date: Wed, 14 Feb 2007 13:43:55 -0000 from: "Carey, Gerald" subject: RE: to: 'Keith Briffa' Hi Keith, Thank you.I have sold 1,984 Scottish Power @ 771.666p for proceeds of £15,074.20.The profit is £7,245. For reinvestment,I suggest investing £6,000 in European Assets Trust which invests in medium sized companies across developed European countries excluding the UK.The managers have consistently achieved an impressive growth record and a high distribution policy enables a dividend yield of over 5%.The share price is £10.32. Inclusion of the fund would increase the exposure to European equity markets across your portfolio;PEP and ISA to about 6% which is more appropriate. I also investing £6,000 in BAE Systems (formerly British Aerospace)where the removal of the uncertainties over Saudi Arabia orders for Eurofighter caused by the SFO investigation( which allegedly might have involved the Saudi royal family)now leaves the way clear for a re rating of the shares.The share price and gross yield are 441.75p and 2.69%. I am not sure if you are willing to invest in China but ,if so,I suggest investing £6,000 in Gartmore China Oportunities Fund?The economic development of China seems set to contiue at high pace.The price is 424.28p. I also suggest investing £6,000 in UK Commercial Property Trust which invests for growth and income from a diversified portfolio of UK commercial property.The gross yield is over 5% and the outlook for the sector remains attractive.The tenants are high quality giving a very low risk profile to the rental income coming into the fund to finance the dividends.The share price is 102p. These recommendations,therefore,total £24,000.In addition to the sale proceeds of Scottish Power we have recently received £8,679 from the cash takeover of your former holding of AWG.The total cash figure available is £26,751.04. I hope these ideas will be helpful.I will be very happy to discuss any of them in more detail if you wish or to put forward alternatives? Kind Regards. Gerald. -----Original Message----- From: Keith Briffa [[1]mailto:k.briffa@uea.ac.uk] Sent: 14 February 2007 12:40 To: Carey, Gerald Subject: Re: At 11:32 14/02/2007, you wrote: >Dear Keith, HI Gerald >I have now sold 700 JP Morgan Fleming Mid Cap in your portfolio @719p >for proceeds of £4,919.86 and purchased 960 shares in the fund in your >ISA at 722 p at a cost of £6,970.86. >The procedure is that I transfer the sale proceeds plus £2,080.14 from >the deposit cash balance of £2,325.40 in your portfolio to your ISA to >fund the full £7,000.The excess of £29.14 is added to the deposit >balance in your ISA.I trust this is OK? Fine >On a separate matter,your PEP includes a holding of 1,984 Scottish >Power.As I am sure you know,Spanish utility has made a recommended take >over offer for the company .The terms are .1646 Iberdrola share and 400 >p in cash for every one Scottish Power share.Based upon the Iberdrola >share price of £23.36,the terms value Scottish Power at about 784 >p.This compares with the Scottish Power share price of about 772 p in >the market.The 12p differential reflects the expected timescale before >acepting shareholders would receive the shares and cash.The basic offer >is accompanied by a mix and match facility under which shareholders can >elect for all cash or all shares( or loan notes for those with a CGT >problem). >We like Iberdrola as a company.All options under the offer are quite >attractive.The difficulties,though,are that one would receive an >allocation of Iberdrola shares only about one half of the size of the >current Scottish Power holding and which would be expensive to sell if >one ever wanted to sell under the basic offer.Under the elections for >all cash or all share,these are subject to the wishes of all other >shareholders and one may not get all the cash or all the shares elected >for. >Scottish Power shares have performed very well and have risen even >further in response to the bid.The profit on your holding is about >£7,250.I suggest the cleanest option is to sell them in the market.The >proceeds would be about £15,000 after dealing expenses.The gains are >CGT exempt of course being in a PEP.If you agree,I will be pleased to >put up reinvestmnt suggestions? Please sell and your suggestions for reinvestment are welcome - thanks Keith >Kind Reagrds. >Gerald. > >Gerald Carey >Divisional Director-Private Clients >Tel:0845 213 3288 >Fax:0845 213 3627 >e mail:gerald.carey@brewin.co.uk > > > >Any views expressed in this e-mail message are those of the individual >sender, except where the sender specifically states them to be the >views of Brewin Dolphin Securities Ltd. >This e-mail message and any attachment is intended only for and is >confidential to the addressee. If you are neither the addressee nor an >authorised recipient from the addressee please notify us of receipt, >delete this message from your computer system, and do not use, copy or >disseminate the information in or attached to it in any way. We do not >accept liability to any person other than the addressee arising from >such a person acting or refraining from acting on such information. Our >messages are checked for viruses, but please note that we do not accept >liability for any viruses which may be transmitted in or with this >message. >BREWIN DOLPHIN SECURITIES LTD >A member of the London Stock Exchange, authorised and regulated by The >Financial Services Authority. >Regulated under the Financial Service (Jersey) Law 1998 by the JFSC for >the conduct of business in Jersey, and regulated in Guernsey by the >GFSC for the provision of investment business. >Registered office 12 Smithfield Street, London, EC1A 9BD. Registered in >England. 2135876 > >14/02/2007 11:23:14 -- Professor Keith Briffa, Climatic Research Unit University of East Anglia Norwich, NR4 7TJ, U.K. Phone: +44-1603-593909 Fax: +44-1603-507784 [2]http://www.cru.uea.ac.uk/cru/people/briffa/ Any views expressed in this e-mail message are those of the individual sender, except where the sender specifically states them to be the views of Brewin Dolphin Securities Ltd. This e-mail message and any attachment is intended only for and is confidential to the addressee. If you are neither the addressee nor an authorised recipient from the addressee please notify us of receipt, delete this message from your computer system, and do not use, copy or disseminate the information in or attached to it in any way. We do not accept liability to any person other than the addressee arising from such a person acting or refraining from acting on such information. Our messages are checked for viruses, but please note that we do not accept liability for any viruses which may be transmitted in or with this message. BREWIN DOLPHIN SECURITIES LTD A member of the London Stock Exchange, authorised and regulated by The Financial Services Authority. Regulated under the Financial Service (Jersey) Law 1998 by the JFSC for the conduct of business in Jersey, and regulated in Guernsey by the GFSC for the provision of investment business. Registered office 12 Smithfield Street, London, EC1A 9BD. Registered in England. 2135876 14/02/2007 13:34:15