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

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22 September 2009

22 September 2009

BELCOMBE INVESTMENT CLUB

Minutes of the meeting held 20.00hrs on Tuesday 22nd September 2009 at the Holden Arms, Helmshore.

1. Attendance

Sam & Jeff sent apologies for non attendance.

2. Minutes of the meeting held 11th August 2009

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

3. Matters arising from the minutes

Shares were purchased as agreed:-

448 PZ Cussons @ 221.65p £997.95
278 West China Cement @ 287p £797.86

4. Treasurer’s Report

(a) State of the Fund

There is a total of £18.17 in the Selftrade account and £76.38 in Barclays available for investment.

(b) Performance since last meeting

The FTSE100 index has moved from 4722.2 on 10th August 2009 to 5172.89 on 18th September 2009 a rise of 9.5% Over the same period the Club’s unit has moved from 352 to 395.8p a rise of 12.4%.

(c) Performance over the last twelve months

The FTSE100 has moved from 4959.59 on 30th September 2008 to 5172.89 on 18th September 2009 a rise of 4.3%. The value of the Club’s unit over the same period has moved from 384p to 395.8p a rise of 3.00%.

5. Current holdings & investment decision

The assets statement dated 18th September 2009 detailed on Moneyextra website sets out the current position of our holdings.

Mike requires to withdraw £1,200 , we presently have £76.38 available for investment and with September subs of £425 this will become £501.38. We shall, therefore, need to liquidate assets to raise the remaining £700.

Nige proposed we sell our holding in RBS which would realize £743, this proposal was seconded by Sue H.

Brian W proposed that as Finsbury was our largest holding we should sell £700 worth of shares leaving £12K this proposal was seconded by Mike.

The proposals were voted upon and the consensus was that we should sell part of our holding in Finsbury.

There followed a discussion regarding the stop losses. Brian W suggested we should put 10% stop losses on the following holdings and if activated sell 50% of holding then place a further stop loss at 10% from the price the initial lot were sold at:-
BAT
Education Development
Greggs PLC
Hargreaves Services PLC
RBS
Smiths News
Southern Cross
West China Cement

This proposal was agreed unanimously.

6. Date and venue for the next meeting

TUESDAY 20th October 2009, at the Holden Arms, Helmshore, at 8.00 for the meeting. Please could members who intend attending the meeting advise Sue H prior to it in order that the landlord can be advised enabling him to allocate a suitably sized table to accommodate us all – an email would be fine preferably by the weekend before ie 18th October.

6. Any other Business

Jeff, Pat and Richard to advise Sue H if they are attending the Xmas meal at Red Lion on 19th December