Following the second away night in the club's history, in Peterborough, we held the AGM reflecting on 2003
and looking forward to 2004.

Minutes of the Fourth AGM held on Sunday 7th March 2004 at Holiday Inn Express, Peterborough.

Present:
Julian Kern, Terry Emmony, Phil Jones, Ann Nurse, Julie Grundy

Apologies:
Mike Arkless, Di Gluchowski, Peter Sweeney, Debbie McDonnell, Andrew Smillie, Cynthia Brooke,
Steve Spence, Dan Robson, Gordon Moore

1. As dictated by the club rules, the committee resigned.

2. Nominations were made and seconded for the new committee and the new committee was elected. For the record:
Chairman - Julian
Treasurer - Terry
Secretary - Phil.

3. The treasurers report was made, along with a chart reflecting the ExEC fund's performance compared to the FTSE 100 between December 2001 and March 2004. Last year, Terry had produced the chart which reflected that our portfolio had matched almost exactly the fall in the FTSE 100. In 2003, the trends were similar, but the ExEC portfolio has done much better than the recovering FTSE 100. While the FTSE has improved by an impressive 26%, the ExEC portfolio has increased by 44% to finish at 86.1p per unit on 5/3/04. , almost exactly the same value as December 2001.
Click here to see the graph.

During 2003 we received dividends of £694 (compared to £452 in 2002) . We realised some good returns in the shape of Rolls Royce (£463 or 51%) and Debenhams (208 or 21%), we also realised some losses mainly brought about by the need to pay off Paul Holden (First Choice, Scottish Power and Eidos).

As at 5/3/04 10 out of the 23 shares we hold are in profit, and 9 out of the 14 members have holdings worth more than they have invested. _ despite the unit value being 86.1p, we have been buying more than 1 unit for every £1 we have been investing, so overall the average cost of units we have been buying over the last 4 years has been 86.3p.

We have lost one member (Paul Holden) and welcomed 2 new members (Dan and Gordon).

Thanks to Terry for his report and continual updating of the portfolio as well as website.

4. The Auditors report was made, confirming Terry's unit valuations which are updated on the website for you all to see.

5. We then turned our attention to the regular consideration of whether we should sell any shares and buy any more.
Centrica was back in profit and we decided to sell if the shares hit 235p, and reconsider next time.
GlaxoSmithKline was considered for sale if we had any good recommendations for investment.
We also put sell target prices on HSBC, LloydsTSB, Marks & Spencer, Matalan, Mitchells & Butler and Prudential. All these targets are shown on the daily valuation on the website.

Without any investment recommendations we decided not to sell any shares this time, which should mean that we have a decent amount to invest next meeting.

The next meeting will be on Sunday 16th May, possibly at the Games Workshop Head Office in Nottingham (to be confirmed).

Regards,
Phil