Minutes of the November meeting
held on Sunday 21st November 2004 at Julian's House in Tollerton.

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

Apologies:
Steve Spence, Peter Sweeney, Dan Robson, Mike Arkless, Cynthia Brooke, Andrew Smillie

No Response:
Debbie McDonnell, Di Gluchowski

Good News
With 12 of our 23 shares in profit, our unit value stood at 91.8p, its highest level since July 2001 (now at 94.3). Unfortunately 4 companies have performed very badly since we bought them losing between 82% and 95% of their purchase value, but most of those 4 have been that way for quite some time, they don't make up much of our portfolio and have so little value it isn't even worth disposing of them.

Sales
We reviewed the portfolio, and decided not to sell any, but we put a high and low trigger point on Shell at 465p and 420p respectively.

Investments
With £1000 to invest we considered quite a variety of companies; Topps Tiles, Majestic Wines, Speed Ferries, Printing.com, GUS, Hays, Scottish Power, Dixons, Glaxo, BPB, UK Coal, Tomkins and Sainsburys.

After a vote we decided to invest £500 in each of GlaxoSmithKline, and Sainsburys.

We also decided to research Reuters and WPP for the next meeting

Future
The next meeting will be in Mid January 2005, details to be announced.

Looking further forward we discussed the AGM in February and decided we would try to make a weekend of it in a city that we could reach with a cheap flight. Prague, Dublin, Amsterdam, Marseille and Barcelona were all suggested.

Terry tells me recently that he is planning for early February, to Dublin, easily reached from East Mids.

Please let me know your thoughts.

In the meantime, Mike passes on his best wishes for Christmas, and I hope you all have a lovely Christmas and New Year

I hope to see you all soon,
Phil