Date and time: 8.00pm 14th April 2003

Venue: The Compass, Tormarton

Attendees:    John Peprell
                    Andy "Cobbs" Robinson
                    Paul "Pablo" Tompsett
                    Mark Nicholls
                    JP Nicholls

AGENDA

1. Current prices
2. Dividends
3. Adjust buy/sell
4. Homework
5. Voting
6. Next Meeting

MINUTES

1. Current Prices

CW -50%
MTO -30%
DCF -36%
SVT +2%
KGF +1%
PILK -33%

EXD suspended because of takeover we stand to get dividend! MCTY +5%

Unit Price 48.9

2. Dividend

CW £17
MTO £5.64
SVT £22

3. Adjust Buy/Sell

None

4. Homework

Tim recommended Dobbies Garden. We have no idea what they do - but they're doing well because of the good weather.

John recommended Galen Holdings, pharmaceuticals. Just got approval for Femring, alleviates symptoms of menopause. Anticipate 52 million customers in US. Also Sarofem, similar to Prozac, they've been given licence to market without generic competition until 2008. Directors recently bought shares. 5SB 2MB 2H 1SS

P/E 9.47 vs average 15.16. Graph relatively steady, rising slightly.

Pablo recommended Energy Technology, make antiviral filters, up 25% on Friday. Recommended in Shares magazine.

Bob recommended Wolseley, own Plumb Center, plumbing suppliers, also sections for buildings. Mostly supply to the trade. Graph fairly steady. Divi in July. 3SB 4MB 6H 3MS 1SS. PE 9.74 vs avg 7.98.

Mark recommended Wolverhampton and Dudley Breweries. Large network of 1800 pubs, 900 franchised. Make Pedigree, Mansfield bitter, licensed retailer of Heineken, Kronie. Net revenues down but profits up. 5SB 5MB 3H, PE 8.61 avg 11.99.

5. Voting

We have £1200 to spend. Decided to spend £1000 on one share and leave £200 in.

We voted on all above excpet Energy Technology. Wolverhampton and Dudley won.

Will buy Thursday, high sell price +20%, low sell price -20%

6. Next meeting

May 10th at the Stadium Dogtrack, Swindon, meeting first at Coldharbour 5pm.

ACTION ITEMS

Action 1. Homework

Action by: All

JP Nicholls