Minutes of the March 2002 ExEC meeting and second AGM held on Sunday 3rd March 2002 at the Griffin in Plumtree.

Present:
Julian Kern, Terry Emmony, Phil Jones, Ann Nurse, Steve Spence.

Apologies:
Mike Arkless, Cynthia Brooke, Di Gluchowski, Rod Wood, Paul Holden Peter Sweeney, Debbie McDonnell, Roy Brown, Andrew Smillie, Julie Grundy, Ron Pierce.

1. As dictated by the club rules, the committee resigned.

2. Nominations were made and seconded for the new committee and the new committee was elected. Same people in the same positions, which in case you have forgotten are:
Chairman - Julian, Treasurer - Terry, Secretary - Phil.

3. The treasurers report was made, and we had a good week to 3/3/02, growing by 3.6%, beating the FTSE 100 and 250 over that period. The value of each unit at 3/3/02 was 81p.

Our thanks to Terry for updating the valuation on the website first thing every morning.

4. The Auditors report was made, and only one transaction required any comment, which was a cheque made at the end of the previous year and cashed early this year. There was no effect on the member's unit valuations and the accounts were approved.

Our thanks to Kate for auditing.

5. Terry will notify individual members of their holding as at 31/12/01.

6. Our thoughts then turned to the more regular consideration of whether we should sell any shares and buy any more.

We decided to capitalise on the current high value of BG and Lattice with them showing a 12% and 6% profit respectively, but we couldn't see much further opportunity for increases.
We decided not to sell any others, but to reconsider Iceland (renamed the Big Food Group) at the next meeting.

7. With the proceeds from BG and Lattice, added to the value held in the bank we now have £4,000 to invest.

We decided in the end to invest £1,000 in each of Centrica, United Utilities, HSBC (which we already hold) and Six Continents (which we have been considering for a few months, previously Bass)

We purchased the following shares when the market opened on Monday 4th March 2002:
Centrica, 454 shares at a total cost of £999.41, making the average price 220.1p
HSBC, 125 shares at a total cost of £999.26, making the average cost 799.4p
United Utilities, 160 shares at a total cost of £996.90, making the average price 623.1p
Six Continents, 134 shares at a total cost of £993.07, making the average price 741.1p


I would ask that if any members have any views on shares to sell, or buy in April to email the members before the next meeting. Also any views on Big food Group (Iceland) especially.
The next meeting will be on Sunday 14th April, at Julian's house.

One further admin note, we didn't buy any more Thus shares (not a single vote to do so) and these shares have veen renamed to Thus Group, if you have a portfolio set up on the internet, the name change might mean you need to change the portfolio entry. We still have 465 shares.