Minutes of the July ExEC meeting held on Sunday 18th July 2004
at Games Workshop Head Quarters, Lenton in Nottingham

Present:
Terry Emmony, Phil Jones

Apologies:
Steve Spence, Julian Kern, Gordon Moore, Ann Nurse, Peter Sweeney, Mike Arkless, Cynthia Brooke

No Response:
Andrew Smillie, Julie Grundy, Debbie McDonnell, Dan Robson, Di Gluchowski

Unfortunately, due to holidays and other reasons many of the regular attendees were unable to attend. After lunch and the meeting we were given a tour of Warhammer World, the gaming tables as well as the exhibition which illustrate the whole company's activities very well. Terry took a number of photos to show all who couldn't attend.
(Click here for the pics)

The unit value currently stands at 86.4p which means that almost everyone in the club is in a profit on their holdings.

We reviewed the portfolio, and with only one idea of a share in which to invest the £500 available, we felt no need to sell any shares, including the 3 where major activity had brought about potential sales. These were Marks & Spencer, which had fallen slightly as the takeover bid had gone away, but general sentiment was that the shares will do much better with the new management team, Centrica who have announced the sale of the AA, but we must hold onto the shares until we reach the record date (expected to be within 3 months) when we will qualify for 23p per share special dividend, and Prudential which is on the verge of selling Egg.

We felt that Games Workshop, about to anounce their year end results were worth investing in, as the half year results were very promising, also diluting our average share price in the process from 741p to 719p.

Assuming one more member confirms acceptance we will purchase the shares this week. Please respond to Terry and myself ASAP.

The next meeting will be Sunday 5th September, Ideas for venue to me please.

I hope to see you all soon,

Phil