BEING the annual meeting, it was time for members of RICH Ridings Investment Club Holdings to be slightly self-congratulatory that over the year they had weathered the stock market storm with distinction.

Whereas during 2000/2001 the club's asset value fell by ten per cent, shrewd buying and selling in this latest year had clawed back about seven per cent...not bad going in a dropping market.

This month alone the value of the RICH unit climbed from £2.50 to £2.60, back at the level it stood two years ago.

By way of reward, this intrepid band of ex-Nestl managers decided on some interesting profit-taking - or, in the case of Richmond Foods, "creaming off." They had bought shares at £2.49 at a time when the North Yorkshire firm had acquired Nestl Rowntree's ice cream production along with some management.

But with Richmond Food shares at £3.87 at the time of the meeting, it was decided to garner a more than 50 per cent gain. That's a lot of lolly!

Jim Porteous, chairman, said: "We took the view that there was a bigger risk of the shares coming down than going up."

Members also decided to take a healthy profit by selling their Dixon Motors shares to bidders Direct Line. They had bought for £1.60 and were now being offered £3. They accepted.

There was no more profit-taking, but the group did decide to raise the stoploss - or cut-off point at which they would sell - on Tesco shares from £2.30 to £2.40. Having bought the shares at £2.20 last July they felt there was a bit more grist to that mill.

After handshakes all round for recently selling the Jarvis shares they bought in April 2000 and last July for a profit of 111 per cent, well before this month's Potters Bar train crash in an area where Jarvis was maintenance contractor, the members considered where to invest.

Jim said: "We are buying back into BT while the price is relatively low. We also decided to dabble in oil exploration by investing in Dana Petroleum and we have bought shares in York-based Persimmon, which is now not only the largest builder in Britain at a time when the house boom continues apace, but is also going great guns."

But in spite of enthusiasm, one purchase has not yet been made. Members were determined to act on the rumour that Patak, a food company which makes Indian food accoutrements like lime pickles and vindaloo sauces would soon be floating on the Stock Exchange.

Jim said: "We wanted to buy shares in what we regard as the Pan Yan of the Asian world, but it seems they have not yet launched. When they do we'll be there to spice up our portfolio."

Updated: 09:24 Tuesday, May 21, 2002