Griffin Speculators Investment Club
Minutes of meeting held on Wed 6th September 2000
Present: Jon Kitch, Paul Manning, Nick Walch, Richard
Poole,
Ian Cosford, Andy Taylor, Keith Burbanks, Dean Cunliffe, Pauline
Naylor.
Apologies: Andy Slinn, Tim Bentley, Nick Pollard,
Neil Hogg,
Graham Roy.
New Member :
The club welcomed Pauline Naylor to her first meeting as a new
member.
Previous Minutes:
Minutes of the monthly meeting of 2nd August 2000 were
approved.
Treasurer's Report:
Treasurer reported the following figures :
HSBC : #613.51
Charles Schwab : # 20.58
Petty Cash : # 0.55
Total : #634.64
Less
Admin. Fund : # 32.85
Amount due to
to Invest at meeting : #601.79
(not including sales)
Net Assets : #7333.46
(114.65% of total current cash contributions since
inception)
Unit Price : #1.05
The Treasurer also reported that we have received 52 Envesta
Ord 1p shares in lieu of an Artisan dividend.
Current Portfolio :
| Stock | No | Valuation | 'Owner' | Stop-Loss | Target |
| Alizyme | 960 | £1435.10 | (RP) | 90p | 250p (then sell half) |
| Cable & Wireless Ord 25p | 102 | £1294.56 | (RP) | 804p | Review Jan2001 |
| Atlantic Caspian Ord 5p | 5079 | £343.53 | (GR) | None | 20p (then sell half) |
| Artisan | 6270 | £991.20 | (NW) | 10p | 30p (then sell half) |
| Lastminute.com | 35 | £54.15 | (NW) | None | cover selling costs |
| National Grid | 186 | £999.84 | (IC) | 400p | review Dec2000 |
| Quintain Estates | 403 | £709.37 | (NH) | 130p | review Jan 2001 |
| Vodafone Airtouch | 307 | £875.23 | (AT) | 225p | Sell at 3.25p or higher |
| Envesta | 52 | £14.56 | (NW) | None | cover selling costs |
Additional Investment:
There were no applications to increase monthly subscriptions
or purchase any additional units.
Current Portfolio
After considerable discussion the meeting agreed to hold on to
all current holdings with the proviso that Vodafone would be
monitored carefully and sold once the price reached 325p or
better. It was felt that the money could be invested better
elsewhere but we do not want to take a large loss on the
share.
This Months Investment Decision
It was agreed that a minimum investment of #1000 would be
required for Northern Foods and as we had only #601 to invest
this stock would not be considered this month.
The meeting subsequently considered Rage Software and voted as
follows:
Do Nothing 19
Rage Software 11
It was therefore agreed to purchase #600 (including dealing
costs) of Rage Software.
2176 Rage Software shares have been duly purchased at 26.75p
per share at a cost of #599.99 including dealing costs.
Estimated Amount Available at next meeting:
Amount Available for
Investment This Month : #601.79
Plus
Monthly Sub : + #300.00
Less
2176 Rage Software : - #599.99
AMOUNT AVAILABLE TO INVEST : #301.80
AOB
To avoid problems with non quorate meetings it was agreed to
amend rule 3b of the current version of rules (Version 7 dated
3/5/00) to state "....at a meeting where there is a quorum
comprising of at least half of the current membership." Jon
Kitch confirmed that he would issue a further amended version
(he has been compiling a Word Version) incorporating the change.
Nick confirmed he would send Graham a quick e/mail to confirm
all is OK.
Andy Taylor confirmed he is currently working for HSBC in
GH110.
Next Meeting
The next normal monthly meeting has been arranged for
Wednesday 4th October 2000 12:30 pm in Moseley's Arms function room.