Minutes of the ExEC 7th AGM held at The Hobby Horse, Leicester 13th June 2007.

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

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

1. Treasurers Report:
We ended the year on a unit value of 136.0p which was 27.5p (25.3%) higher than at the end of 2005. The FTSE 100 index was only 10.7% higher at 6221 and the FTSE All share index was 13.1% higher at 3221. Even after allowing for £1,080 dividends (2005 £931) received during the year, the unit value was still up by 23.8p (21.9%)

We had 33 share holdings at the end of 2006 (2005: 27) of which 21 (17) were in profit. Of these, 14 (4) were more than 20% in profit and 5 (1) were more than 50% in profit.

The value of the fund was almost £37,000 (£26,721).

2. Resignation of Committee
3. Nominations for New Committee
4. Election of New Committee
Chairman Julian Kern
Treasurer Terry Emmony
Secretary Phil Jones

5. Proposed Rule Change
It was proposed that in future any members who leave the club or withdraw funds should fund the dealing fees necessary to generate the cash for their payout.
It was agreed that there would be a £25 charge for any member in future.

We also refined our stop loss policy, that it would be set at 15% below the buy price for any shares bought on or after 13/6/07, and the higher of 15% below the current price, or 15% below the high price for any shares bought before 13/6/07.
It would not be revised downward, and would trigger an automatic sell if the share price went below it.


6. Any Other Business
Value of fund as at 13th June 2007 was 143.8p per unit.
The all time high was 150.6p seen within the last month and the total fund value was standing at £40,642.
There was £4,200 available to invest before any sale proceeds.

We decided to sell Abacus.
This meant we had £4,700 to invest.

We considered a number of companies:
GlaxoSmithKline (increasing our current holding), Umeco (Defence Logistics & Support),
Metalrax Auto support services), Close Brothers (Merchant Bank), Devro (Colagen products) and Logica.

We decided to invest £1,400 in Close Brothers, £1,300 in GSK, £1,000 in Umeco and £1,000 in Devro.

7. Next Meeting
Will be Wednesday 8th August at The Hobby Horse. Whether you can make it or not please let me have your thoughts on all our shares in deficit, that would currently be:
BP, Cambridge Mineral, Ceres Power, Croma, Galiform, GSK, McAlpine, Medical Solutions, Tate & Lyle and Thus.

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


Please let me know whether you will be able to make the next meeting or the weekend away

Regards,

Phil