Griffin Speculators Investment Club
Minutes of meeting held on Wed 4th October 2000
Present: Jon Kitch, Paul Manning, Nick Walch, Richard
Poole, Ian
Cosford, Andy Taylor, Keith Burbanks, Dean Cunliffe, Pauline
Naylor, Andy Slinn, Neil Hogg.
Apologies: Tim Bentley, Nick Pollard, Keith Burbanks,
Andy Taylor,
Graham Roy.
Guest: Ted Kirkman
Previous Minutes:
Minutes of the monthly meeting of 6th September 2000 were approved.
Nick Pollard
The meeting reluctantly accepted Nick Pollard's resignation request. Ian was
actioned to write to Nick advising him of his entitlement
amount (£534.61) which will be paid by 30/10/00 and requesting that he
cancels his monthly standing order.
Treasurer's Report:
Following the sale of our Vodafone holding for £725.64 the Treasurer reported
the following figures :
HSBC : £343.99
Charles Schwab : £761.10
Petty Cash : £ 0.55
Total : £1105.64
Less
Admin. Fund : £ 32.85
Nick Pollard payout : £534.61
Amount due to
to Invest at meeting : £538.18
(not including sales)
Net Assets : £6690.33
(99.91% of total current cash contributions since
inception)
Unit Price : £0.92
Additional Investment
There were no applications to increase monthly subscriptions.
Ian Cosford applied to purchase an additional 100 units.
Richard Poole and Andy Slinn both applied to purchase an additional 50 units.
All applications were approved.
Current Portfolio:
| Stock | No | Valuation | 'Owner' | Stop-Loss | Target |
| Alizyme | 960 | £1216.51 | (RP) | 90p | Sell ½ at 250p |
| Artisan | 6270 | £928.50 | (NW) | 10p | Sell ½ at 30p |
| Atlantic Caspian Ord 5p | 5079 | £241.95 | (GR) | None | Sell ½ at 20p |
| Cable & Wireless Ord 25p | 102 | £982.50 | (RP) | 804p | Review Jan2001 |
| Envesta | 52 | £2.04 | (NW) | None | None |
| Lastminute.com | 35 | £35.60 | (NW) | None | Cover selling costs |
| National Grid | 186 | £1070.52 | (IC) | 400p | Review Dec2000 |
| Quintain Estates | 403 | £669.07 | (NH) | 130p | Review Jan 2001 |
| Rage Software | 2176 | £444.96 | (AS) | None | Review Jan 2001 |
After discussion the meeting agreed to hold on to all current holdings. The
previous stop loss allocated to Rage Software of 21p had not been ratified at
a formal meeting and it was agreed that we should retain this stock until after
the launch of Sony Playstation 2 and the festive sales period.
This Months Investment Decision
The meeting subsequently considered Just Group and IFX (Software) and the voting
was as follows:
Do Nothing 16
Buy Just Group 16
Buy IFX 23
Following a further show of hands it was decided to purchase £500 (including
dealing costs) of Just Group plc.
4414 Just Group shares have been duly purchased at 11p per
share at a cost of £499.97 including dealing costs.
Estimated Amount Available at next meeting:
Amount Available for
Investment This Month : £538.18
Plus
Monthly Sub : £270.00
Additional investments : £184.00
Less
4414 Just Group : £499.97
AMOUNT AVAILABLE TO INVEST : £492.21
AOB
PM confirmed an amended version of the rules (Version 8) had been issued incorporating
the agreed change at 3b to quorate meetings.
It was agreed to reimburse Neil Hogg £15 from the admin fund to subscribe
to Penny Share Focus.
Andy Slinn reminded the meeting the annual Proshare awards submission time is
iminent.
Richard Poole advised that "Show Me the Money" was again being broadcast
on TV.
Andy Slinn and Nick Walch were actioned to provide some feedback from the Proshare
investment seminar at a forthcoming meeting.
Next Meeting
The next normal monthly meeting has been arranged for Wednesday
1st November 2000 at 12:30 pm in Moseley's Arms function room.