Date and time: 8.00pm 26 March 2002

Venue: Air Balloon Pub

AGENDA

1. Current prices

2. Dividends

3. Homework

4. Voting

5. Next Meeting

MINUTES

1. Current Buy/Sell Prices

CW 228 -37%

MTO 147 +1%

TLW 103 28%

CW 228 -20%

EZJ 540 +7%

SAB 482 -1%

TLW adjust low sell price to 100 (presently 57p)

2. Dividends

CW £76

3. Homework

Pablo recommended Celltech (CCH). Insider info says they are about to go broke...

Brett recommended Kenmare Resources. Titanium mining. Too few shares being traded???

Mark recommended Dynamic Commercial Finance (DCF), business factoring who manage financial cash flows for smaller companies. They manage invoices, debt collection etc. High risk? Telegraph tipped. Graph down Sept, currently steady. 1 Strong buy. PE -5 because they only floated last year.

Mark recommended Great Universal Stores (GUS), catalogues etc (Argos, Kay etc etc). PE 16 vs sector 17. Turnover £6 bn. Graph rising steeply. 5 SB, 5 MB, 10 H, 1 MS. 3% dividend. Lots of potential for expansion esp. internet? Final dividend late May.

JP recommeded NXT. Surface sound technology, recnt deal with Siemens and other to licence it for mobiles - screen becomes speaker. New large screen panelsreceiving rave reviews. New cardboard loudspeakers, collapsible, £30 pair. Ideal parties and students...

PE negative becausethey haven't made a profit yet. 3 SB, 3 SS.A gamble?

Cobbs recommended Vodafone. Very dependent on 3G? £15 bn turnover, but profits fell after 3G licence sale. PE 28 vs. sector avg 23. 17SB, 7MB, 5H, 1MS. Graph lower after January.

Cobbs recommended Hilton Group again (HG.L). Could be a good bet after recnet change in gambling law. Proffits up 3%, turnover up 5%. Internet gambling £2m profit, was previously £10m loss. 6SB, 4MB,9H, 1SS. Dividend paid.

4. Voting

We have £1148 to spend. We decided to put £700 into one of the serious shares we've discussed and £400 into a high-risk Dodgy Pot. What have we got to lose?

Serious:

NXT, Vodafone, Great Universal, Hilton

Dodgy Pot:

Celltech, Dynamic Commercial Finance.

Hilton won. £700 in on Wednesday. High sell +20%, low sell -20%

Dynamic Commercaial Finance won. £400 in Wednesday. High sell +20%, low sell 30%.

5. Next Meeting.

Next meeting at Pablo's Friday 10th May, 7pm. Casino visit afterwards...

ACTION ITEMS

Action 1. Homework

Action by: All

JP Nicholls