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Many thanks to Phil and Lynn for their hospitality and a delicious lunch. They even managed to organise a warm and sunny day so that we could eat and hold the meeting in the garden!
Present: Terry Emmony, Julian Kern, Julie Grundy, Gordon Moore, Phil Jones
Apologies: Ann Nurse, Dan Robson, Andrew Smillie, Peter Sweeney, Cynthia Brooke,
Mike Arkless, Debbie McDonnell
In light of the fact we are having more and more difficulty getting together with any regularity, a few suggestions were made regarding how we can effectively operate even if we don't meet up often.
Firstly, Terry will place more security on the website, a password will be needed to get into the valuation and minutes of meetings.
I will send this to everyone when you each send me an email from the email address you currently use ( we have amassed a variety of email addresses over the years and we want to have just the current one).
Secondly, Terry will create a second level of security for Julian and I to get into where the stockbroker and bank details will be kept so that there is some back up available.
We agreed on a more rigid investment decision process to enable us to invest and sell more frequently than we actually get together:
Every 3 months we will ask for suggestions by email to be sent to all members and then we will vote on what we do.
Stop losses will be abandoned for the blue chip stocks we hold, it was felt that for the large, solid companies we own, we would want to hold onto the shares even if they were hit by sentiment (and hence unfair volatility).
On reviewing the current portfolio we decided to sell the shares in Source Bioscience.
Also we need to find a way of selling the shares in Thomson Reuters, which are now only traded on the Canadian Stock exchange. From research Terry has done, it seems we need to have a stock dealing account in Canada which was expensive last time we looked at it, but we currently have nearly £600 that we can't touch so if it costs us a reasonable fee to liquidate the cash that is tied up, we will get money back into circulation. Hence we are going to ask Mike to investigate opening a trading account in the clubs name so we can sell the shares.
We did decide to invest in 3 companies: of the £4,000 we have available to invest, we are putting £1,000 each into Marks & Spencer, Energetix and BP.
We will watch National Grid whose price is currently high, and if it comes down to 630p we will invest £1,000.
There was a suggestion of a weekend away in October / November and I hope to be in touch with more details soon.
Phil 16/7/2012