Griffin Speculators Investment Club

Minutes of Meeting held on Wednesday 1st September 1999

Present: Andy Slinn, Jon Kitch, Paul Manning, Nick Pollard,
Graham Roy, Julia Smith, Tim Bentley, Andy Taylor, Richard Poole,
Ian Cosford, Dean Cunliffe.

Apologies: Neil Hogg, Nick Walch.

Absent: Richard Dakin.

Previous Minutes: The minutes of the meeting of 4th August were
approved.

Items Carried Forward/Dropped : The meeting decided to carry
following items forward:
Stop-Loss/Gain-Lock Mechanism
Emergency Meeting Procedures
Sectors
Evening meeting
How to build a larger pot (funds available for investment
that is!)

It was decided to drop the item "Expected Life Span of the Club".


Treasurer's Report:

Treasurer reported the following figures :

Midland Bank : £602.20
Charles Schwab : £100.40
Petty Cash : £15.00

Tot : £717.60

Less
Admin. Fund : £27.00
Amount Available
to Invest at meeting : £690.60

Net Assets : £1830.25
Unit Price : £0.96



Current Portfolio :

Stock No Valuation Decision

Tesco Ord 5p 291 £514.62 Hold
Marks & Spencer Ord 25p 98 £387.78 Hold
Alizyme Ord 2p 659 £215.65 Hold

Brokerage:

The meeting voted unanimously to withdraw brokerage on all
purchase transactions.

Secretary to amend club rules and forward amended rules to all
members.

Additional Lump Sum Investment Amounts:

The meeting voted that additional lump sum investments should be
a minimum of 50 Units.

Additional Investment:

An application to purchase an extra 100 units by Andy Slinn was
unanimously carried.

100 units bought at 96p.

Investment Decisions:

The secretary/returns officer is pleased to report the votes cast
in the selection of the Septembers meeting's investment decision
was as follows :
NOTHING 6 6 6 5 6 4 6 5 5 2 6 57
KINGSTON 5 4 4 4 5 5 4 3 4 6 5 49
WIGGINS 1 1 1 2 3 1 5 2 3 4 4 27
THORNTONS 3 2 3 3 1 3 3 1 1 1 3 24
BAE 4 5 5 6 4 6 1 4 6 5 1 47
GOLD MINES 2 3 2 1 2 2 2 6 2 3 2 27


Thorntons was duly elected and we have bought 351 shares at 208p
at a total cost of £748.73.


Stop-Loss, Gain Lock:

The meeting unanimously agreed that in principle we adopt a
stop-loss/gain-lock policy but that the mechanics should of such
a policy be carried forward.

Evening Meeting:

There was mixed opinion as to whether this was required to allow
a suitably lengthy discussion on certain matters. Item held over
until after Octobers meeting.

Hot Tips:

It was unfortunate that this months Penny Share Focus did not
arrive until after the deadline for proposals. This meant that
the proposal to go with "This Months Hot Tip Whatever it is" was
not enthusiastically received by all members as the identity of
the proposed investment was not known.

This matter does need to be sorted out.

Proxy Votes:

The meeting agreed that if an additional late proposal is
received then any proxy votes should be ignored if proxy was made
before receipt of the proposal.

Red Hot Shares:

It was decided not to take this up.

Charles Schwab Share of the Month Competition:

yes we shall be entering this and have nominated Gold Fields of
Sardinia as a hedge.

If it rockets up we could win £1000, if it plummets we can all
say "nyaa told you so!" - a no lose situation.

Line Managers:

We are still missing the line manager of some members to whom
copy contract notes must be sent. If you have not already done so
please forward to Andy Slinn A.S.A.P.

Attendance:

Can I remind members of the attendance requirements as laid out
in the constitution.

15. If any member should .... or fail to attend at least 50%
of properly constituted meetings in any one financial year, it
shall be lawful for other members to notify the offending
member in writing that members shall consider his/her
expulsion from the club.

Dividends:

It was confirmed that all dividends received would be credited to
the Charles Schwab account.

Approximate Amount Available at next meeting:

Amount Available for
Investment This Month : £690.60
Plus
Additional Investment from A Slinn : + £96.00
Plus
Monthly Sub : + £290.00
: £1076.60
Less Thorntons Investment : - £748.73
= £328.00


Next Meeting:

Wednesday 6th October 1999 12:30 pm in Moseley's Arms function
room.