Date and time: 8.00pm 15th June 2004

Venue:
The Pheasant
Shefford Woodlands
Ermin Street
Shefford Woodlands
Nr Hungerford
Berkshire
RG17 7AA

Attendees:     Tim Jordan
                        Paul "Pablo" Tompsett
                        Mark Nicholls
                        JP Coetzee
                        Dave Hanley (Guest Appearance)

AGENDA

1. What we've sold
2. Current prices
3. Dividends
4. Adjust buy/sell
5. Paperwork
6. Homework
7. Next Meeting

MINUTES

1. What we've sold

CUC dropped below low sell. We lost £168 (30%)
Topps Tiles went above high sell. We made £246 (25%).
Wolverhampton and Dudley went above high sell £310 (31%).

2. Current prices

BP +12%
CW +51%
DCF -8%
KESA +26%
KGF +26%
MTO -12%
PILK +7%
PIX -7%
SMIN -4%
SVT +11%

3. Dividends

BP £8.99

4. Adjust buy/sell

No.

5. Paperwork

None.

6. Homework

JP has set up a forum http://www.xsorbit2.com/users/titshareclub.

It's got pop-ups - can we run our own on the website?


Bob recommends Photo-Me. Shot right up but recently dipped.
Had good results recently and climbing steadily, no reason
for this to end in short term. We had them before, made 24%.
Still a good opportunity. Divi 0.33%.

Mark recommended Merrydown, cider brewer. Recently
introduced non-alcoholic cider. Divi 1.4%, ex-divi 7th
July. PE 17 vs. sector avg 15. Recommendations 2SB 1MB.
Graph steady over last year.

Mark recommended Hardy and Hansons - small brewery based in
East Midlands, owns range of 253 pubs. Also supplies pubs.
Turnover up by 8%. Divi up by 9% to 3.67%. PE 8.4 vs avg.
16.32. 1MB.

Pablo recommended Quintain. Interest in low-cost housing on
brownfield sites in London, particularly a 42 acre site
around the new Wembley Stadium where they want to build 3500
homes, shops etc. Joint venture on 190 acre site (10000
homes, 38% low-cost) in Greenwich Peninsula. They will be
borrowing money to develop the site but anticipate selling
quickly. Low-risk investment portfolio worth £768m which
generates 12%. Both ventures together should generate
15m/year. PE 43.24!?! 2SB 1MS.

But what if the housing market crashes?

Tim recommended Workspace Group tipped in 3 papers today.
They are based on the old GLC industrial portfolio. Convert
(for example) old railway arches into space for small
businesses, artists etc. There are 330000 such spaces in
London. Growth is based on property prices and they borrow
on that to buy more places. 3SB 2MB. PE 27 vs avg 23.
Graph steadily rising.

JP recommended Newport Networks, make controller for
subscribers which allows control of routing, control and
charging of Voice over Internet Protocol calls. VoIP is
expanding rapidly as it saves companies a huge amount of
money compared to ordinary. The product is for Service
Provider premises (ISPs, BT etc). This company is to market
early compared to the big boys (Cisco etc). Company has
only been quoted on AIM for one month. The share has risen
about 10%. No recommendations, no PE.

We decided to put £500 in Newport Networks (dodgy pot) and
two lots of £1300 on the best of the rest. Set high/low sell
at 30%.

Hardy and Hanson won, Workspace won.
Mark will put £1300 on each of these ASAP. Set high/low sell at 20% for these two.

7. Next Meeting

July 15th, White Hart, Littleton-on-Severn.

ACTION ITEMS

Action 1. Can we run PHP scripts on FreeNetName for our own bulletin board?

Action by: JP Coetzee

Action 2. Homework

Action by: All

JP Coetzee