recent high profile share dealings, which, due to the imminent arrival of various curries was agreed unanimously.

Date and time of next meeting

Sunday 13^th May 2007 at 8pm at the Barnt Green Social Club

MINUTES OF THE MINUET’S INVSTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 18^TH MARCH 2007

Present: Chairman PR, AD, SD, JG, EP, TP, JR.

Apologies: CB, MH, DK, AR.

The minutes of the last meeting were approved as read, there were no matters arising.

Portfolio Review
Since the last meeting the club has increased its holdings in Premier Oil
The portfolio dropped dramatically due to market forces but is now showing recovery.
PR circulated graphs showing how the performance of the club’s shares over the last six months against the FTSE.
Anglo Irish is mirroring the FTSE but is growing at a faster rate.
Climate Exchange showed a spectacular rise and fall but still remains positive.
Carillion continues to rise but there is still room for growth.
Mann Group showed a significant loss followed buy a huge rise and is now falling slightly.
GW Pharma remains volatile and is presently just above the FTSE
Premier Oil shows considerable rises and falls but remains positive
Speedy Hire was performing extremely well but has fallen recently.
Synergy remains positive.
Ultra Electronics shows a good solid performance
Black Sheep remains at £6!

Future Purchases
Insufficient funds to buy this month but will continue to watch the following two companies with a view to purchasing next month.
Pay Point – continues to perform well and is expanding its cash points
Cairn Energy – the club sold at £13 and they then reached a high of £22 and are currently trading at £15 and so it may be a good time to reinvest.

Review of Stop Loss Policy
This is in situ to lock in profits and is currently at the discretion of PR and JG.
At present , with the entire market dropping, it would be inappropriate to sell although none of the holdings are currently near their stop loss level. It was agreed to continue with the current arrangement.

Date and time of next meeting

SUNDAY APRIL 22^ND at Deedar Restaurant Barnt Green
Please note the change of venue

MINUTES OF THE MINUETS’ INVESTMENT CLUB HELD AT THE BARNT GREEN SOCIAL CLUB ON SUNDAY 18^TH FEBRUARY 2007

Present: Chairman PR, AD, SD, DK, EP, TP, JR, AR.

Apologies: CB, JG, MH.

The minutes of the last meeting were approved as read.

Portfolio Review
Climate Exchange rose 100% then dropped to 38% but has now risen to 81%.
Premier Oil showed early promise rising 30% but then fell as a result of takeover speculation. It has now rallied 20%. Oil companies have served us well in the past and as oil prices are relatively low at present this may be a good time for further investment.
GW Pharma has recently announced a deal with a Japanese company to promote its cannabis based drug in the States. This remains a high risk share and it is members’ considered opinion that the club has sufficient invested
ARK continues to perform well.
Carillion has recently won some large contracts.
Rio Tinto continues to rise and fall but copper remains a scare resource.
Man Group saw a rise in its share price due to takeover speculation.
Black Sheep remains at £6
The portfolio currently has a value of £45,000. The club also has £1000 in cash which means that each member is worth approximately £4,200.

Purchases
The following companies were considered;
Cairn Energy has fallen and so now would be a good time to buy
Pay Point was sold as the market dropped and triggered its stop loss. It is forecasting large growth and has over 16,000 outlets. It was agreed to track the share price over the next month.
Premier Oil is a low risk share and as the club has only £1,000 invested in this company it was agreed unanimously to invest a further £1,000. PR will complete the deal in JG absence.

Any other business
EP reminded all members to increase their monthly subscription to £40 from March 2007

Date and time of next meeting

SUNDAY 18^TH MARCH 2007 at 8pm at the Barnt Green Social Club

MINUTES OF THE SIXTH ANNUAL GENERAL MEETING OF THE MINUETS’ INVESTMENT CLUB HELD ON 21^ST JANUARY 2007 AT THE BARNT GREEN SOCIAL CLUB

Present: Chairman PR, CB, AD, SD, JG, MH, DK, EP, TP, JR.

Apologies; AR

The minutes of the last meeting appeared to have been ignored

Election of Club Officers
All club officers resigned but expressed a willingness to stand again. As there were no other candidates put forward all were re elected unopposed.
PR officially thanked everyone for their contribution to the club throughout the year and especially JG for negotiating with Barclays on the club’s behalf and EP for quietly and efficiently managing the club’s bank account and web site.

Treasurer’s Report
EP presented the figures up to November 2006
A Schedule of Investments and a copy of the club’s Barclays Trading Account were distributed to all members and EP talked members through these documents.
At the end of November 2006 the portfolio was up 33%. The dividend income had doubled over the last year.
EP was given a vote of thanks for his detailed and accurate presentation.

Portfolio Presentation
Climate Exchange, up 22.2%, is a good performer.
Carillon has recently won some large contracts and continues to rise.
Man Group is a speculative share.
GW Pharma shows significant rises and falls but members have agreed to keep this share and ignore the stop loss.
Premier Oil has shown a significant rise but is now dipping as the price of oil continues to fall.
Rio Tinto shows a disappointing performance reflecting the drop in price of copper. It has reached its stop loss but if sold now the club would take a large loss and as it is a solid company this would not be advisable. It would actually be a good time to buy.
Speedy Hire is performing well.
Synergy shows an exceedingly good performance.
Ultra Electronics is rising steadily
Black Sheep remains at £6.
A vote of thanks was given to JG for his excellent portfolio review.

Entertainment Budget
This budget currently has insufficient funds to cover the bar and sandwich bill. It was proposed that each member made a one off payment of £20 to support this budget. This was unanimously agreed and the money given to EP.

Monthly Subscription
It was agreed at the last AGM that the annual subscription would increase by a minimum of £1 annually. The current subscription of £35 enables four trades a year. Any rise in subs must be agreed unanimously. After discussion it was unanimously agreed to increase the subs to £40 per month. With this increase and by investing all dividends received the club will be able to make six trades yearly.

ALL MEMBERS TO INCREASE THEIR STANDING ORDER TO THE MINUETS TO £40 AROUND 1^ST MARCH 2007.

The club will continue trading at £1000.

Chairman's Dividend
Black sugar rats from the Black Sheep Brewery were distributed to, and devoured by all club members. (Prior to the commencement of brewing, rats had to be cleared from the grain stores)
The chairman was thanked for his ingenious dividend.
The Black Sheep Brewery is holding its AGM on Thursday 4^th October 2007 at 7.30. JR and PR have booked to attend and would welcome any other club members who wish to join them

Increase in Membership
Two people have approached the club requesting being considered for membership. PR had already contacted members to canvass their opinion but had not received a majority decision. Membership was split between those who felt the club would benefit from new blood and those who were worried about upsetting the status quo.
Following discussion all members were asked to vote in a secret ballot on the proposal whether or not to increase club membership at this time. The result was 7 votes for no and 3 votes for yes.
It was agreed to review

Date and time of next meeting
SUNDAY 18^TH FEBRUARY at 8pm at the Barnt Green Social Club