Minutes of Extraordinary Meeting of The Investment Team Shareclub

Date and time: 8.00pm 26th Feb 2001

Venue: Mark's house

AGENDA

1. Current prices

2. Sold shares

3. Adjust buy/sell

4. New shares

5. AOB

6. Next meeting

MINUTES

1. Current Prices

Fairey 951 -5%
RR 1054 +6%
Tullow 571 +11%
WPP 470 -9%

Unit price 95.43

2. Sold

CellTech 1166 +7%
Tadpole 27 -80% (We only had £172 worth, this was profit locked in)

3. Adjust buy/sell

If we sell a share that we've adjusted to lock in profit we ignore the rule about 11am and 4pm - we sell if it hits the low point.

No adjustment on other prices.

4. New shares

With the money we're holding we're going to buy £1200 worth of one share.

JP still suggests Thorntons Chocolates. Graph dipped a bit recently and hasn't bounced back yet. This could be good for us if we buy now. Easter coming up, plus everybody is staying at home eating chocolate right now...

Bob says Photo-Me again. Graph is high compared to when we sold our previous shares. Also Cable and Wireless. Also Shire Pharmaceuticals again, thinks CellTech is too expensive at the minute.

John suggests Cable and Wireless. Have suffered with the market, but are sitting on a large balance. Graph has dipped a lot with the market - potential for us. Compared to Vodafone has stayed low - could be good for us.

Mark suggests Cadburys. Tipped on Bloomberg (TV financial channel). Graph more steady than Thorntons, but that could mean less potential for profit.

Pablo suggests CellTech again. Recommended by Goldman Sachs; them and other brokers predict a significant rise in share price.

We voted on

Thorntons
Photo-Me
Cable and Wireless
Celltech
Shire Pharmaceuticals
Vodafone
Cable and Wireless won.

Buy price: Below 550 tomorrow. If goes beyond, urgent MSN Messenger chat!

Low Sell price: 20% below buy price

High Sell price: 699

5. AOB

Proshare renewal coming up - £34.50. Is it worth it? We can buy the Dividend share mag, and this is really the only benefit we get. Also get free competition entries, occasional newsletters, a helpline. We haven't used Proshare this year.

Fuck 'em. It's not worth it. We could use the money for another deal.

6. Next meeting

As previous minutes

ACTION ITEMS

As previous minutes

JP Nicholls