Minutes of the September ExEC meeting held at The Hobby Horse, Leicester on 20th September 2005.

Present:
Terry Emmony, Phil Jones, Julian Kern, Peter Sweeney
Cynthia Brooke

Apologies:
Steve Spence, Mike Arkless, Gordon Moore, Julie Grundy
Dan Robson, Andrew Smillie, Ann Nurse, Di Gluchowski

No Response:
Debbie McDonnell

Latest News
Our unit value has risen from 97.9p at the July meeting to 102.5p now, there is now almost £24,000 in the fund, all members well in profit.

Sales
We decided to sell our 2 uninspiring supermarkets and go with the market leader, so we sold Sainsbury and Morrisons to buy Tesco. Also we decided to sell HSBC and LloydsTSB to buy Royal Bank of Scotland where we felt there was more growth potential. Also we decided to sell half of our BPB shares to capture some profit, in case the takeover bid collapsed and with it the share price, but to keep the other half in the hope that the price goes higher. We also decided to sell Games Workshop which we felt would take a long time to regain recent losses. We put a low sell price of 430p on Surf control and made the decision to watch Thus, and if it hasn't improved in 2 years time, we will sell and dine out on the proceeds, diet cokes on Terry.

Investments
We invested £2,500 in Tesco, £2,688 in RBS, and £600 in each of Brixton (property developers) Fenner (engineering and machinery such as conveyor belts), UCM (chemicals) and Tate & Lyle (sugar).

Future
The next meeting will be Tuesday 9th November at the Tipsy Fisherman for a meal at 7.30pm. The Tipsy Fisherman is at Thornton, near Markfield off Jn 22 of M1. As we will need to book a table, please let me know your attendance.
Follow this link to the report on the recent walk that ended there, along with directions:
http://www.emgaspers.co.uk/thornton.htm

I hope to see you there

Phil