Here are the minutes of the meeting held on 7 January 2007 at Julian's house in Tollerton.

Present:
Julian Kern, Terry Emmony, Phil Jones, Andrew Smillie, Julie Grundy, Gordon Moore  
Apologies:
Ann Nurse Mike Arkless, Di Gluchowski, Peter Sweeney, Debbie McDonnell, Cynthia Brooke,
Steve Spence, Dan Robson.   

Firstly, our thanks to Jane and Julian for their kind hospitality, greatly appreciated.

Latest News
Our unit value has gone from previous all time high just prior to the September Meeting of 119.7p  to a new all time high of 138.3 on Wednesday 3.1.07, falling back slightly at the end of last week to stand at 136.6 at the time of the meeting. The fund value sits at more than £37,400, and has increased by 25% during 2006, compared to the FTSE index increase of 13%, in value terms more than £7,000 before any monthly contributions.  We held shares in 33 different companies, and we had 22 companies in profit. Sadly, it seem one company Advance Visual Communications is no longer quoted and appears to no longer be trading, so we seem to have £699 loss to counter our tax profits this tax year.    

Sales
We decided to sell our Games Workshop shares which despite bad news last week were still showing 14% profit leaving us with an around £1,900 to invest.    

Investments
We considered Biffa, Barclays, AIB, Bradford & Bingley and Tanfield.    We decided to buy Bradford & Bingley £1,000, and put the rest into Tanfield Group. (For those of you who are unfamiliar with Tanfield (a Durham based manufacturer of electric vehicles), see this link.

Other Business
We set new stop loss sell price trigger points for our portfolio at 90% of Friday's value, and after some discussion, the decision was made for Terry to monitor the share price daily, when the price fell below that point, an email would be sent to members to vote on whether we sell, with a maximum of 2 days waiting for response. Everyone committed to respond as best they could.   
Also, in light of the fact that we don't meet as regularly as we originally intended, we need a way of suggesting shares to buy in between meetings. Any member is encouraged at any time, to raise suggestions with supporting reasons to persuade the rest of the members on the merits of the company/(ies). Send them to me and I will circulate them to the rest of the members for voting.  
Terry passed round tax certificates for 2005/06 and will email 2004/05 shortly.  

Future The next meeting will be Sunday 4th March, venue TBA, and the proposal of an away weekend for the AGM possibly late April or mid June.  

I hope to see you soon.     Phil