Griffin Speculators Investment Club

MINUTES

Griffin Speculators Investment Club

Minutes of meeting held on Wed 7th February 2001

Present: Jon Kitch, Paul Manning, Nick Walch, Richard Poole, Dean Cunliffe, Pauline Naylor, Andy Slinn, Tim Bentley, Mick Bell.

Apologies: Keith Burbanks, Ian Cosford, Neil Hogg, Andy Taylor Graham Roy.

Previous Minutes:

Minutes of the monthly meeting of 10th January 2001 were approved.

New Member

Mike Bell was formally welcomed to his first meeting.

Treasurer's Report:

The Treasurer reported the following figures :

HSBC : £894.66
Charles Schwab : £ 94.60
Petty Cash : £ 10.55

Total : £999.81

Less
Admin. Fund : £ 32.85
Fantasy Port Comp : £100.00
Amount available to
to Invest at meeting : £866.96
(not including sales)

Net Assets : £7444.48
(90.44% of total current cash contributions since
inception)

Unit Price : £0.82

Additional Investment

There were no applications to increase monthly subscriptions.

Andy Slinn applied to purchase an additional 50 units.

This was approved.

Current Portfolio

Stock	No	Valuation	'Owner'	Stop-Loss	Target
Alizyme	960	£1111.20	(RP)	90p	Sell ½ at 250p
Artisan	6270	£865.80	(NW)	10p	Sell ½ at 30p
Atlantic Caspian Ord 5p	5079	£89.58	(GR)	None	Sell ½ at 20p
Bank of Scotland	171	£1205.34	(PM)	575p	Review 0102
Cable & Wireless Ord 25p	102	£977.40 See Note 1	(RP)	804p	Review Jan 2002
Envesta	52	£0.00	(NW)	None	None
Just Group	4414	£385.20	(RP)	6p	Sell ½ at 20p
Lastminute.com	35	£11.80	(NW)	None	Cover selling costs
National Grid	186	£1135.62	(IC)	400p	Review Jan 2002
Quintain Estates	403	£745.64	(NH)	130p	Review July 2001
Rage Software	2176	£162.08	(AS)	5p	Review July 2001

Note 1
After discussion the meeting agreed to hold on to all current holdings but monitor Cable & Wireless closely and sell if it breached its stop loss.
(Postscript C&W sold on 12/2/01 for £818.28 when stop loss breached).

Note 2

See separate agenda item

Graham Roy

The meeting reluctantly accepted Graham's resignation request.

Graham had confirmed he was willing to be reimbursed over two months. It was agreed therefore to reimburse Graham £750 this month with the balance next month. Treasurer was actioned to write to Graham.

This Months Investment Decision

The meeting did not consider any purchase recommendations this month due to Grahams pay off.

A proposal had been made to sell Rage due to its poor performance. This was debated at length and a vote taken. There was 1 vote to sell and 8 against.

Last minute.com

A proposal had been raised to aggregate any private members holdings (where they wish to sell) and the clubs together and sell in order to recoup some money and save on dealing costs.

The circulated proposal document was agreed and Richard Poole agreed to co-ordinate.

AOB

It was agreed to revisit our stop loss/gain lock policy at the next meeting.

Next Meeting

The next normal monthly meeting has been arranged for Wednesday
7th March 2001 at 12:30 pm in Moseley's Arms function room.

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