Griffin Speculators Investment Club

MINUTES

Griffin Speculators Investment Club

Minutes of meeting held on Wed 7th March 2001

Present: Jon Kitch, Paul Manning, Nick Walch, Richard Poole, Dean Cunliffe, Pauline Naylor, Andy Slinn, Tim Bentley, Mick Bell, Ian Cosford, Neil Hogg, Keith Burbanks.

Apologies: Tim Bentley, Andy Taylor.

Absent: Dean Cunliffe

Previous Minutes:

Minutes of the monthly meeting of 7th February 2001 were approved.

Treasurer's Report:

The Treasurer reported the following figures :

HSBC : £415.95
Charles Schwab : £918.11
Petty Cash : £ 10.55

Total : £1344.61

Less
Admin. Fund : £ 32.85
Fantasy Port Comp : £100.00
Graham Roy payment : £202.70

Total : £1009.06

Net Assets : £6929.23
(94.50% of total current cash contributions since
inception)

Unit Price : £0.84

The Treasurer advised Graham Roy's final payment of £202.70 would be made this month.
Additional Investment

There were no applications to increase monthly subscriptions or purchase additional units.

Current Portfolio

Stock No Valuation 'Owner' Stop-Loss Target
Alizyme 960 £1130.40 (RP) 100p Sell ½ at 250p
Artisan 6270 £677.70 (NW) 10p Sell ½ at 30p
Atlantic Caspian Ord 5p 5079 £89.58 (GR) None Sell ½ at 20p
Bank of Scotland 171 £1249.36 (PM) 600p Review 0102
Envesta 52 £17.79 (NW) None None
Just Group 4414 £484.50 (RP) 8p Sell ½ at 20p
Lastminute.com 35 £6.90 (NW) None Cover selling costs
National Grid 186 £1046.34 (IC) 500p Review Jan 2002
Quintain Estates 403 £745.64 (NH) 150p Review July 2001
Rage Software 2176 £140.32 (AS) 5p Review July 2001
           

This Months Investment Decision

After discussion the meeting agreed to hold on to all current holdings and attempt to build up monies to approximately £1500 before looking at a further purchase.

Last minute.com

Richard Poole confirmed he was progressing with the last minute.com sale proposal.

Dealer cover/Address for correspondence

General discussion held. It was agreed to leave as present.

Stop loss / Gain lock policy

This was revisited. Revised figures incorporated in table above.

AOB

Richard Poole advised that Andy Taylor may tender his resignation soon due to his changing circumstances.

It was agreed to hold our AGM in the third week in May (see below).

A general discussion was held about the potential to raise minimum monthly investment to £25 for all members (new members after 12 month period). Consideration may be given to lump sum investments at bonus time. It was agreed that all would consider and discuss at next meeting. It was pointed out that this would require changes to the constitution/rules.

General point made about encouraging new members to join.

Nick Walch agreed to circulate details about the Proshare seminars.

Next Meetings

The next normal monthly meetings have been arranged for Wednesday
4th April 2001 and Wednesday 2nd May at 12:30 pm in Moseley's Arms
function room.

The AGM has been arranged for Wednesday 16th May 2001 at 12.30pm in
Moseleys Arms function room.