Due to a mix-up the minutes for last month's TMF Staff Investment Club meeting got lost in cyberspace for a few weeks. But they turned up eventually. It looks like some of our shares lost their way somewhat as well. M&M, namely Marconi (LSE: MNI) and Mayflower (LSE: MFW), lost around 20% last month but a solid and well-received set of figures from Tesco(LSE: TSCO) neutralised most of these losses.
We currently have enough cash to make a further purchase in our chosen lump sum amount of £1,000. Somewhat scarily we'll probably have enough for another purchase next month as well. So we had better come up with some good ideas. TMF's FoolUK, Talisker and Symphony have been charged with the onerous responsibility of producing the next set of suggestions.
Valuation as at 30 Sept 00
Shares Date Bid Disposal Gain/
held bought price value (loss)
Tesco 544 24 Nov 99 248.25 1350.48 +35.2%
NXT 72 10 Dec 99 1250 900.00 -8.9%
Marconi 107 13 Jan 00 923 987.61 -1.4%
ARM 125 7 Apr 00 747 933.75 -7.0%
Mayflower 842 3 Aug 00 85 715.70 -28.4%
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4887.54
Estimated commission (60.00)
Cash in the kitty 1255.89
Outstanding contributions 125.00
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Total pot 6208.43
Units issued 6363.27
Unit price 97.57p
Performance to date -2.4%
The Motley Fool Investment Club September Meeting Minutes
As recorded by Mandy Boylan (TMFTalisker)
Location: Prince of Wales Feathers, Warren Street, London
Time: 19:30 hours
Date: Tuesday 5th September
In Attendance: Nick Jenkins (TMFJenko); Martin Wake (TMFSorted); James Carlisle (TMFJimmyC); Jane Mack (TMFJane); Bruce Jackson (TMFGoogly); Norma Boylan (TMFSymphony); George Row (TMFGrow); Mandy Boylan (TMFTalisker).
Observing: Niff Conroy - Financial Controller over from the US (who hasn't yet decided on an TMF name)
1. Apologies (real or assumed) for absence
Keith Milner; Phil Southgate; Alan Oscroft; Ewan Wilson; David Berger; Winfried Rauter; Stuart Watson; Angus Scott-Brown; Christopher Spink;
2. Minutes of the previous meeting
These were taken as read, and TMFTalisker was volunteered to keep the minutes for the meeting.
3. Matters arising
There was a concern about the current system of nominating and voting for future investments.
The main issue was that nominations are being posted to the discussion board later than 5 day prior to the meeting and that since the debate was taking place at the meeting there really was no benefit to keeping the voting open for a week after the meeting. TMFJenko also commented that it was becoming increasingly hard to coerce people to nominate a share and that perhaps a different method of press-ganging was need.
After much debate, and a unanimous decision from all those present, the following new scheme was devised:
-Members will be required to propose a share in rotation.
-Each month 3 members will nominate a company.
-If anyone else has a strong reason for wanting to nominate a company then they can act as a wild card and nominate in addition to the other 3.
-Each month we should then have 4 or 5 options to vote on, either 3 or 4 companies plus the cash option.
-Voting will take place during the meeting by all in attendance.
-Anyone unable to attend should pass a proxy vote onto TMFs Jenko, Sorted, Tiger & Eagle by 5pm on the day of the meeting.
The company nomination rota will be arranged on the basis of members' surnames so David Berger, Mandy Boylan & Norma Boylan, will make the October nominations. November nominations should then be made by James Carlisle, Bruce Jackson & Nick Jenkins.
4. Treasurer's Report
As TMFTiger was not available TMFSorted made the Treasurer's report. At 29th August the club was up 4.5% after disposals with current units being worth 104.5p.
The club has enough money in the kitty to make another purchase. A proposal was made, and passed unanimously, that if anyone fell more than two months behind with their subscription that interest would be charged on the late payments at the rate of 25%. All interest payments will go towards refreshments at future meeting.
It was noted that TMFEssex sold out at the bottom of that market which led to much speculation that a decision by Rob to sell could be used in future as an indication to buy.
5. Investments
There have been no new investments since the last meeting and no nominations this month. There is however enough money in the kitty for another purchase.
Last month's purchase, Mayflower, is down about 7.5% whilst Andrew Sykes Group is static.
6. Learning stuff
TMFGoogly gave a summary of PE ratios that included lots of scribbling numbers on the back of napkins as well as magical £10 printing machines as examples. Growth rates of 20%, government gilts, historic and forward PEs all made an appearance in the conversation.
As TMFs Jane and Googly were keen to point out anyone wanting more information might want to check out the Guide to Buying Shares and the Investment Workbook although TMFGoogly did agree to produce a 1-page summary for anyone interested.
In his absence TMFFoolUK was nominated to speak, and produce a handout, next month on the subject of Price to Sales ratios.
7. Share Competition
TMFTheDogs is currently in the lead in the March competition with his suggestion of Forbidden Technology whilst our chairman, TMFJenko, is languishing at the bottom of the league with Gameplay.
A new competition will be starting next month so everyone should come to the next meeting prepared to name the company whose share price they think will increase the most over the next 6 months.
8. Date, time and location of next meeting:
TMFs Googly & Sorted agreed to take on the arduous task of finding a new venue for future meetings as the Prince of Wales Feathers is often too busy and noisy for the meeting.
The next meeting will be on Wednesday 4th October at around 1pm at a venue to be decided.
Fool USA