Griffin Speculators Investment Club
MINUTES
Griffin Speculators Investment Club
Minutes of Meeting held on Wednesday 6th October 1999
Present: Andy Slinn, Jon Kitch, Graham Roy, Julia
Smith, Tim
Bentley, Andy Taylor, Richard Poole, Ian Cosford, Dean Cunliffe,
Neil Hogg, Nick Walch.
Apologies: Paul Manning, Richard Dakin, Dean Cunliffe,
Nick
Pollard.
Previous Minutes: The minutes of the meeting of 1st
September
were approved.
Items Carried Forward : The following items are yet
to be
resolved and so are carried forward:
Stop-Loss/Gain-Lock Mechanism
Emergency Meeting Procedures
Sectors
Evening meeting
How to build a larger pot (funds available for investment
that is!)
Treasurer's Report:
Treasurer reported the following figures :
Midland Bank : £328.25
Charles Schwab : £ 31.91
Petty Cash : £ 5.00
Tot : £365.16
Less
Admin. Fund : £27.00
Amount Available
to Invest at meeting : £338.16
Net Assets : £2103.10
Unit Price : £0.90
Current Portfolio :
Stock No Valuation Decision
Tesco Ord 5p 291 £526.26 Hold
Marks & Spencer Ord 25p 98 £299.58 Hold
Alizyme Ord 2p 659 £209.06 Hold
Thornton Ord 10p 351 £704.55 Hold
Resignation:
The meeting reluctantly accepted the membership of Richard Dakin
who tendered his resignation because his current working
arrangement were making attendance difficult. His resignation
will be effective from the meeting due to be held on November
3rd and his holding will be reimbursed as soon as possible after
that date.
Standing Agenda Item:
The meeting agreed that there should be a standing agenda item
"Additional Lump Sum Investments / Increased Monthly Payments".
Members wishing to make an additional lump sum payment or
increase their monthly payments may do so at the normal monthly
meeting. This item should immediately follow the treasurer's
report.
The secretary will amend the rules accordingly.
Additional Investment:
An application to purchase an extra 100 units by Andy Slinn was
unanimously carried.
An application to purchase an extra 100 units by Tim Bentley was
unanimously carried.
An application to purchase an extra 100 units by Ian Cosford was
unanimously carried.
Increased Monthly Subscription
It was omitted from last month's minutes that Julia Smith applied
to increase her monthly subscription by £10 effective from
September 1999.
Ian Cosford has applied this month to increase his monthly
subscription by £10 effective from October 1999.
Investment Decisions:
The meeting decided to vote on 2 options only - do nothing or
increase our exposure with Marks and Spencer.
The meeting voted to invest a further £600 in Marks & Spencer.
181 shares purchased at 320.25 pence per share - total cost
£597.55.
Proshare Monthly Competition
Members were requested to make their recomendations for this
competition at the normal monthly meeting. It was felt that we
could just make the deadline if it is faxed off on the afternoon
of the meeting.
Approximate Amount Available at next meeting:
Amount Available for
Investment This Month : £338.00
Plus
Additional Investment from A Slinn : + £90.00
Plus
Additional Investment from T Bentley: + £90.00
Plus
Additional Investment from I Cosford: + £90.00
Plus
Monthly Sub : + £310.00
: £918.00
Less Marks & Spencer Purchase : - £600.00
= £318.00
New Member
Keith Burbanks has applied to join the club and his application
was accepted by the meeting subject to payment of the initial £55
joining fee. This will be with effect from 20th October.
Next Meeting:
Wednesday 3rd November 1999 12:30 pm in Moseley's Arms function
room.