Minutes of the January 2002 ExEC meeting held on Sunday 13th January 2002 at the
home of Mr & Mrs Emmony in Arnesby, Leicester.

Present:
Julian Kern, Terry Emmony, Phil Jones, Debbie McDonnell, Roy Brown, Andrew Smillie, Julie Grundy, Steve Spence.

Apologies:
Mike Arkless, Cynthia Brooke, Ann Nurse, Di Gluchowski, Rod Wood, Paul Holden,
Peter Sweeney, Ron Pierce.

The unit value of our shareholdings had levelled out at 87.7p, and we have 4 profitable shares, BG, Computacenter, GlaxoSmithKline and MacDonald Hotels

We discussed selling a few shares to cash in on some profit and to give up on shares which were not going to recover to any great degree (according to the view of the members present).

Accordingly we decided to sell MacDonald Hotels at a profit and Psion at a loss.

MacDonald Hotels were sold at 207p (after charges), compared with a purchase price of 139p, representing a 49% profit, or £270 in absolute terms.
Psion were sold at 84p compared with a cost of 319p, a loss of 74%. We felt that for the last year Psion had struggled and showed no sign of recovering, so we cut our losses.

Now with £2,100 to invest we considered various proposals put forward by members:
Ron had recommended Telewest and Stagecoach, Peter recommended MMT, Andrew suggested Debenhams, Games Workshop was discussed, I recommended Eidos and Terry recommended Six Continents (formerly Bass).
Telewest was considered but eventually declined as we felt the group was already heavily exposed in this sector with Energis and Thus and after coming up in a number of discussions, Six Continents was put to one side for this month, but we will keep an eye on it.
Finally we decided to invest £1,000 in Debenhams, and a sell target of 15% gain was agreed. A further £600 invested in Eidos with £500 in MMT.

We purchased the following shares when the market opened on Monday 14th January:
Debenhams, 247 shares at a total cost of £997.49, making the average price 403.8p
Eidos, 336 shares at a total cost of £599.56, making the average price 178.4p
MMT, 407 shares at a total cost of £499.98, making the average price 122.9p

The next meeting will be the club's second AGM. It will be on Sunday 3rd March at the Griffin, Plumtree