Present:
Julian Kern
Terry Emmony
Phil Jones
Roy Brown
Apologies:
Andrew Smillie, Debbie
McDonnell, Steve Spence, Peter Sweeney, Julie Grundy,
Cynthia Brooke, Ann
Nurse, Mike Arkless, Di Lane, Rod Wood, Ron Pierce, Paul Holden.
1) Terry
has posted the monthly position on the ExEC website for you all to view.
The overall
position at the end of May was down to just under 3% profit, with Vodafone and
Energis being the major losers in the month.
2) We reviewed the recent performance
of Psion, Computacenter and Wiggins with a view to selling any that seemed
right for sale.
Psion has
improved by almost £100 in the month and has shown progress over the last 2
months, Computacenter had a disappointing month but we felt the fundamentals of
the company were still sound. Wiggins, while losing slightly since the end of
April had some encouraging news / views on the web, and we decided to recommend
not sell any shares this month, but to put a sell target price of 60p on
Wiggins. Your views please.
3) As there were insufficient members present
to be quorate, we were unable to make any decisions but a couple of suggestions
were put forward. The first 3 companies we already hold shares in. The
advantages of buying further shares include making use of only one selling fee
when we sell shares, and in the case of Wiggins and Thus, diluting our shareholding,
making the breakeven point more achievable.
i) Advance Visual
Communications - has had favourable press reports recently and our shareholding
has moved into profit in the month - Julian is going to post one article on the
www.execinvestments.co.uk website for you all to read.
ii) Wiggins -
after some uncertainty, there have been recent press reports about Wiggins
investing in further ventures, and expectations in some areas of a healthy increase
in the share price in the coming months. This, we admit, is a risky investment.
iii) Thus -
Having bought shares in April at 44p, the share price has now risen to 63p, so
we are showing a healthy margin on those latest purchases, and the breakeven
point is much closer than it was. Further investment now would dilute the
breakeven point further. This, we also admit, is also a risky investment.
iv) Stagecoach -
having been hit recently by the railway problems, the future looks good. We
might put this on hold to do more research before the July meeting.
We
decided to recommend a £400 investment in Advance Visual Communications.
Please
respond by email with your vote on this investment by Friday 8th June
4) TAX. As we have passed the end of the tax
year, we need to advise each of you, and the Inland Revenue of the gains we
have made. The club is not liable for tax, the members are.
Advice on all aspects of
tax on share ownership is available on the Proshare web site at
www.proshare.org In the search facility, type
"Taxes on Share Ownership" and follow the link.
In summary we
each have to report our personal share of the profits realised on the sale of
shares (gains liable to Capital Gains Tax, but we each have an annual allowance
of £7,100 of gains before we have to actually pay any tax) as well as any
interest or dividends. We have already paid basic rate tax on these, but we are
likely to have to pay higher rate tax, so we will have to pay the difference
between the basic rate tax on interest and dividends that has already been
deducted, and higher rate tax on those interest & dividends received.
Terry has worked
out our individual shares of the gains and interest & dividends.
As an investment
club, we have to tell the Inland Revenue of all the members shares of the
profits, and send each member an identical form for each of us to include on
our own tax self assessment form.
In order to do
this, Terry needs to know all of our tax offices and tax references (it will be
quoted on the Notice of Coding or P60 that we each receive).
Therefore,
please would you all tell Terry your Tax Office and Tax reference.
The
sooner you do this, the sooner you will have the details to complete your Self
Assessment form. Please tell Terry by the end of June anyway.
5) In case, anyone is interested in putting
any more money in the fund, you can do so at any time, either as a lump sum, or
an increase in your monthly subscriptions.
Next meeting 12.30 on
Sunday 1st July at the Griffin. Please advise me of attendance numbers
prior to that.