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Treasurer's report: Tom distributed the Membership Status Report, The Valuation Statement and the Current Holdings Comparison Sheet. We have $1629.72 cash on hand in our Brokerage account. Tom asked us to review the membership address list and make any necessary changes.
The following members were NOT in attendance for the meeting: Larry Corse, David Jones, David Robinson, Steve Shockley. All members paid their dues except David J.
Proxy's were held by the following: Russ for Steve, Roger for David R and Ron K. David B for Larry C.
Current holdings were discussed with the following stocks being in the Buy Zone: CMH, FMN, G, AA, KRB (MBNA), PZZA, TXT, UNH
The following members are to have stock presentations at the August meeting: Larry C, and Russ D.
Presentations were given. Mike presented Prepaid Legal (PPD). David D compared 8 different financial company stocks.
There was discussion on the merit of divesting a portion of our Techne holdings and to reinvest the proceeds to round out our portfolio.
Motions:
Motion to sell 20% of Techne: PASSED
Motion to sell all shares of Fannie Mae: FAILED
Motion to take the proceeds from the sale of 20% of Techne and the $1600 currently held in our brokerage account and buy more Fannie Mae and to buy Bank America so that the $ amount for each company is approximately equal PASSED
The meeting was adjourned.
Submitted by:
Holly Deveny, designated Secretary for the evening
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Atlanta, Georgia, USA | DIGnet@mindspring.com