Griffin Speculators Investment Club
Minutes of Meeting held on Wed 7th June 2000
Present: Jon Kitch, Graham Roy, Richard Poole,
Andy Taylor, Neil
Hogg, Andy Slinn, Ian Cosford, Tim Bentley.
The club was happy to welcome prospective new member Pauline
Naylor.
Apologies: Dean Cunliffe, Keith Burbanks, Nick
Pollard, Nick
Walch, Paul Manning.
Previous Minutes: Minutes of the monthly meeting
of 3rd May 2000
were approved.
Minutes of the AGM held on 23rd May 2000 were approved.
Treasurer's Report:
Treasurer reported the following figures :
HSBC : £928.57
Charles Schwab : £413.83
Petty Cash : £ 0.55
Tot : £1342.95
Less
Admin. Fund : £145.00
Less
Provision for Buying Out
Graham : £718.77
Andy T : £181.58
Amount due to
to Invest at meeting : £425.75
(not including sales)
Net Assets : £5949.87
(107.70% of total current cash contributions)
Unit Price : £1.01
The treasurer reminded everone who has not yet paid that he would
like an extra £5 from all members for the admin fund as soon as
possible(if not sooner). He has to recompense Andy Slinn £54 for
the proshare renewal subscription.
Current Portfolio :
| Stock | No | Valuation | 'Owner' | Stop-Loss | Target |
| Alizyme | 854 | £1098.20 | (RP) | 90p | 250p (then sell half) |
| Cable & Wireless Ord 25p | 102 | £1132.44 | (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 | £41.90 | (NW) | None | cover selling costs |
| National Grid | 186 | £1003.56 | (IC) | 400p | review Dec2000 |
| Vodafone Airtouch | 307 | £866.02 | (AT) | 250p | review Jun2001 |
Additional Investment:
No applications were received to purchase any extra units or to
increase monthly subscriptions.
Current Portfolio
The meeting agreed to hold on to all current holdings.
This Months Investment Decision
The vote was as follows
Do Nothing 14
Vodafone 10
It was decided therefore to invest £1000 in Vodafone.
307 shares were bought at a price of 319.5p.
Estimated Amount Available at next meeting:
Amount Available for
Investment This Month : £1326.10
Less
Vodafone : - £1000.00
Plus
Monthly Sub : + £290.00
: £616.10
Formalised Proposal Form
Graham confirmed that he was in the process of designing a form
for the presentation of proposals. The form will enable us to
compare like with like.
Presentation of Current Portfolio prior to meeting
The club agreed that it would be a good idea for the 'owner' of a
stock to present a report to be distributed along with the
proposals prior to the monthly meeting. The information should
incorporate current price, any recent price trends, any new
info/results, proposed change to targets/stop loss.
Graham to knock up a specimen.
Post of Treasurer
The meeting was delighted to hear that Ian would be able to
continue as treasurer.
Voting System
We are all actioned to consider how we might improve our voting
system. It's not that it's broke but can it be improved?
Proshare Competition
Looks like we have missed the boat again, but bigtime. Our
meeting date meant that it was too late to nominate Atlantic
Caspian again (up 18% today). GR to send a carrier pigeon to
Khazakstan asking them to slow down the drilling for a month or
so!
Alternative Venue
The club agreed to give the new management of the Moseley's a
chance.
Next Meeting:
The next normal monthly meeting has been arranged for Wednesday
5th July 2000 12:30 pm in Moseley's Arms function room.