Date and time:    8.00pm 8th August 2005

Venue:            Churchill House pub Wootton Bassett

Attendees:       Andy "Cobbs" Robinson
                          Paul "Pablo" Tompsett
                         JP Coetzee
                         Mark de Hora
                          David Hanley
                          Brett Ireson
                          Mark Nicholls by telephone

AGENDA

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

MINUTES

1. What we've sold

BMY +21%
BPB +20%
SMN +30%

2. Current prices

BAA +6%
BDH -1%
CCL -10%
CNE +28%
CW  *ahem*
MJW +15%
MTO +15%
PUB +1%
RIO +21%
ROR +5%
Scottish Power SPW +20%
WOS -16%

3. Dividends

Bloomsbury BMY £11.55

4. Adjust buy/sell

Cairn Energy   CNE move to  -20%/+40% of today's price
Majestic Wines MJW move to  -30%/+30% of today's price
Rio Tinto Zinc RIO move to  -20%/+40% of today's price
Scottish Power SPW move to  -20%/+40% of today's price

5. Paperwork

None.

6. Homework

David recommended Balfour Beatty BBY.  Big civil engineering co will have finger in all Olympics pies inc. Underground.  They're already involved in Underground. 1SB 2B 2H.  PE 15.1 Divi 2%. 

David recommended Hansons HNS, involved in materials supply.  Good divis.2Sb 1B 6H 3S 3SS.  PE 16.9. 2years was 12. Divi 3.1%.

 Pablo recommended Morgan Sindall MGNS.  Specialise in affordable homes for low-income families. That's big news right now. 39% rise in pre-tax profits this week. Book order £2.9B schools, Heathrow airport, Channel Rail link. Graph steadily rising since Nov 04. 2B 3H. PE 18  Divi 0.13%.  EPS up 36% on last year.

 Cobbs recommended Gibbs and Dandy GDYO.  Fanmily owned regional builders merchant (Luton).  9 depots and rapidly growing. Price has dropped from 449 to 381 since Feb. Building sector is rising from last year, though first quarter has been bad?  EPS rising year on year.

 Mark N recommended Workspace WKP, commercial properties London had ,em before and made 30%. Graph has dropped since we sold but is steadily rising. Should beenift from Olympics bid - tipped Telegraph.  Divi 1.13%.  PE 41 1B 1H

 JP recommended McAlpine MCA big construction company into civ eng similar to BB.  Graph steadily rising since Sept 2004.  Divi 3.1%.  EPS up 7% PE 12.7%. 1SB 3N 2S.

7. Voting

 We voted on all the above. We will split this 3K, 3K, 1.8K.

 BBY gets £3000 set low/high sell -20/+50%

MGNS gets £3000 set low/high sell -20/+50%

MCA gets £1800 set low/high sell -20/+40%

Mark to buy tomorrow morning.

8. Next Meeting

Friday 7th October, provisionally at Mark de H's house then down the casino.

9. AOB

9a. We need to check the rule that the person whose share is picked sets the high/low sell price.  What happens when we adjust the high/low sell at following meetings?  There was a suggestion that this is still owned by original share proposer but if anyone strongly disagrees there is an open vote.

9b. There was some discussion about NOT setting a high/sell price.  In a rising market this might benefit us, but in a turbulent market it's probably the best thing to do.  For discussion!

9c. Proposed that there is an agenda item to SELL a share. Agreed.

9d. Brett wants to take money out at some point, what are the rules?

9e. Mark Nicholls and John Peprell were unanimously voted out of the TITS shareclub for poor attendance.  Their shares will be requisitioned by the remaining members and their proceeds will not be returned.

ACTION ITEMS

Action 1. Homework.  Banking and finance sector.

Action by: All

JP Coetzee