Griffin Speculators Investment Club

MINUTES

Griffin Speculators Investment Club

Minutes of meeting held on Wed 2nd May 2001

Present: Jon Kitch, Paul Manning, Nick Walch, Richard Poole, Pauline Naylor, Andy Slinn, Michael Bell, Andy Slinn, Neil Hogg.

Apologies: Tim Bentley, Ian Cosford

Previous Minutes:

Minutes of the monthly meeting of 4th April 2001 were approved.

Treasurer's Report:

The Treasurer reported the following figures :

HSBC : £545.80
Charles Schwab : £1867.87
Petty Cash : £ 10.55

Total : £2424.22

Less
Admin. Fund : £ 32.85
Fantasy Port Comp : £100.00

Total : £2291.37

Net Assets : £6130.82
(87.60% of total current cash contributions since
inception)

Unit Price : £0.78

Additional Investment

Michael Bell and Pauline Naylor both applied to purchase additional 50 units. These were accepted.


Current Portfolio:

Stock No Valuation 'Owner' Stop-Loss Target
Atlantic Caspian Ord 5p 5079 £89.58 (GR) None Sell ½ at 15p
Bank of Scotland 171 £1344.16 (PM) 600p Review 0102
Envesta 52 £11.17 (NW) None None
Just Group 4414 £484.50 (RP) 8p Sell ½ at 20p
Lastminute.com 35 £4.35 (NW) None Cover selling costs
National Grid 186 £971.94 (IC) 500p Review Jan 2002
Quintain Estates 403 £685.19 (NH) 150p Review July 2001
Rage Software 2176 £118.56 (AS) 5p Review July 2001
           

This Months Investment Decision

After discussion the meeting agreed to hold on to all current holdings and:

· purchase 500 Hilton Group shares
· purchase £1000 worth of Cable & Wireless shares

Voting as follows:

Hilton Group 16
C& W 17
Do Nothing 23
Alizyme 27
Cattles 37

2nd vote unanimous agreement to purchase C&W.

Shares purchased:

188 C&W shares at 520.4p per share (cost £990.35) - stop loss £4.20
500 Hilton Group shares at 225.45p per share (cost £1139.25) - stop loss £1.80

Ian Cosford was requested to send £400 to Schwab to cover purchases.

Last minute.com


Richard Poole confirmed he was progressing with the last minute.com sale proposal. Still waiting for all personal holdings were transferred into the members names.


AOB

Paul Manning asked for agenda items for AGM by 11/5/01.

Useful website (with links to bulletin boards & company sites) is www.digitallook.com


Next Meetings

June monthly meeting Wednesday 6th June 2001 at 12:30 pm in Moseley's Arms function room.

AGM Wednesday 16th May 2001 at 12.30pm in Moseleys Arms
function room