Griffin Speculators Investment Club
Minutes of meeting held on Wed 6th June 2001
Present: Ian Cosford, Paul Manning, Nick Walch,
Richard Poole, Pauline Naylor, Andy Slinn, Michael Bell, Keith Burbanks, Neil
Hogg, Tim Bentley.
Guest: Jon Roddis
Apologies: Jon Kitch
Previous Minutes:
Minutes of the monthly meeting of 2nd May 2001 and of the AGM on 16th May 2001
were approved.
Treasurer's Report:
The Treasurer reported the following figures :
HSBC : £423.95
Charles Schwab : £127.74
Petty Cash : £ 10.55
Total : £562.24
Less
Admin. Fund : £ 32.85
Fantasy Port Comp : £100.00
Total : £429.39
Net Assets : £6460.39
(92.30% of total current cash contributions since
inception)
Unit Price : £0.78
Ian explained that the debit and subsequent credit of the late settlement charge
applied by Charles Schwab to our account was due to the postal strike.
Additional Investment
Ian Cosford applied to purchase an additional 50 units. This was accepted.
5 members confirmed subscription increases to their regular monthly payments
- to be effective from 20/6/01.
Current Portfolio:
| Stock | No | Valuation | 'Owner' | Stop-Loss | Target |
| Atlantic Caspian Ord 5p | 5079 | £38.79 | (GR) | None | Sell ½ at 15p |
| Bank of Scotland | 171 | £1361.09 | (PM) | 790p | Review 0102 |
| Envesta | 52 | £4.55 | (NW) | None | None |
| Just Group | 4414 | £484.50 | (RP) | 8p | Sell ½ at 20p |
| Lastminute.com | 35 | £3.05 | (NW) | None | Cover selling costs |
| National Grid | 186 | £1038.90 | (IC) | 500p | Review Jan 2002 |
| Cable and Wireless | 188 | £847.16 | 420p | ||
| Hilton Group | 500 | £1197.90 | 190p | ||
| Quintain Estates | 403 | £785.94 | (NH) | 180p | Review July 2001 |
| Rage Software | 2176 | £140.32 | (AS) | Review July 2001 | |
This Months Investment Decision
After discussion the meeting agreed to hold on to all current holdings and:
· raise Bank of Scotland gain lock to 790p
· raise Quintain Estates stop loss to 180p
· raise Hilton Group stop loss to 190p
· purchase additional Envesta shares to increase holding to 100 shares (as part
of rights issue) worth £83.45
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.
Agreed that would sell all received at 13/6/01.
AOB
Useful website (with links to bulletin boards & company sites) is www.digitallook.com
Next Meeting
July monthly meeting Wednesday 4th July 2001 at 12:30 pm in meeting room 2.