Minutes of the meeting held on 8th February 2004 in the Griffin in Plumtree.

Present:
Julian Kern, Terry Emmony, Phil Jones, Cynthia Brooke, Gordon Moore.

Apologies:
Steve Spence, Peter Sweeney, Mike Arkless, Julie Grundy, Andrew Smillie, Debbie McDonnell, Di Gluchowski, Ann Nurse,
Dan Robson.

1. For the second time in as many meetings we were able to welcome a new member, Gordon Moore, taking the club
membership to 14.

2. Terry presented the latest valuation of the portfolio, which was 81.2p as of Friday 6th February, with 4 companies'
shares in a profit situation. With notable receipts from Mitchells & Butlers dividends and the proceeds from the
Debenhams buyout, we had £2,249 available to invest.

3. We had a good deal of companies recommended, making a refreshing change. Vodafone, Geest, Surfcontrol,
Symantec, Aviva, Centre Parcs, Carphone warehouse, BAA, Exel, Compass and Shell were all discussed. In the end
we decided on 3 companies:
Geest, recommended by Ann Nurse with backup from the Daily Express during the week before, showing high yield and
promise for the summer with its food range.
Surf Control, the World's largest spam filtering company, at 575p, under half way up its price range over the last year, and
Shell Transport (the oil company), which has been hit hard in the last few days with the company revaluing its reserves,
valued at 350p, when it normally trades within the region 380 to 420.

I can tell you now that we bought 144 shares in Geest for a total cost of £645.87 (average cost 448.5p/share),
280 shares in Shell for £999.60 (average cost 357p/share) and 95 Surf Control shares for £570.53 (average 600.55p/share).

As of this evening, the portfolio is worth £15,646, and each unit is worth 83.7p, an increase of 3.9% this month.

4. After some changes of minds on dates, we have decided to hold the AGM on Sunday 7th March 2004. The proposed
away day / night will be on Saturday 6th March. Terry will be looking into suitable venues. Thoughts so far have included
Stoke on Trent, Skegness, Alton Towers, American Adventure (though these 2 might not be open that early
in the year) and Sheffield. Any other suggestions to Terry this week please. The AGM will be held at which ever venue
the away day / night is, so those who can't make the evening can still attend the meeting on the Sunday lunchtime.

Please let Terry know how many of you are interested in staying overnight for numbers of rooms, and let me know whether
you will be attending the meeting.

I hope to see nearly all of you in March.

Cheers,

Phil