Minutes of the June meeting held in The Griffin, Plumtree on Sunday 8th June 2003.

Present:
Julian Kern, Terry Emmony, Phil Jones, Steve Spence, Julie Grundy, Peter Sweeney

Apologies:
Cynthia Brooke, Mike Arkless, Di Gluchowski, Paul Holden, Debbie McDonnell, Andrew Smillie,
Ann Nurse,

1. Terry presented the latest valuation, now at 74.5 p value, the highest since 8/7/02, nearly a year before as the portfolio continues to strengthen.

Since the last meeting we had sold Rolls Royce Shares at £1.23 per share, a profit of £400, or 50% since we bought them in April, just 2 months before.

We had also considered buying Greene King, Prudential and Medical House within certain parameters.
The only one that met it's criteria was Prudential which we bought at 360p (before dealing fees).

2. We considered how we should invest the £2,500 available to us and discussed BP, LloydsTsb, Abbey National, Marks and Spencer as well as Northern Foods. also as Centrica seems to be strengthening we considered buying more shares, diluting our breakeven point.

I can tell you now that we have bought 230 shares in BP for a total cost of £998.76, 149 LloydsTSB shares at a total cost of £699.18, and also 240 Marks and Spencer shares for £698.02.

You can see the full portfolio on the website www.execinvestments.co.uk where you will see that as at last Wednesday the unit value was 75.1p and the total fund was worth £16,507 (thanks to Terry for the frequent updates).

The next full ExEC meeting will be on Sunday 7th September when Steve Spence has kindly offered his house as the venue. More details and directions to follow.

If there is enough interest we might have a get together one mid week evening at the Harrington Arms in Sawley, Long Eaton at the end of July.