Minutes:

Minutes of the meeting of the 8th July 1998, held in TC7 at 6:30pm:

Present: Paul Garcia, Dan George, Paul Auborn, Martin Ayub, Neil Barron. By phone: Steve Mantz, Steve Walker, and Milton Boyne. Apologies: Keith Longmuir, Arnold Spence.

Current share prices are: Asda - 203.75, Delta - 208.5, JJB - 429.5, Lynx - 225.5, NE - 1059, SFI - 186.5, Signet - 44.75, Treats - 93.5

Not surprisingly with these large drops our unit price has fallen back 0.8724

Paul suggested a reassessment of our portfolio.

Neil reported on JJB and read a report from them which was generally upbeat but are unlikely to achieve the growth of last year.

Steve reported on Delta, where they've just paid a dividend so a drop is expected, and Treats have been hit by the weather, and hopefully it will get hotter soon and ice-cream sales will take off.

Neil brought in a bottle of sparkly wine to celebrate our achieving a small profit last month.

We've now drunk the profits, so see above about the unit price - hic!

Paul suggested that we buy shares in companies whose shares look in trouble, but we believe will survive and bounce back or be taken over.

Steve Walker suggested that we set up irregular meetings - a kind of pre-meet - to discuss potential purchases so that there can be more solid suggestions at the regular meetings.

There's a video which accompanies the Company Refs, and we've got copies if you'd like to view it, one copy is being sent to Millbank along with a previous copy of Company Refs.

There's a programme on BBC2 on Monday nights presented by Alvin Hall on investment. It's very entertaining and a good watch.

Our Proshare sub is up for renewal at £25 for another year. We voted in favour of renewal.

We'll be celebrating our 1st anniversary next month with a pub-based meeting on Saturday 8th August 1pm for 1.30pm in the Blue Anchor on the river at Hammersmith. (It's on the North bank, slightly west of Hammersmith Bridge, walking distance from Hammersmith tube) COME AND CELEBRATE.

Paul's going into the leisurewear and will be making some T-shirts and Polo shirts with our logo on. Get your orders in now.

Neil's tip for this month was Lumina who operate the Chicago Rock Cafe chain. The share price graph is very positive, having started 2.5 years ago, the price has grown rapidly.

Paul suggested buying into a company called Photobition a graphic and photographic supply business, another group with strong performance. We voted to buy £1000 of Photobition shares.

Next meeting will be ONE WEEK LATER than usual, due to the extra meeting on Saturday 9th August. So the next Wednesday one is on WEDNESDAY 19th AUGUST.

Martin Ayub,
Secretary.