Following the lovely lunch at Little India in Arnesby, we reconvened at Terry's house and held the May Meeting, and here are the minutes.

Present:
Julian Kern, Terry Emmony, Phil Jones,

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

Value
Our shares have had a poor couple of months, and in the last month the relative improvement we had seen compared to the FTSE100 since January 2004, has disappeared and the FTSE has caught us up, but at 94.2p per unit everyone should still be in profit.
As we have cashed in many of the shares which had grown to handsome profits, we now only have 5 of 26 companies in profit.

Sales
We had 37% profit on Prudential and 33% profit on Shell which we decided to sell to reinvest. We had received the proceeds from the buyout of Country & Metropolitan going towards almost £1400 in the bank including the monthly subs, and a buyout of Lastminute.com will generate a further £58 at some point in the near future, in all meaning we had almost £3,300 to invest.

Investments
Having sold Country & Metropolitan we decided to reinvest in the building industry, and invested £1,000 in BPB, (British Plaster Board)
Games Workshop have been hit hard recently which we felt was over done, and presented an opportunity to buy shares cheaply and dilute the average cost from 733p per share to 566 per share, so we decided to invest £850.
Having discussed Tomkins a few times previously we decided now was a good time to invest, and £700 was agreed upon.
Finally, we decided to get back into the mobile phone business, and invested £620 in O2.


Future
In Andrew's apologies he kindly offered to host the July Meeting at his house in Corby Glen, perhaps with suitable weather for a barbeque. Sunday 24th July was the date agreed, time to be announced

Please let Andrew and me know your attendance for the meeting.

I hope to see you there,

All the best,

Phil