Next Meeting

The next meeting will be 8:00pm Monday 21 May 2012 at the Holden Arms.

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1 February 2009

1 February 2009

BELCOMBE INVESTMENT CLUB

Minutes of the meeting held 13.30 on Sunday 1st February 2009 at the Holden Vale, Helmshore.

1. Attendance

Gill, Sue Hadley, Richard, Sam, Jeff, Dave, Mike, Ros, Pat & Tina all sent apologies for non attendance.

2. Minutes of the meeting held 28th December 2008

These were circulated to the members prior to the meeting. At the meeting, Nigel proposed that they be accepted as a true record and Brian Woodend seconded the proposal. This was agreed unanimously.

3. Matters arising from the minutes

Shares purchased as decided at the previous meeting were as follows:-

122 BAT 1771.98p
746 Centrica 264.95p
137 Royal Dutch Shell 1804.98p
243 Peter Hambro 403.75p
1175 Marstons 125.94p

Nigel has looked at the Pro-share website to gain ideas for establishing our own website. The Eagles Investment Club was the best example he could find which was divided into the following headings:

Home Page
About Us – history, club rules
Meeting minutes
Newsletter
Portfolio – investment strategy, previous shareholdings
Share tips

Mike suggested we hold the share tips in a secure area on the site for copyright reasons and have the main pages available for public access.
Mike will look into adding the site onto his own web hosting. There would be a nominal cost of around £8 for 2 years and he will register the site name as Belcombe.co.uk. Comments will be reviewed before posting on the site.

4 Treasurer’s Report
(a) State of the Fund

There is a total of £3304.59 in the selftrade account and £16.37 in Barclays available for investment.

(b) Performance since last meeting

The FTSE100 index has moved from 4216.58 on 26th December 2008 to 4149.64 on 30th January 2009 a fall of 1.6%. Over the same period the Club’s unit has moved from 324p to 339.2p a rise of 4.7%.

(c) Performance over the last twelve months

The FTSE100 has moved from 5879.8 on 31st January 2008 to 4149.64 on 30th January 2009 a fall of 29.5%. The value of the Club’s unit over the same period has moved from 473.5 to 339.2 a fall of 28.4%.

5. Junior’s Choice

There were no children at the meeting so Caitlin hangs on to Belcombe by default – I wonder where he is!!!!

6. Current holdings & investment decision

Nigel commented that Education Development International had rose from 37.25p to 52.25p since the last meeting, and suggested we increase our holding.

Stephen had noted in the Daily Telegraph that Finsbury Pharmaceuticals had done well out of Japanese trusts and that pharmaceutical stocks should continue to do well.

Brian Woodend has also noticed that most of the stocks that we had sold had decreased in value except for

• Finsbury Warrants – up 206%
• Kentz – up 10%
• Peter Hambro – up 59%
• Tanfield – up 5%

We agreed to retain Brian’s record of individual share purchases on Moneyextra. For example BAT is shown in 3 separate holdings following recent purchases in June, November & December 08.

We also agreed to keep the trailing stop losses on existing shares that Brian W has been using recently. All stop losses to be reviewed and adjusted accordingly.

Stephen suggested we invest in an Exchange Traded Fund (ETF) in physical gold. This fund tracks the price of gold and has a management fee of 0.39%. The unit price has increased from US$82 to $91.75 in the past 3 weeks.

Nigel suggested buying back Peter Hambro Mining as the share price has recently bounced back up after the shares were sold last month. They are going to buy back Aricom, a cash rich iron ore miner, in a share purchase agreement. This would help them refinance their debt facilities this year and next.

Nigel also mentioned London Capital – a financial spread betting company which is growing rapidly, earning vast amounts of cash.

He also suggested H&T – a pawnbroking business which is benefiting from the recession. They make money from collecting jewellery as security for short term loans from people and sell the gold if the customer defaults on the loan.

The final proposal from Nigel which was seconded by Brian W and agreed unanimously was as follows:-

Company Amount
Education Devt Intl £1000
London Capital £1000
EFT Gold Fund £1000
BAT Remainder & subs

7 Any other Business

Brian W announced that the Holden Vale may start charging £50 to hire the room for future meetings, due to not enough customers using the facilities to cover costs. The next meeting in March will not be charged.

Brian W also mentioned that it was tax return time – he could not contain his excitement! He has asked all members to check their tax details and advise him if there are any changes. He kindly distributed the present details to each member present.

Richard has offered to bring in his laptop at the next meeting to research information on share tips, if required.

8 Date and venue for the next meeting

8th March 2009, at the Holden Vale, Helmshore, at 12.00 for food and drinks, then 13.30 for the meeting.