Minutes:

Minutes of the meeting of the 11th February 1998, held in TC7 at 6:30pm:

Present: Keith Longmuir, Steve Walker, Paul Garcia, Martin Ayub, Martin Davis, Arnold Spence, Dan George, Nicole Smith and by phone, John Ford.
Apologies: Neil Barron.

Paul reported that Tony Upjohn had returned the larger part of the money sent back to him in order that we buy the Proshare software, which has now been purchased and will be handling the accounts from now on.

Last month's minutes were reviewed. We have now sold our BskyB at 364p. There was a little confusion over the selling of the shares, but this should now be sorted out.

Arnold handed out Neil's updated share price list which showed: Psion at 446.5p, Asda at 204.5p, JJB Sports at 710 (The monthly share prices will be tracked on the HTIC web page)

Paul raised the problems encountered when some members made late contributions, and hence the price of the units they bought was different to other members. He and Neil will look at the possibilities open to us.

A system for penalising late payments needs to be established. Ironically, those who paid late made gains as the unit price was falling. It was suggested that the number of units owned by all those who originally invested should be equalised. This will be discussed at the next meeting.

The question of how many people constitutes a quorum was raised. Martin Ayub suggested a minimum of one third of members (7) were required to vote on investment decisions (i.e. regular monthly meetings).

Further it was discussed how constitutional changes should be handled. Should there be a minimum number of votes for a change, or is it better to contact everyone and get a simple majority of responses? These matter will be decided at the next meeting, so can everyone have a think about this, and Paul will contact you all to seek your views.

Martin Ayub suggested that Signet Group would be a suitable share to purchase as per the information distributed with the last minutes. A vote was taken to buy £1000 worth of shares in Signet. Agreed unanimously by vote.

Arnold handed out Neil's notes, comparing National Express and Stagecoach. A vote was taken to buy £1000 worth of shares in National Express. Agreed unanimously by vote.

We'll keep an eye on Eurotunnel for possible share purchase.

Steve suggested Pentland plc, a sports & leisurewear company as a share to watch out for. He will track this company and report back at the next meeting.

Keith asked if we could start the meetings at 6:30pm sharp.

Paul is to produce a list of members strictly for club use only. He asked if people were happy to have their phone numbers on it. If you object, please let him know.

The next meeting will be on Wednesday 11th March at 6:30pm sharp in TC7 conference room.

Martin Ayub,
Secretary.