Couldn't remember what we agreed to move SVT to. Mark?
MN: Did we agree to leave it?

Date and time: 8.00pm 12th October 2004

Venue: Air Balloon pub

Attendees:    John Peprell
                    Andy "Cobbs" Robinson
                    Paul "Pablo" Tompsett
                    David Hanley
                    Bob Taylor
                    Mark Nicholls
                    Tim Jordan
                    JP Coetzee

AGENDA

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

MINUTES

1. What we've sold

DCF - made 2%. DCF was sold to private company so we had to sell.

2. Current prices

Unit price 71.6, + 1p on last month

3. Dividends

4. Adjust buy/sell

BP move low sell to 540 high sell to 550.

SVT move low sell to ??? high sell to ???

5. Paperwork

Signed David's acceptance form.

Bob given tax slip. Spend! Spend! Spend!

6. Homework

Mark recommended Clinton Cards. Recommended in Sharewatch magazine. Strong year to date plus Xmas coming, third of sales. Graph fairly steady but rising. PE 11 vs ?? avg. 3.5% dividend. 2SB 3B 1H 1S.

Tim recommended BAA. Captive market, make money out of retail side. Own airports. Make money from takeoff landing. 7SB 6B 2H. Steady upward graph range 483-572. 5.4% increase in traffic, significant increases all airports. PE 14.39, avg 14. Dividend approx 3.5% last year.

Pablo recommended Ted Baker. Very trendy fashion manufacturer. Great results last week; opening new stores in LA, London in time for Xmas. Graph rising steadily, 328-445 over the year. Ex-interim-divi mid Oct. Last divi 2.8%. Turnover 17%. 2SB 3B 1H.

Cobbs recommended Spectris. We had 'em before but lost 24%. Recommended by Yahoo, JPM plus several others. Make aeronautical stuff, lots of various electronic measurement equipment. Strong growth. 5SB 1MB 4H 1S. Ex-divi 20th Oct. Last divi 3.3%. PE 19 vs avg. 10. Range 400-500, fallen recently.

John recommended Redrow contruction company. Make complete range of houses. Divi was 2.5%, ex-divi 22nd Sept. 9SB 6B 3H 2S. PE 6.5 avg ??. Graph range 300-400, steady for a year. Turnover 607M for 2003, 62M pre-tax profit.

David recommended Medical Marketing, do research and licensing esp. AIDS and cancer therapies. Couple of years old. Recommended stockbrokers newsletter. Just signed deal with University. AIM listed. Graph has been up and down but steadily rising.

7. Voting.

We voted on all the above. BAA won. Bob will bung œ120 in to make this up to œ1000. Mark will buy these shares ASAP, set hgi/low sell to +/-20% as usual.

8. Next Meeting

Coldharbour Swindon 10th December followed by dogs. Partners invited.

NOTE MN: This Should Be 15th December

ACTION ITEMS

Action 1. Homework

Action by: All

JP Coetzee

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JP Coetzee / jpc@mooses.co.uk