Club 1st meeting
North & South Investment Club First Meeting
North
Date:
Venue: Keith’s Place
Attendees: Keith Booth
Jim Waterhouse
Joseph Booth
Christine & Kevin Bleasdale
Andy Unsworth
John Fielding
Shaun Booth
Apologies: Anne Powney
Roy Powney
Agenda
1 Introduction and Club history
Keith gave a brief background to the origin of the club and a discussion followed on how the club will function bearing in mind that half the members are based in the south, the conclusion was that only time will tell, so it was agreed to continue with the original concept of bi-monthly meetings with the first agenda item being to ratify minutes and actions from our counterparts in the south.
Keith then produced a chart of the FTSE over the past 15 months showing the downward trend (an attempt to justify the delay in getting us off the ground) I think it worked !
2 Current financial statement
Keith informed the meeting that the club funds stands at £1080.00 which is 11 members joining fees less £20.00 for ProShare membership. The money is currently located £500 in the iDealing account and the remainder in an established account with the Girobank the paid up members list can be viewed on the web site.
3 Agree Name of Club
The name of the club was agreed “North & South Investment Club”
4 Members
Kevin Bleasdale, undecided before the meeting agreed to be a full member, this brings the North section to 10 members (maximum)
Keith listed the 10 potential members from the south which will be confirmed following the first meeting in the south in the near future.
5 Election of Chairperson
Christine Bleasdale was elected to Chairperson
6 Election of Secretary
Sandra Breed from the South section was proposed as Secretary by Keith, all agreed; a vote will take place in the south to complete the election.
7 Election of Treasurer
Keith was elected to Treasurer.
8 Adoption/discussion of Constitution and Rules
Copies of Rules and Constitution drawn up by Keith was circulated and discussed, a copy of these documents are available on the Web site. Both of the documents were then adopted.
9 Joining fee and monthly subscription, Standing order
It was agreed to keep the £100 joining fee and the £10 per month subscription initially suggested. Standing order mandates ready for completing and posting to members banks was then supplied to each member. Andy agreed to forward mandates to Anne and Roy Powney. Keith next day posted Shaun and Christine’s mandates left on the table!
10 Appointment of Bankers
Girobank a subsidiary of Alliance & Leicester plc was appointed as the clubs bank.
11 Appointment of Stockbroker
iDealing.com was appointed to club stockbroker.
The charges that iDealing.com make is a £10 flat rate per transaction.
Keith was asked to report back the terms of the contract i.e. time to cancel contract or transfer to alternative stockbroker.
A. There is no cancellation clause in the contract, the restriction would be with the clubs rules I.e. majority vote required to bring about change.
12 Investment Policy
It was agreed that we the North section would plan to invest £1000.00 split across 2 or 3 safe shares to be agreed at the next meeting, it was thought that the safest sectors would be Banks and Supermarkets. Therefore research is required before next meeting, Banks to be researched by Keith,Andy,Shaun Joseph. Supermarkets by Jim,Kev,Chris The idea being to be in a position to propose a share to buy or to have gained enough knowledge to second or vote on other members suggestions.
13 Questions/AOB
Suggested agenda item, venue of future meetings.
John may not make next meeting, possibly in
Next meeting agreed Sunday 9th June
