COLOMBO INVESTMENTS
MEETING @ ROSE & CROWN
TUESDAY 08/07/2003 @18:00 MINUTES
ATTENDEES:
Keith Sawyer – Chairman
Martin Sadler – Treasurer
Peter Coles - Secretary
Keith Norris, Brian Hough, Stan Kingston, Steve Grosch, Dennis Morden.
APOLOGIES: - Garry Chaplin, Harry Oranin, Hassan Kadir, Mitesh Patadia.
Chairman’s Statement
Welcome to all, not much can be said about our shares they are still down but are steadily making a recovery. Since the last meeting we have sold Colt using the stop loss at 69p, 20p down per share. With the money in the pot it gives us a grand total of £1693.11 to spend.
Treasurers Statement
On a total out lay of £12914.80 we have losses of about £4350 giving the Club a current value of £5946.00. BT made a dividend of £170 & is our best/backbone share running at approx. 7% loss.
PSION has finally started to make a gain but will still take many months/years to be of any value for the Club to start dealing in again. Now that the portfolio is rising gradually again it may be worth looking at setting up some of the stop losses again.
Tax Officer Statement
The Tax Returns for this year are now out but no need to panic as a massive total of £1.16 is due but only if you pay
40% TAX. The Club will have to have its assets of £25000.00 before the Tax Office will even start to take an interest in us.The Portfolio & What to Do
|
SHARE |
TOTAL HELD | AV PRICE PAID | COST | CURRENT VALUE | LOSS/ GAIN | VOTED ON |
|
BR AIRWAYS |
820 |
£2.26 |
£1840.40 |
£1381.70 |
-£458.70 |
To hold for at least 1yr |
|
BP |
176 |
£5.62 |
£989.18 |
£726.88 |
-£262.30 |
To hold for at least 1yr |
|
BT GROUP |
2715 |
£2.08 |
£5807.32 |
£5206.01 |
-£601.51 |
When they reach £2.20 we sell 1000 shares |
|
CARPHONE WAREHOUSE |
500 |
£2.00 |
£1000.00 |
£485.00 |
-£515.00 |
To hold for at least 1yr |
|
MARCONI |
£11.00 |
DRAW LINER |
||||
|
MMO2 |
188 |
£0.79 |
£150.00 |
£102.46 |
-£47.54 |
Possible buy |
|
PSION |
400 |
£4.92 |
£1968.00 |
£264.00 |
-£1704.00 |
Another draw liner |
|
ROOM SERVICE |
100 |
£1.65 |
£1.65 |
£0.00 |
-£165.00 |
We may need a bigger draw |
|
VODAFONE |
323 |
£3.04 |
£980.00 |
£383.56 |
-£596.44 |
Hold / possible buy |
Buying at £600 lots between meetings
This was voted & agreed on to be used for topping up share that are on the rise & that would give us a good average price & bring them back into a good dealing position IE MMO2 & VODAFONE.
This will be achieved through an E-mail vote.
Next Purchase
|
PROPOSOR |
SHARE PUT FORWARD TO BUY |
|
STAN |
DIY GROUPS IE KINGFISHER |
|
BRIAN |
MM02, VODAFONE, ROLLS ROYCE |
|
PETER |
LLOYDS BANK |
|
KEITH |
PHYTOPHARM, NESTOR HEALTH GROUP |
After hours of hard discussion beer & sandwiches the vote was made.
We will buy MMO2 this week to top up our original holding, then these will be sold next week hopefully making a good profit. With these proceeds we will then buy Nestor Health Group as long as they are still holding firm with Lloyds on standby. A tight stop loss of 10% will be put on Nestor & if a quick profit can be made on Nestor they will be sold & with the proceeds Lloyds will be brought.
AOB
No other points of business to discuss so we adjured to the garden.