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

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8 March 2009

8 March 2009

BELCOMBE INVESTMENT CLUB

Minutes of the meeting held 13.30 on Sunday 8th March 2009 at the Holden Vale, Helmshore.

1. Attendance

Gill, Sue Baines, Brian H, Sam, Jeff, Ros, Pat & Tina all sent apologies for non attendance.

2. Minutes of the meeting held 1st February 2009

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

3. Matters arising from the minutes

Shares purchased as decided at the previous meeting were as follows:-
15 ETFS Physical Gold £64.0073
1907 Education Development 51.5p
351 London Capital 279.25p
39 BATS 1842.98p

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

There is a total of £4,449.22 in the selftrade account and £16.37 in Barclays available for investment.

(b) Performance since last meeting

The FTSE100 index has moved from 4149.64 on 30th January 2009 to 3530.73 on 6th March 2009 a fall of 15%. Over the same period the Club’s unit has moved from 339.2p to 307.9p a fall of 9.3%.

(c) Performance over the last twelve months

The FTSE100 has moved from 5631.7 on 14th March 2008 to 3530.73 on 6th March 2009 a fall of 37.3%. The value of the Club’s unit over the same period has moved from 445.5 to 307.9 a fall of 31%.

5. Junior’s Choice

There were no children at the meeting so Caitlin hangs on to Belcombe by default.

6. Current holdings & investment decision

The assets statement dated 7th March 2009 detailed on the Moneyextra web site sets out the current position of our holdings.

The stop losses have resulted in the sales of :-
• 390 Finsbury Worldwide @512.1p
• 137 Royal Dutch Shell @1443.06p

Nigel suggested we should invest further into Hargreaves on the back of a good set of results and that they have consistently outperformed FTSE.
BAT expected to increase dividend over the next three years. However two publications have opposing views one recommending sale and one buy so we should hold.
Peter Hambro mining has increased 36% since 16th January, we bought at £4.10 and set a 10% stop loss resulting in the holding being sold. Current price is £5.22 – had been £16 12 months ago, price increased 13% on Friday. It is a Russian based gold mining company and has agreed a merger with an iron ore mining company which is cash rich enabling them to refinance this year and next. Likely to be a volatile stock.

Brian W suggested Greggs whose 2008 figures are due on Tuesday and are expected to show a £45M pre tax profit. They are cash rich and yield has increased to 4%. Shares currently £36.53 and it is anticipated that a share split of 10 for 1 will be announced at the AGM in May.

There were also discussions regarding
• Begbies Traynor – recession is good for their business and expect 20% rise in earnings to May 2009
• JD Sports – December 2008 share price £2.10 and now £2.96. This is a fashion related business aimed at 16-25 year old market whose management team is well respected. Price target is £5 and it is a recommended buy

There followed various proposals however, the one which was agreed unanimously was proposed by Richard and seconded by Brian W and was as follows

£1,500 Greggs
£1,500 Begbies Traynor
Remainder Education Development

7 Any other Business

None

8 Date and venue for the next meeting

19th April 2009, at the Holden Arms, Helmshore, at 12.00 for food and drinks, then 13.30 for the meeting.