Griffin Speculators Investment Club

Minutes of Meeting held on Wed 2nd February 2000

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

Apologies: Ian Cosford.

Previous Minutes: Minutes of the normal monthly meeting of 12th
January 2000 and the evening meeting of 31st January 2000 were
approved.


Treasurer's Report:

Treasurer reported the following figures :

HSBC : £510.49
Charles Schwab : £705.96
Petty Cash : £ 5.55

Tot : £1222.00

Less
Admin. Fund : £22.00
Amount Available
to Invest at meeting : £1200.00
(not including sales)

Net Assets : £4368.98
Unit Price : £0.89

The treasurer pointed out that his calculations based on share
price were done with round pence. The meeting concurred that this
should continue until at least the end of the financial year.

Current Portfolio :

Stock No Valuation Decision Stop-Loss

Tesco Ord 5p 291 £471.42 (PM) Hold 142
Alizyme Ord 2p 659 £421.76 (RP) Hold 49*
Cable & Wireless Ord 25p 102 £1245.42 (RP) Hold 1038
Atlantic Caspian Ord 5p 5079 £406.32 (GR) Hold 6.5
Artisan 3328 £665.60 (NW) Hold 15.5

It was proposed and agreed to adjust the gain/lock on Alizyme
henceforth to 25%.


Additional Investment:

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

Investment Decisions:

The meeting decided to vote on following options :

Axis-Shield
Railtrack
Do Nothing

The voting was as follows:

Axis-Shield 16
Railtrack 30
Do Nothing 32

It was agreed therefore to invest £1000 in Axis-Shield and 135
shares were bought at 725p.

A stop-loss of £5.80 (20%) is therefore recorded against this
stock.


Approximate Amount Available at next meeting:

Amount Available for
Investment This Month : £1200.00
Less
Axis-Shield : - £1000.00

Plus
Additional Investment from IC : + £45.00
Plus
Monthly Sub : + £310.00
: £555.00

Proshare Seminar

Nick Walch, Andy Slinn and Julia Smith will be attending the
seminar. The meeting agreed to reimburse them to the extent of
£10 each.

Emergency Meeting Procedure

The meeting agreed to adopt the new rule as described in the
minutes of the 31st January meeting , except for the required
attendance figure. The adopted rule is given below :

d) A special general meeting may be convened by not less than
two members for the purposes of resolving special items of
club business subject to a written request being submitted
to the secretary who will convene a meeting as soon as is
practicable. Any such meeting must be attended by at least
two thirds of the club membership and any resolution
proposed at such a meeting must be agreed by a simple
majority.


E-mail circumspection

One member suggested that we be a little more circumspect when
e-mailing. Where applicable we should be replying to sender only
rather than to all addressees.

Next Meeting:

The next normal monthly meeting has been arranged for Wednesday
1st March 2000 12:30 pm in Moseley's Arms function room.
Bring your leeks and daffs!