date: Wed, 14 Feb 2007 13:43:55 -0000
from: "Carey, Gerald" <Gerald.Carey@brewin.co.uk>
subject: RE: 
to: 'Keith Briffa' <k.briffa@uea.ac.uk>

   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
   >
   >
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   >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/
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   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

