Griffin Speculators Investment Club

Minutes of Meeting held on Wed 1st December 1999

Present: Tim Bentley, Jon Kitch, Graham Roy, Richard Poole, Ian
Cosford, Dean Cunliffe, Nick Walch, Keith Burbanks, Paul Manning,
Neil Hogg, Julia Smith.

Apologies: Andy Slinn, Andy Taylor, Nick Pollard.

Previous Minutes: It was recorded that the minutes of the last
meeting on 3rd November did not record the fact that Jon Kitch
purchased an additional 100 units at that meeting.

Items Carried Forward : The following items are yet to be
resolved and so are carried forward:
Stop-Loss/Gain-Lock Mechanism
Emergency Meeting Procedures
Sectors
Evening meeting
How to build a larger pot.


Treasurer's Report:

Treasurer reported the following figures :

HSBC : £897.69
Charles Schwab : £ 9.36
Petty Cash : £ 5.00

Tot : £912.05

Less
Admin. Fund : £32.00
Amount Available
to Invest at meeting : £880.05
(not including sales)

Net Assets : £2901.95
Unit Price : £0.80

It was pointed out that the date of purchase of Marks and Spencer
shares was incorrect.


Current Portfolio :

Stock No Valuation Decision

Tesco Ord 5p 291 £514.62 Hold
Marks & Spencer Ord 25p 279 £752.25 Sell
Alizyme Ord 2p 659 £182.70 Hold
Thornton Ord 10p 351 £672.96 Hold

A proposal was made to sell Marks and Spencer. After a full and
frank debate the meeting voted to sell. The vote was as follows :
sell - 6, hold 3, abstain 2.

The brokers subsequently sold 279 Marks and Spencer at 253.25p.

Additional Investment:

An application to purchase an extra 100 units by Dean Cunliffe
was unanimously carried.

An application to purchase an extra 50 units by Paul Manning was
unanimously carried.

An application to purchase an extra 50 units by Neil Hogg was
unanimously carried.

An application to purchase an extra 50 units by Ian Cosford was
unanimously carried.

Investment Decisions:

The meeting decided to vote on following options :

Artisan
Atlantic Caspian
Axis-Shield
Do Nothing

The voting was as follows:

Artisan 20
Atlantic Caspian 20
Axis-Shield 29

It was agreed therefore to invest £500 in both Artisan and
Atlantic Caspian. The following purchases
were made:
5079 Atlantic Caspian @ 9.5p
3328 Artisan(UK) @ 14.5p

Proshare monthly Competition

No entry was proposed for this months entry.

Approximate Amount Available at next meeting:

Amount Available for
Investment This Month : £880.00
Plus
Additional Investment from DC : + £80.00
Plus
Additional Investment from PM : + £40.00
Plus
Additional Investment from NH : + £40.00
Plus
Additional Investment from IC : + £40.00
Plus
Sale of M&S : + £686.00
Less
Artisan : - £500.00
Less
Atlantic Caspian : - £500.00
Plus
Monthly Sub : + £310.00
: £1076.00

Web Site

The meeting complimented Nick on the website. A reminder to those
who have not yet visited it yet the address is
www.griffin-speculators.co.uk

Next Meeting:

It was agreed that the club needs to adopt a stop-loss policy as
soon as possible. It was felt that an interim meeting was needed
to discuss this. As Tim would not be able to attend an interim
meeting it was agreed that it would be possible to hold the
meeting in a bank meeting room. The secretary proposes Wednesday
15th December at 12:30. Please let me know by midday on Monday if
you can't make it.

As any such interim meeting would require 21 days notice in order
to conform with the rules, the purpose of this meeting must be
only to discuss such matters as stop-loss strategy, emergency
procedures and so on. The proposals can then be ratified at the
next monthly meeting and incorporated into the rules.


The next normal monthly meeting has been arranged for Wednesday
12th January 2000 12:30 pm in Moseley's Arms function room.