Colombo Investments

AGM 4/2/03

Attendees Keith Sawyer --Chairman

Martin Sadler - Treasurer

Peter Coles -----Secretary

Garry Chaplin

Keith Norris

Steve Grosch

Chairman Statement

Welcome to the meeting, after a hard yearn in finance & looking into other share club & what they have brought we are not alone in poor share results. At present there is a downward trend in the market that is affecting every one & we can only hope for better years in the future.

As members that no longer work together we need more interaction to make the club more successful so it would be appreciated if club members could make more uses of their e-mail because when a member finds or hears about a good deal we need to act fast & this can only be achieved if we can get a majority agreement. So please can every one try & keep a closer look at their e-mails.

Treasurer Statement

The accounts were displayed for members to inspect as required. Club members present confirmed their trust in Martin as treasurer & were happy in the way he was running them. The Club members extend there Thanks to Martin for his hard work.

The company Room Service has gone into receivership giving us a loss of £165. The dealer costs at present are £11.95 per transaction .The administration money has risen to £112 so with agreement £50 was to be spent on the AGM hospitality & another £50 would be added to the share kitty.

Tax Officer Statement

Stan was unable to attend but members wish also to extend a BIG THANKS to Stan for his time & effort given to complete the tax returns not always the easiest task to undertake. May his reign be long?

Election of club Officers

It was proposed seconded & agreed by members that the present Officers have been elected to stay in office for another year.

Performance of portfolio

The portfolio is still down but as mentioned by the Chairman earlier due to the present market situation we can be glad that our varied portfolio has stabilised & it has been agreed by members not to sell any shares at present. Currently we have £1250 in the kitty for another BIG share adventure hopefully more lucrative this time.

Future Strategy

Proposed share: -

BP. Members not a good option due to the global climate WAR etc.

ROYAL BANK OF SCOTLAND. Currently trading around £13 members agreed the price was too high.

TESCO. Good & stable share but not making any great profit & would still be a viable buy months down the road.

BT. They are at one of their lowest price yet approx £1.75 & if they rise to £2.19 would put us back in the black for this share anyway.

ABBEY NATIONAL. A share that was up at £14 now around £4 that usually pays a very good dividend of around 50p per share

After the shares were put to the vote 2 share BT & ABBEY NATIONAL were selected.

These shares will be closely monitored & only one will not be brought until 10^th of February after a further vote by e-mail by members on Sunday 9^th of February.

Any other business

It has been proposed & agreed by members to write into the club rules that an e-mail voting system be set up where if a share is proposed by a member to either sell or buy by e-mail a 24hr reply is required if to buy or not & as long as there is a reasonable response the result will decide the outcome of the proposed share.

We currently subscribe to PRO SHARE costing £20 a year members to cease the subscription due to poor information i.e. no magazines received by any member for some months.

Finally it has been proposed by the Chairman & agreed by members present why not have a fun gamble i.e. penny or low cost shares where the amount of approx £250 will be used to buy some of these share.

If by the next meeting every one can bring with them to the meeting one share that we can vote on to buy you never know we may even pick a winner!!!!!!