Minutes of the meeting held on 19th November 2003 in the Harrington Arms in Sawley.

Present:
Julian Kern, Terry Emmony, Phil Jones, Ann Nurse, Cynthia Brooke, Dan Robson.

Apologies:
Steve Spence, Peter Sweeney, Mike Arkless, Julie Grundy, Andrew Smillie, Debbie McDonnell
Di Gluchowski

1. For the first time in a very long time we were able to welcome a new member, Dan Robson.

2. Terry presented the latest valuation of the portfolio, which was 80.6p as of Wednesday 19th November, with 6 companies' shares in a profit situation.
We had £850 available to invest, with a further £1,160.90 available by the end of December being the proceeds of the Debenhams takeover which has been approved. (I received confirmation that £1,160.90 was put in our broker's account on 23rd December for this transaction)

3. We had just 2 shares recommended at the meeting, Games Workshop and Pilkingtons.
Games Workshop had been recommended in the previous Sunday Times, at a price of 730p, its all time high was 765p quite recently and we were informed about the spectacular performance already this year.
Pilkingtons had been recommended by Hemscott at 90p, we had considered this company over 2 years ago but not looked into it since. PJ said he would investigate for the next meeting.

We decided to invest £850 in Games Workshop.

4. For the next meeting PJ will look into Pilkingtons, TE will look into hotels and Leisure, DR will investigate TFT glass, and JK will surprise us !

5. After some discussion, Terry is going to talk to Gordon Moore about joining the ExEC.

6. Next meeting was discussed as being on 10th January / 11th January with an overnight stay / Christmas / End of year type of celebration for those who can make it. Subsequently this has been amended to 24th/ 25th January. Venue TBA. I looked into having it at Rothley Court, but their prices were far too high for a room. I am going to look at Travel Inn / Premier Lodge / Holiday Inn Express, but anybody with better suggestions let me know.
Also please let me know how many of you are interested in staying overnight for numbers of rooms.

7. Update. As of last night, the value of the portfolio stood at 81.3, compared with March 2003 this is a 24% increase, continuing the strong performance through the year.