MINUTES OF THE MEETING OF THE ABERFORD INVESTMENT CLUB HELD AT THE ROYAL OAK, ABERFORD
11TH DECEMBER 2001.
Present
Peter Brown
Trevor Hardaker
Colin Hardaker
Ian Nutton
Bruce Savage
Tom Keeney
Gordon Davison
John Wharton
John Richold
Absences
Andy Pinder, Don Marcus
Apologies were noted from absent members.
The minutes of the previous meeting held on 12th November were passed as a true record.
Bruce was announced the winner of the tipster competition with a value
increase of 39.9% in his selection {Drew Scientific} during the 3 week
competition period.
Well done Brucie!!
Detailed results of the competition were made available by Trevor. They
can still be found on the Aberford Share Club web-site for those members
who did not receive or retain a copy.
Ian then clattered in with an update of the club's folio valuation.
Oh happy day!!
Ian explained that the value of a member's contributed £ had increased
from 52p to 68p since the last meeting. In broad terms individual members
had contributed £1000 since inception and this was now worth £680.
Telelwest [1500] had improved from50p to 69.75p.House of Fraser {1000}
from79.5p to 86p and SFI {750} from £1.88 to £2.2. Marconi
{7600} was the most impressive recovery - 31p to 46.5p.
There was then a robust round robin discussion to reach consensus regarding
the club's folio of holdings. It was quickly agreed to keep the shares
of HoF and SFI, but there was no such certainty in the deliberations
concerning either the Telewest or Marconi holdings.
The original vote on Telewest was in favour of disposal by a 5-4 margin. A debate on the Marconi holding followed in which it was decided that it would be retained subject to a stop-loss of 40p/share. Following this Colin asked if his earlier vote on Telewest might be reversed from sell to hold. He had had a change of heart. This change was accepted with some reluctance but meant that the decision of the meeting was now to hold Telewest rather than sell. A stop loss of 60p was also agreed,
Trevor suggested an investment in a company called QS Group and it was agreed that 3000 shares be purchased the following day at around 24p.
There being no other material business the meeting reposed to an excellent festive repast!
Adele shook the assembled members by explaining that a gentleman previously
of this parish, by the name of Malcolm Liddle had obtained the lease
to run The Royal Oak and that he would be our new host in due course.
GORDON