Date and time: 8.00pm 11th June 2002

Venue: Golden Heart somewhere in Gloucs

AGENDA

1. Current prices
2. Previous misses
3. Adjust buy/sell
4. Homework
5. Next meeting

MINUTES

1. Current Prices

CW1 -45%
CW2 -31%
CW3 -5%
MTO -8%
EZJ -5%
HG -5%
DCF -26%

2. Previous misses

We checked on price of companies we looked at but DIDN'T buy at the previous meeting. They all fell about 5% except NXT and Severn Trent which stayed level.

3. Adjust buy/sell

None.

4. Homework

Mark recommended Pilkington Glass. They are changing building regs to make insulating glass compulsory (K glass). But Pilkingtons major market is automotive, which is poor at the moment??? Keep an eye on it, maybe consider other glass folk.

Pablo recommended William Hill. Floating 17th June, price set 190 to 240p. Internet gambliing increasing, gambling being deregulated so should expand? Pre-tax profit up 45% last year. Suggest that if the price drops by 10% of opening price we buy it, with a 20% buy/sell window as usual.

Pablo recommended Matalan again. Price dropped by about 8%. SB4 MB7 H9.

Pablo recommended New Look, similar to Matalan, cheap clothign in High St chain. Graph steadily rising, levelling out. PE 13.7 vs sector 15 - good. Dividend imminent.

Cobbs recommended Diaego, see last month. Graph has dipped, maybe because of budget??? Same broker recommendationns. Fianl dividend September, lastyear about 2.7%.

John recommended BAA. Airport operators, 7 in UK, 6 in AUstralia, tendering for 1 in Cyprus. SB6 MB6 H6 MS0 SS0. PE 18 vs sector average 15. Ex-dividend 13th June.

JP recommends choosing one from Deloitte and Touche Top 100. Criteria based on growth forlast 4 years. But are they listed... Check a few for next month.

Mark recommended Severn Trent, see last month. Good dividend last year, one due soon? Have held stable over last month.

We voted on Severn Trent, Matalan, New Look, Diaego, BAA.

Severn Trent won.

We have £1628 to spend. Put £1000 into Severn Trent, buy tomorrow, usual 20% buy/sell margins.

£500 keep aside for William Hill shares. If it drops by 5% below offer price BUY BUY BUY else leave money in pot for next meeting.

5. Next meeting

Mark's place 23rd August. Card Game? Girls invited.

ACTION ITEMS

Action 1. Homework as usual.

Action by: All.

JP Nicholls