Griffin Speculators Investment Club
MINUTES
Griffin Speculators Investment Club
Minutes of Meeting held on Wed 1st March 2000
Present: Jon Kitch, Graham Roy, Richard Poole, Dean
Cunliffe,
Nick Walch, Keith Burbanks, Andy Slinn, Julia Smith, Nick
Pollard, Ian Cosford.
Apologies: Andy Taylor, Paul Manning, Neil Hogg,
Tim Bentley.
Previous Minutes: Minutes of the monthly meeting
of 2nd February
2000 were approved.
Treasurer's Report:
Treasurer reported the following figures :
HSBC : £464.99
Charles Schwab : £110.32
Petty Cash : £ 5.55
Tot : £580.86
Less
Admin. Fund : £22.00
Amount Available
to Invest at meeting : £602.86
(not including sales)
Net Assets : £5202.26
Unit Price : £0.98
Current Portfolio :
Stock No Valuation Decision Stop-Loss
Tesco Ord 5p 291 £491.79 (PM) Hold 170**
Alizyme Ord 2p 659 £626.05 (RP) Hold 69*
Cable & Wireless Ord 25p 102 £1313.75 (RP) Hold 1094
Atlantic Caspian Ord 5p 5079 £406.32 (GR) Hold 6.5
Artisan 3328 £599.04 (NW) Hold 16.3
Axis-Shield 135 £1252.80 (RP) Hold 804
* It was proposed and agreed to adjust the gain/lock on Alizyme
henceforth to 20%.
Additional Investment:
No applications were received to purchase any extra units or to
increase monthly subscriptions.
Investment Decisions:
The meeting decided to invest £500 in Lastminute.com. The minimum
investment and floatation price have not been announced yet but
if the minimum investment is £500 or less then the club will make
application for this value of shares and will sell immediately
on receipt of the share certificate.
It is noted that due to the unusual nature of this investment,
ie. in a floatation only available to subscribers of the service
provided, it will be necessary for the investment to be made on
behalf of the club by a member. This will entail an amendment to
clause 13 of the constitution which will need to be ratified by
more than 75% of the club membership (11 members).
The hon. secretary and hon. treasurer will agree upon a new
wording to go before the club for acceptance.
Julia Smith has agreed to act in behalf of the club in the
purchase of the shares.
Tesco **
The meeting discussed at length whether to sell or to hold Tesco.
The overall sentiment of the meeting was that it was time to sell
but that there was nothing to be gained from selling cheaply
before the next meeting. It was agreed therefore to immediatley
adjust the stop-loss to breakeven (170) and to monitor the share
price on a daily basis adjusting the stop-loss to share price
minus 10p if it rises.
Proshare Subscription Renewal
The meeting agreed to renew this for 2 years at a cost of £54 by
calling on members to make an ad-hoc payment of £5.00 each.
Approximate Amount Available at next meeting:
Amount Available for
Investment This Month : £558.00
Less
Lastminute.com : - £500.00
Plus
Monthly Sub : + £310.00
: £370.00
Next Meeting:
The next normal monthly meeting has been arranged for Wednesday
5th April 2000 12:30 pm in Moseley's Arms function room.