Mansion Investment Club
Minutes
Of the Meeting held on
Wednesday 13th February 2008

Attendance
Neal Buckley, Keith Carter, Godfrey Dennis, Tony Dibsdall, Norman Ellis, George Hughes, Peter Iddon, Shirley Molder, Pete Smith, John Swarbrick, Rodney Swarbrick, Mike Tomlinson, Phil Walmsley, Christine Williams.

Apologies
Derek Atkinson, Tony Brocklebank, Kate Howarth, Terry Martin, Peter Robinson.

Chairman's Opening Remarks
The Chairman welcomed everyone to the meeting.
There were no matters arising from the minutes of the meeting held on 9th January, although it was noted that some members did not receive their copy by email. This will be investigated.
As the Secretary was not present, the minutes will be signed at a later date.

Secretary's Report
No correspondence has been received during the month.

Treasurer's Report
As at 28th January the bank balance stood at £15904.09 and with the addition of the February subs of £700, this brings the total cash balance to £16604.09. The unit value has dropped slightly from £1.184p to £1.110, but it is holding up well considering the recent market turmoil.
As a result of a resolution passed at the last meeting, shares were purchased in Barclays Bank and HSBC, (£4999.30 and £4998.94 respectively), and our existing holding in Royal Bank of Scotland increased by a further £4997.05.
This same resolution authorised the purchase of £5000 in Anglo Irish Bank. However, as Allied Irish Bank had also been discussed, it was unclear which had been proposed, but in any event, when checked, both shares were found to trade in Euros. As the full implications of trading in Euros needs to be fully explored, this trade was not executed.

Review of Portfolio
The portfolio was not reviewed, and no changes recommended. (Full review using CD Refs to be carried out at the next meeting).

General Investment Discussion
The following companies were highlighted from the CD Refs sieves and were discussed at length:-

Hunting Tesco McBride
National Grid Healthcare Locums British Land
JKX Oil & Gas Booker Xpertise Group
Smallbone Densiton Cropper (James)
Wood Group BHP Billiton BBI Holdings
Babcock Soca International Homeserve
Connaught Chloride Autonomy

Several were of interest and separate proposals were made to purchase BHP Billiton, JKX Oil & Gas and Healthcare Locums. However, a discussion ensued about the merits of purchasing any stock at all given the current financial situation. During the discussion a proposal was made that National Grid, JKX, Healthcare Locums and BHP, be monitored closely for a month and be for consideration at the next meeting. After further discussion a further proposition was made that no stock be bought at all this month. To simplify matters, it was agreed that if this resolution be passed, all other resolutions would be withdrawn.

Points On The Agenda Raised For Discussion At The Last Meeting
None.

Any Other Business
None.

Votes
It was proposed by Keith, seconded by Peter that:-
'No purchase of stock be made this month.'

The vote was : For - 9 Against - 5 Abstention - 0 and was therefore carried.

Close Meeting
" Points to be raised at the next meeting - As per agenda.
" The next meeting to be held on Wednesday 12th March 2008, at the usual venue.

There being no further business the meeting closed at 9.15pm.

Secretary Chairman