1. Shares sold
2. Dividends Received
3. Current prices
4. Adjust buy/sell
5. Homework
6. Voting
7. Next meeting

MINUTES

1. Shares sold

Rolls Royce bought £998, made £171
Cable and Wireless bought £1248, lost £269
Minor Planet bought £1147, lost £306
Spectris bought £999, lost £236

2. Dividends Received

Spectris £16
Rolls-Royce £24

3. Current Prices.

RPS current value £579, down £47
Tullow Oil current value £617, up £102

4. Adjust Buy/Sell

RPS current low sell price 144 (-20%), move to 135 (-25%)
We hold £3357. We will buy 3 x £1000 shares and leave the rest in.

5. Homework.

Cobbs recommended Hilton Group (HG). New gambling laws coming in (could be 5 years though) - Hilton own Ladbrokes; new deal with Skys. P/E 27.57 - high. Graph high at the minute, perhaps we should wait? Or only invest at a low price?

JP recommended Thorntons again (see previous minutes). Good annual report, sales up. P/E 10.8, good.

JP recommended British Airways. High P/E currently. Predicted P/E 21 vs.sector 17. BA major shareholder in Eurostar whose profits risen by 5%. Concorde successful flight will help company. Turnover £9billion, steadily risen over 3 years. Profit £158 million.

JP recommended Ashtead holdings. Rent out industrial equipment, 350 branches UK, expanding US. In present climate many prefer to rent large plant. Turnover £200 - £250 - 300million. Daily P/E 7.2 annual P/E 7.7 vs sector 19. Dividends 3.4%, no bad debts. Grpah has been up and down, currently low but increasing. recommendation 3 strong buys, 3 holds.

Pablo recommended Universal Salvage. Buy scrap cars, scrap at auctions, 13500 vehicles/year. turnover £87 million, profit £5.5million. No rivals; thriving internet business. Daily P/E 33, annual 25 vs sector 19. Recommendation 2 strong buys.

Pablo recommended TBI. Property company turned airport operator; last year's tip of the year in independent. 25% stake in Luton Airport. Own several airports in UK and US. Concentrating on larger airports. Graph steadily rising since Jan 2001, dipped recently. Turnover £125 million. daily P/E 43, annual 26 vs sector 17. recommendations 3 strong buys, 1 moderate, 3 holds. Stanley Morgan forecast better earnings from Luton.

Pablo recommended Digital Classics, producer of performing arts programmes, internet broadband stream. Niche market in UK, larger elsewhere. Turnover £80000 - tiny. Graph steadily falling since Oct 1999, recently rising. Dealer recommendations 1 strong buy. High risk.

Pablo recommended Royal Bank of Scotland. Acquired Retail operation in US; raised £2.2billion. Dealers think it will do well. Daily P,

recommendation 14 strong buys, 3 moderate, 1 hold. Daily P/E 16, annual 12 vs sector 12. Graph steadily rising. Profit 1000-1200-3300 million.

John recommended Bank of Ireland. Deal in euros. Own Bristol and West, recently bought Chase DeVere, Money Extra and Willis National (financial advisers). Bristol and West expanding rapidly. Maybe purchasing Australian bank. P/E 11 vs sector 12. Graph steadily rising, dip in March.

Mark recommended Cable and Wireless. Graph has plummeted. Financially very strong. AGM tomorrow which if announces steady profits will increase shares. Daily P/E 3.79 vs sector 72. Price very good. But is infrastructure saturated?

Mark recommended Exprss Dairies (see previous minutes). Share price lowest ever but market shrinking. Daily P/E 9 vs sector 19. High risk? Recommendations 2 strong buys 7 holds.

Mark recommended Mitie Group (see previous minutes). Share price rising from year low. 236-264-346 million. Daily P/E 35.

Bob recommended Photo-Me (see previous minutes). We did well out of them before. Graph recently fallen but rising again. turnover £168-197-200 million. P/E 21.

6. Voting.

We voted in 3 rounds, 3 lots of £1000. We voted on

Thorntons
Hilton
British Airways
Ashtead
Universal Salvage
TBI
Digital classics
Royal Bank of SCotland
Bank of Ireland
Cable and Wireless
Express Dairies
Mitie Group
Photo Me

We will buy Cable and Wireless, Royal Bank of Scotland and Mitie.

Cable and Wireless just buy it whatever first thing tomorrow, low sell price -50% high sell price +50%

Royal Bank of Scotland just buy it, 1500 today. Low sell price -30% high sell price +20%.

Mitie just buy it. Low sell price -30% high sell price +20%.

7. Next Meeting

Friday 17th August at Mark's. Poker game.

ACTION ITEMS

Action 1. Usual homework

Action by: All

JP Nicholls