Minutes of the ExEC meeting held at The Hobby Horse, Leicester on 8th August 2007.

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

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

Latest News
From an all time high of 150.6p for the ExEC unit price seen in June, the markets have had a turbulent time, and our portfolio has been hit badly. The stop loss targets on a number of companies have activated sales meaning that the our unit value has fallen to 136.6p as of 8th August, a total value of just over £39k and 24 companies in the portfolio.
We also had just over £8,000 available to invest.
For details of the portfolio look at the website, which if you have lost the address is: http://www.execinvestments.co.uk/clubpages/value.htm

Sales
We decided to adjust the selling price of Punch and Thus, but with no other opinions from members on the other loss making shares we decided to let the stop loss targets dictate selling.

Investments
We considered United Utilities, BT, McAlipnes, Marks & Spencer, Cadbury Schweppes, RBS, Premier Foods, Tanfield, Brixton, Biffa, GlaxoSmithKline, Avon, Tomkins and Carter & Carter, most of which we had held previously, or still hold and we could dilute the cost price.

We decided to invest £1,500 in United Utilities and Tomkins, and £1,000 in each of Marks & Spencer, RBS, Premier Foods, Tanfield and GlaxoSmithKline

Market movements on Thursday and Friday 9/10th August mean we lost more value and more stop loss prices dictated further sales, but overall we did slightly better (less bad) than the FTSE indices.

We also discussed the possibility of investing in a managed portfolio. If we did this we would run it separately from the current ExEC fund. The suggestion is that any member who wants to be involved in the managed portfolio would increase their standing order by £5 per month. Please let Terry and me know whether you are interested.

Next Meeting
We have identified the date for the weekend away as 15th September, with the Holiday Inn at Lincoln the suggested venue.

Please let Terry and me know whether you will be able to make the weekend away and accommodation can be booked

Regards,

Phil