COLOMBO INVESTMENTS AGM

10-4-02

Meeting held at 18:00 10-4-02 at The Rose and Crown.

 Attendees

Brian Hough   Keith Sawyer  Keith Norris

 Martin Sadler  Gary Chaplin  Steve Grosch

 Election of Officers

 Nobody stood against the current Chairman, Treasurer and Secretary.    The existing members were re-elected unanimously.

  Chairman’s Report

 Martin reminded everybody that it is now possible to leave the club without incurring a financial penalty.

  Treasurer’s Report + Review of accounts

 The club accounts were accepted by those in attendance. Keith took the opportunity to thank Martin for his sterling work for the club, this was re-iterated by the other members.

  Will we Continue ?

 Everybody was committed to continue despite the poor performance of our portfolio and there was optimism for our future.

  Election of Tax Officer 

Nobody present wanted to take on the role of tax officer, although it was decided that there should be one. The task of finding the tax officer was left with Keith Sawyer to report back at the next meeting.

  Level of Future Subscriptions 

The members felt that the present subscription levels were adequate.

  Managing the Portfolio

 It was felt that the idea of having share champions wasn’t working, it was, therefore, decided that a stop-loss should be set upon purchase of 20%. A rolling stop-loss would then apply, again at 20%. 20% was thought to represent the best value to allow for a certain degree of volatility.

It was decided to set stop-losses of 20% on BA and BP, and, of course, on all new purchases.

It was agreed to hold all current shares.

 Selection of Next Purchase

 Nominations were 

JJB Sport

Colt Telecom

Deagio

Diagio will be our next purchase with £1200.