Griffin Speculators Investment Club

MINUTES
Griffin Speculators Investment Club

Minutes of Meeting held on Wed 5th April 2000

Present: Jon Kitch, Graham Roy, Richard Poole, Nick Walch,
Julia Smith, Nick Pollard, Andy Taylor, Paul Manning, Tim Bentley,
Neil Hogg, Lawrance Mumba.

Apologies: Andy Slinn, Ian Cosford, Dean Cunliffe, Keith
Burbanks.

Previous Minutes: Minutes of the monthly meeting of 1st March
2000 were approved.

Treasurer's Report:

Treasurer reported the following figures :

HSBC : £687.43
Charles Schwab : £2907.76
Petty Cash : £ 0.55

Tot : £3595.74

Less
Admin. Fund : £62.00
Amount Available
to Invest at meeting : £3533.74
(not including sales)

Net Assets : £5437.25
(107.56% of total current cash contributions)

Unit Price : £0.97

Current Portfolio :

Stock No Valuation Decision Stop-Loss

Cable & Wireless Ord 25p 102 £1015.14 (RP) Hold -
Atlantic Caspian Ord 5p 5079 £292.74 (GR) Hold -
Artisan 3328 £496.97 (NW) Hold -
Lastminute.com 35 £132.72 (NW) Hold
-


Additional Investment:

No applications were received to purchase any extra units or
to increase monthly subscriptions.


Changes to Rules and Constitution:

The meeting clarified points raised by Keith Burbanks. When
applying for a public share issue One application shall be
made
on behalf of the club by One elected member.

The meeting also agreed on the wording of para 2 of rule 26
ie.
"The election shall be by simple majority vote of those
members
present. If approved, cleared funds . . .".

Website

The website has now been corrected and apologies made.

Share dealing procedures

The fact that we are prohibited from using the bank's internet
terminals for sharedealing does present the club with
something of a problem.

Tim Bentley has kindly agreed to act as principal dealer on
the club's behalf thus bypassing this obstacle.


Bonds

It was agreed that we will do some more research on these and
report back to the next meeting.

Current Portfolio

The meeting agreed to hold on to all current holdings.

This Months Investment Decision

The proposal for Scoot.com was withdrawn.

The vote was as follows

Do Nothing 39
Scottish Power 44
HIT Entertainment 56
Axis-Shield 41
SBS Group 84
Artisan 39
Alizyme 26
Tadpole 70

It was decided therefore to invest £1000 in Alizyme and £500
in Artisan. Tim to deal on Thursday 6th.

Stop Loss Policy

The meeting agreed to suspend the current stop-loss policy in
current market conditions.

AGM

It was agreed to arrange the AGM for an evening during May.
Can I have proposals for dates and venues by Friday 14th April
please.


Estimated Amount Available at next meeting:

Amount Available for
Investment This Month : £3533.74
Less
Alizyme : - £1000.00
Less
Artisan : - £500.00


Plus
Monthly Sub : + £310.00
: £2343.74

Next Meeting:

The next normal monthly meeting has been arranged for
Wednesday 3rd May 2000 12:30 pm in Moseley's Arms function room.
Andy Slinn has kindly offered to chair in Richard's absence.


 

 

 


Griffin Speculators Investment Club

Minutes of Meeting held on Wed 1st March 2000

Present: Jon Kitch, Graham Roy, Richard Poole, Dean Cunliffe,
Nick Walch, Keith Burbanks, Andy Slinn, Julia Smith, Nick
Pollard, Ian Cosford.

Apologies: Andy Taylor, Paul Manning, Neil Hogg, Tim Bentley.

Previous Minutes: Minutes of the monthly meeting of 2nd February
2000 were approved.


Treasurer's Report:

Treasurer reported the following figures :

HSBC : £464.99
Charles Schwab : £110.32
Petty Cash : £ 5.55

Tot : £580.86

Less
Admin. Fund : £22.00
Amount Available
to Invest at meeting : £602.86
(not including sales)

Net Assets : £5202.26
Unit Price : £0.98

Current Portfolio :

Stock No Valuation Decision Stop-Loss

Tesco Ord 5p 291 £491.79 (PM) Hold 170**
Alizyme Ord 2p 659 £626.05 (RP) Hold 69*
Cable & Wireless Ord 25p 102 £1313.75 (RP) Hold 1094
Atlantic Caspian Ord 5p 5079 £406.32 (GR) Hold 6.5
Artisan 3328 £599.04 (NW) Hold 16.3
Axis-Shield 135 £1252.80 (RP) Hold 804

* It was proposed and agreed to adjust the gain/lock on Alizyme
henceforth to 20%.


Additional Investment:

No applications were received to purchase any extra units or to
increase monthly subscriptions.

Investment Decisions:

The meeting decided to invest £500 in Lastminute.com. The minimum
investment and floatation price have not been announced yet but
if the minimum investment is £500 or less then the club will make
application for this value of shares and will sell immediately
on receipt of the share certificate.

It is noted that due to the unusual nature of this investment,
ie. in a floatation only available to subscribers of the service
provided, it will be necessary for the investment to be made on
behalf of the club by a member. This will entail an amendment to
clause 13 of the constitution which will need to be ratified by
more than 75% of the club membership (11 members).

The hon. secretary and hon. treasurer will agree upon a new
wording to go before the club for acceptance.

Julia Smith has agreed to act in behalf of the club in the
purchase of the shares.


Tesco **

The meeting discussed at length whether to sell or to hold Tesco.
The overall sentiment of the meeting was that it was time to sell
but that there was nothing to be gained from selling cheaply
before the next meeting. It was agreed therefore to immediatley
adjust the stop-loss to breakeven (170) and to monitor the share
price on a daily basis adjusting the stop-loss to share price
minus 10p if it rises.


Proshare Subscription Renewal

The meeting agreed to renew this for 2 years at a cost of £54 by
calling on members to make an ad-hoc payment of £5.00 each.


Approximate Amount Available at next meeting:

Amount Available for
Investment This Month : £558.00
Less
Lastminute.com : - £500.00
Plus
Monthly Sub : + £310.00
: £370.00

Next Meeting:

The next normal monthly meeting has been arranged for Wednesday
5th April 2000 12:30 pm in Moseley's Arms function room.