Date and time: 8.00pm 7th November 2002

Venue: White Hart, Littleton-on-Severn

AGENDA

1. Current prices
2. Adjust buy/sell
3. Homework
4. Adjust Buy/Sell
5. Next Meeting

MINUTES

1. Current Prices

CW -59%
MTO -31%
CW -48%
DCF -37%
CW -29%
SVT -7%
KGF -2%
PILK -31%
EXD +12%
Overall -28%

2. Adjust Buy/Sell

Set all sell prices to buy price +30%. Yeah right.

3. Homework

Mark recommends HP Bulmers, make cider and San Miguel. Chart plummeted recently, but tipped to rise. 1H, 1SS. Divi 2001 about 5%. PE 4.48 vs sector average 15.4.

Mark recommends Pizza Express. Takeover offer last week, £3.50 share offer vs. share price £3.70. Rumour of secret sneaky management buyout which may indicate that shares are very under-valued. 1Sb, 2MB, 11H, 1MS, 2SS. PE to June 2003 8.4 vs. sector average 15

Tim recommends BRIT Insurance Holdings. Insurers stuffed last year. All premiums increased as a result esp. likely terrorist targets.

Would be hit if there were more hurricanes, terrorism. Ranked 1 out of 19. Graph obviously low recently. People HAVE to have insurance, so they stand to gain. 2SB.

John recommends Marks and Spencer. Interim dividend about 1%; ex-divi 15th Nov. Xmas sales due soon. 3 stored opened this year, 4 more by Xmas, 20 more stores in Jan, new designer in to change image. Seem to turned round following poor performance in recent years, getting more popular. Good response to DB7 kiddies range. 2SB, 3MB, 17H, 4MS. PE 17 vs. sector avg 13. Graph fairly constant over the year.

Pablo recommends Carphone Warehouse. Purchased Opal who promise to undercut BT by 30%. Diversifying because mobile market saturated. Stocks trade at 16x earnings. PE 19 vs. sector avg 13. Graph peaked at 140 in Jan, last trade 89p. High volume. 4SB, 3MB, 8HH, 3MS.

Pablo recommends McCarthy and Stone, build retirement homes mostly on Brownfield sites. Aging UK population. 25% increase in profit, 17% increase in divi. 9.7% div/share this year. PE 7.08 vs sector avg. 7.62. Graph rose recently, fairly steady.

4. Voting

We voted on all the above.

McCarthy and Stone Won. We have £929 to spend. Mark to buy £900 next week. High sell +20%, low sell -20%.

5. Next meeting

JP's house Monday 16th December. Casino after.

ACTION ITEMS

Action 1. Homework.

Action by: All.

JP Nicholls