Date and time: 8.00pm 23rd August 2002

Venue: Mark's house

AGENDA

1. Current prices

2. Adjust buy/sell

3. Homework

4. Votes

5. Next Meeting

MINUTES

1. Current Prices

Southern Trent -7%

This is our best-performing share. The rest is too depressing to minute.

2. Adjust Buy/Sell Prices

Oh what's the point.

For the foreseeable future we will not sell at a loss. We will change this at a future meeting when necessary.

3. Homework

Mark suggested Kingfisher, own B+Q and Screwfix, also Brico Depot (French DIY chain), many other European DIY stores. One of biggest divid payers, last was 6%, paying about 3% interim divi in Sept. Expanding to encourage female shoppers, home furnishings etc.

Graph constant until Sept 2001, then dipped, now rising slowly. Volume 20M; PE 11.3. SB 6 MB 8 H7 MS 4 SS 1. One of top 100 companies.

Pablo recommended Abbey National, recommended by Motley Fool as one of top 12 companies. Dividend 50p/share, 8%, but just missed ex-divi date. Graph wa s steady until recently, recovering. PE 11 vs. sector average 11. SB 6 MB 6 H12 MS 2.

Pablo recommended Kleeneze, mail order products (catalogue thru the door), also Motley Fool recommended. Divi 7%, ex-divi July DOH! PE 8.5.

Cobbs recommended Keller Group, consruction and structural engineering group. 41% jump in half-year profits. Interim divi 1%, about 3% over the year. SB 1 MB 1. PE 7.59 until Dec 2002, vs sector average 9.4. Turnover increased, pre-tax profit constant. Intangibles risen sharply??? Unexplained strangeness in figures.

Cobbs recommended Express Dairies. Moving into deliveries, which has recently been de-regulated. Granted a licence to deliver up to 4.6 million items per annum. Graph up and down but recently dipped. MB 2 H 5 SS 1. PE 4 vs sector average 16.

Bob recommended Pilkingtons. Currrently 82, Bob thinks will hit 120. Divi 6%, ex-divi 5th December, PE 14. Graph looks good, was steady but dipped and has started to rise. Large proportion of business to car market, which is still strong esp. in US. SB 3 MB 4 H 6 MS 2 SS 2.

4. Votes

We have £2000 to spend.

Kingfisher won as a "safe" bet, with Pilkingtons second. Express Dairies came first as a "dodgy" pot. We decided to stick £750 into Pilkingtons, £750 into Kingfisher, £500 into Express Dairies.

5. Next Meeting.

Cobbs place, Friday 11th October.

ACTION ITEMS

Action 1. Homework

Action by: All

Action 2. Up contribution to £30

Action by: John, JP

JP Nicholls