Minutes of Meeting of The Investment Team Shareclub

Date and time: 8.00pm 23rd August 2001

Venue: Cafe Noir

AGENDA

1. Current prices

2. Adjust buy/sell

3. Homework

4. Voting

MINUTES

1. Current Prices

C&W now 320, -11%

MTO now 154, +5%

RBS now 1755, +11%

RPS now 148, -17%

TLW now 95, +18%

Overall total profit to date = -£1000. 5% up on current stocks.

2. Adjust buy/sell prices.

None this time.

3. Homework

We didn't do much...

Cobbs updated Hilton group (see last month). Graph fallen since last month but they're beating the FTSE. Gambling is a growing market.

Mark and Bob recommended putting more into Cable and Wireless (see last month), they both think it is going it's going do well. Shares currently value the company at less than it's assets.

Bob recommends Photo-Me (see last month). Price still steady.

Pable recommended WPP. We sold them before and made a loss. We bought at 857 and sold at 622, currently 691. They have been at 770 last month, were 880 in June. Currently bidding for Tempus, a media buying group. They own 22% of Tepus so can't lose they can't lose.

PE 23.65, sector average 24.69. Advertising not necessarily hit by a recession???

Pablo recommended GWR. Graph has been falling for about 2 years but is steadily rising. Own classic FM. Directors have spent £570,000 on shares. Cutting 46 internet jobs to concentrate on radio - good city reaction. PE 149, sector average 24. Turnover steadily increased year-on-year. Recommended Buy or Hold on Uk-Invest.

4. Voting

We voted on:

Hilton
Cable and Wireless
Photo-Me
WPP
GWR

We decided by using a voting knockout. At the end WPP and Photo-Me tied so we settled it with a fight in the car-park.

WPP won.

Buy on Monday. Low sell price -20% high sell price +20%.

5. Next Meeting.

Mark's on 21stSeptember.

ACTION ITEMS

Action 1. Homework.

Action by: All

JP Nicholls