Following the away night in Warwick , we held the AGM on 20 March 2005, looking back at 2004.

Here are the minutes.

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

Apologies:
Mike Arkless, Di Gluchowski, Peter Sweeney, 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 2005. It showed that in 2002 our unit value declined and from a better start point, the FTSE100 index declined at a greater rate but followed a similar profile.
In 2003 our unit value tracked the FTSE100 and improved.
In 2004 we outperformed the FTSE100 and maintained a gap. So far in 2005 we have maintained the gap ahead of the FTSE100.
Our unit value peaked in February 2005 at 100.9. As at 18/3/05 the value was 97.1p and every member is in profit.

As at 18/3/05, 9 out of the 26 shares we hold are in profit, with a further 7 less than 5% loss.

We had no change in membership during the year.

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

4. The Accounts have been audited by our new auditor, Andrew, thanks to him for his time.

5. We then turned our attention to the regular consideration of whether we should sell any shares and buy any more.

Matalan had reached the top of its range for the year and with no sign of a real recovery we decided to sell at a 39% loss to allow us to invest in better shares.
We considered LloydsTSB, as suggested by Peter, Greggs bakers, Centrica, Carnival. Harmony Mining, Center Parcs and Intercontinental Hotel.

We decided to invest in the UK Leisure market and to put £450 each into Center Parcs and Intercontinental hotels at a cost per share of 70.8p and 671.6p respectively.

6. We are still interested in going away for a weekend on a shourt cheap flight later in the year if enough members are interested, please let me know.

The next meeting will be on Sunday 15th May, venue to be confirmed.