Griffin Speculators Investment Club

MINUTES

Griffin Speculators Investment Club

Minutes of meeting held on Wed 4th April 2001

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

Apologies: Tim Bentley, Keith Burbanks, Michael Bell

Previous Minutes:

Minutes of the monthly meeting of 7th March 2001 were approved.

Treasurer's Report:

The Treasurer reported the following figures :

HSBC : £990.84
Charles Schwab : £1867.87
Petty Cash : £ 10.55

Total : £2869.26

Less
Admin. Fund : £ 32.85
Fantasy Port Comp : £100.00
Dean Cunliffe payment £466.24
Andy Taylor payment £215.30

Total : £2054.87

Net Assets : £6257.26
(81.98% of total current cash contributions since
inception)

Unit Price : £0.73


Additional Investment


Ian Cosford applied to purchase an additional 50 units. This was accepted.

Resignations


The club reluctantly accepted the resignation requests from Dean Cunliffe and Andy Taylor.

Future of the Club

A general discussion was held on the future of the club and the turbulent state of the current financial markets. It was felt that this would best be deferred until the AGM on 16/5/01.

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 £1108.05 (PM) 600p Review 0102
Envesta 52 £11.17 (NW) None None
Just Group 4414 £385.20 (RP) 8p Sell ½ at 20p
Lastminute.com 35 £4.80 (NW) None Cover selling costs
National Grid 186 £1005.42 (IC) 500p Review Jan 2002
Quintain Estates 403 £693.25 (NH) 150p Review July 2001
Rage Software 2176 £96.80 (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 if their price fell to 170p
· purchase 200 Cable & Wireless shares if their price fell to 450p.

Neil Hogg and Richard Poole were tasked with monitoring the two stocks.

Last minute.com


Richard Poole confirmed he was progressing with the last minute.com sale proposal. A slight delay had arisen whilst personal holdings were transferred into the members names.

Dealer cover

General discussion held. It was agreed to leave as present but that a second dealer would be required at the AGM.


AOB

It was agreed that Committee posts and any changes to the minimum subscription level would be considered at the AGM.


Ian Cosford advised that end of year tax forms would be distributed shortly.

Andy Slinn agreed to circulate a list of FTSE 100 and FTSE 250 stocks to all members.

Neil Hogg agreed to circulate a copy of another Griffin House investment club's minutes to all members.

Next Meetings

May monthly meeting
Wednesday 2nd May 2001 at 12:30 pm in Moseley's Arms function room.

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