Griffin Speculators Investment Club

MINUTES

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Griffin Speculators Investment Club

Minutes of Meeting held on Wednesday 4th August 1999

Present: Andy Slinn, Jon Kitch, Neil Hogg, Paul Manning, Nick
Pollard, Graham Roy, Nick Walch, Julia Smith.

Apologies: Tim Bentley, Richard Dakin, Tim Bentley, Andy Taylor,
Dean Cunliffe, Richard Poole, Ian Cosford

Previous Minutes: The minutes of the meeting of 30th June were
approved.

Items Carried Forward: The meeting decided to carry following
items forward as it was not felt that it would be better to
discuss the items when more members were present:

Stop-Loss/Gain-Lock strategy
The Expected Lifespan of the club
Emergency Meeting Procedures

The meeting expressed the opinion that Brokerage should not be
levied on Buying extra units but should be levied on selling
existing holdings. It was decided to hold this item over for
ratification at a future meeting.

Treasurer's Report:

Treasurer reported the following figures :

Midland Bank : £312.14
Charles Schwab : £100.40
Petty Cash : £15.00
Amount Available
for Investment : £427.54

Admin. Fund : £27.00
Net Assets : £1450.29
Unit Price : £0.91

Approx Amount
Available for
Investment Next Month : £700.00

Net Assets : £1450.59


Current Portfolio :

Stock No Valuation Decision

Tesco Ord 5p 291 £479.42 Hold
Marks & Spencer Ord 25p 98 £367.01 Hold
Alizyme Ord 2p 659 £240.54 Hold


Proxy Investment Decisions :

This month some of the investment recommendations received by the
secretary were somewhat vague and made prior to the issue of this
months proposals (therefore not in full knowledge of the facts).

It was proposed and agreed by the meeting that any votes accepted
from members who would not be attending the meeting, could only
be accepted if received in writing/e-mail by the
chairman/secretart after that months investment proposals had
been issued.


Investment Decisions:

The secretary/returns officer is pleased to report the votes cast
in the selection of the Augusts meeting's investment decision was
as follows :

Do Nothing All bar 1
Thorntons 1

Most members felt that the main reason for voting for do nothing
was because there wasn't enough in the bank to make it worthwhile
and that Thorntons was definitely one to carry forward as it was
subject to a distinct and substantial seasonal fluctuation.


Sector Ownership:

The following sectors were 'adopted' :

JK : Restaurants, Pubs & Breweries,
Beverages
AS : Leisure
JS : Construction & Building, Autos
NP : Aerospace & Defence
PM : Transport
GR : Oil & Gas
PM : Transport

I am sorry I couldn't fully decipher my scribble on this one but
we can clarify them at the next meeting.

Additional Subscriptions - Minimum Investment

It was agreed that this would be considered on an individual
basis.


Next Meeting:

Wednesday 1st September 1999 in Moseley's Arms function room.

It was decided that we shall hold an evening meeting in October -
details to be agreed at the next meeting.

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