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Committee Meeting

14 May 2022

This meeting was held at the Ostrich, Bristol (Butcombe) on Saturday, 14 May 2022. Apologies were received from Ann Mace, Chris Excell, Ian Brindley, Chris Holmes, and Sean Murphy. Also present were Paul Horrocks (Allens) and Nick Metcalfe (Co. Sec.).

Minutes of the previous meeting were approved without comment.

No fewer than nine share auctions had been advised by brokers since the previous meeting: Wadworth (x5); Hydes (x1) and McMullen (x3). Committee voting (via e-mail) had generally been in favour of not proceeding, but one McMullen bid had gone forward and been successful. An opportunity to increase the Club’s Ordinary holding in Heavitree, but only by a nominal amount, had also been taken up.

Hadfields, the reporting accountants, had visited Stockport in early April to undertake their year-end work and had now issued their clearance letter.

In respect of membership, the ‘net leaver’ trend continues, and overall member numbers have now fallen to (slightly) below 3,000. A recently placed ad in Spring’s What’s Brewing/Beer would hopefully compensate for some of this? A member has recently suggested allowing long term CAMRA/CMIC members to remain in latter if they exit former – for discussion at AGM.

The share buy-back offer recently proposed by overseas investee, Cantillon, was discussed and agreed.

Upcoming investee AGMs were noted and discussed, along with corporate activity at other investees and targets.

The year-end valuation meeting with broker, James Sharp, had taken place recently – nothing contentious to report.

With limited new money to invest anyway and an ever-increasing, time-contingent liability to settle deceased members’ estates, a decision was quickly taken to make no new investment at this point in time and to increase the buffer to £400K (from £300K).