Minutes of the meeting of 2 August 2000 opening at 20.40 at the Old Dunn Cow Inn

Those present:

SS,KS,RD,CW,MK

Apologies for abscence:

KS,SC,DG,JE, KM,NP

Previous minutes:

Accepted to be a true and accurate account of the meeting.

Treasurer's report:

The treasurer was delighted to announce a 9.75% increase in the value of our units compared to last month. The FTSE All Share managed a 1.08% increase over the same period. This has meant that whilst the unit price is still below issue price because of pound cost averaging members are showing a profit for the first time!!. The treasurer invited discussion on the renewal of our Pro-Share membership at a cost of £29.00 per annum. Members being in a buoyant frame of mind after the above performance decided not to renew membership of Pro-Share.

Future investments:

After discussion of our shortlisted stocks had taken place with representations being made in particular for Vodafone Group, Iceland and Greene King the final round of voting took place to establish the clubs next investment. The result was as follows: Iceland________22 points Vodafone______21 Greene King____14 Geest__________7 Johnson Matthey__4 Christie Group____4

A.O.B.

The treasurer announced an update of the web site along with a second article in Internet Investor magazine. It was suggested if further articles are to follow perhaps an update of the members photo might be appropriate. It was agreed that the AGM will take place in November, which gives us an 18 month first year. AGM's will then be held annually in November. Accounts will be produced with a year end of 30 September to coincide with this date. Finally there was a discussion on increasing membership.

Meeting closed at 22.45pm. Next meeting 6/9/00 at 20.00pm