Griffin Speculators Investment Club

Minutes of AGM held on Wed 23rd May 2000

Present: Graham Roy, Richard Poole, Nick Pollard, Paul
Manning, Neil Hogg, Andy Slinn, Ian Cosford.

Apologies: Tim Bentley, Jon Kitch, Andy Taylor, Keith
Burbanks, Nick Walch.

Treasurer's Report:

Treasurer reported of the the following figures for the year
ended 05APR2000:

Total Receipts : £9407.99

Total Payments : £5811.82
£3596.17

Represented by:

HSBC : £ 687.43
Charles Schwab : £2908.19
Petty Cash : £ 0.55

Tot : £3596.17


Auditors Report

The auditors report was accepted.


Chairmans Report

The Chairman encapsulated what has been a very interesting and
informative first year of the club. Members concurred that the
club's primary objectives of learning more about investing
whilst enjoying the process, are being met

Particular thanks were given to Andy Slinn and Ian Cosford for
their efforts in setting up the club, to Ian for his efforts
in setting up the book-keeping procedures and to Nick for his
efforts in creating the website.


Election of Officers

All standing officers resigned in accordance with the rules
and constitution.

Richard Poole was re-elected as Chairman
Graham Roy did not stand for re-election and Paul Manning was
elected as secretary. Graham will deputise for the next normal
monthly meeting when Paul will be on holiday.
Ian Cosford was re-elected as Treasurer on the proviso
outlined in the next item.
Nick Walch was re-elected as auditor and Neil Hogg was elected
as the other auditor.
Andy Slinn and Dean Cunliffe were re-elected as club brokers
and Tim Bentley re-elected as reserve broker.


The Deputy Treasurer

Ian was initially reluctant to stand again as treasurer but agreed to
continue in the short term until a replacement can be found.


Stop Loss Strategy

The meeting agreed the benefits of re-instating a stop loss
strategy and the following figures were agreed :


Atlantic Caspian : No Stop Loss
Target 20p - when/if reached sell
half

Cable & Wireless : Stop Loss - 804p
Target Review Jan 2000

Artisan : Stop Loss 10p
Target 30p - sell half

Alizyme : Stop Loss 90p
Target 250p - sell half

National Grid : Stop Loss 400p
Target - review in 6 months


Bonds & Gilts

Bonds were dropped as being impractical and unsuitable. This
left gilts as the 'safe haven in a troubled sea' option.

The price of Gilts is entirely governed by prevailing interest
rates, or rather, the prevailing market expectation of what
interest rates are going to do. When rates are expected to go
up, gilts go down and vice-versa. It was suggested at the meeting
that it was generally thought that UK interest rates may have
peaked. This may already be factored into the prices but there
could be more upside potential.


The meeting agreed that Gilts should not be precluded as an
investment proposal and each proposal should be researched by
the proposer and considered on it's merits as with any other
proposal.


Portfolio Makeup


Nick suggested that we should try to maintain our portfolio in
a ratio of 25% speculative, 25% FTSE100 and 50% FTSE250 by
purchase price.

Although agreed in principal we are now attempting to treat
each share on it`s merits without strictly adhering to percentages.
It was considered that we are becoming more self-regulating -
hence the purchase of a Blue Chip company (National Grid) last month
in an attempt to bring balance to the portfolio.


Other Business

The meeting agreed that the cost of the AGM be met from club
funds.


Andy Slinn advised of an Investor's Toolkit - normal price £35
- which he found at the investment seminar he recently attended.
This comprised amongst other things, forms with the
information necessary to facilitate the comparison of investment
proposals.

We could save the club £35 by adapting the examples provided.
GR actioned to investigate this.


Neil to draw up a list of members for TechInvest.


Paul raised the issue of new members and it was pointed out
that it was very likely that we would shortly lose 2 members. The
meeting concurred that the optimum membership level was about
14. It was agreed that whilst it was not necessary to launch an
aggressive recruitment campaign, members should bear it in
mind.


All members are actioned to investigate an alternative venue
to Moseleys. Most agreed that Moseleys was about to breach both
the inertia and convenience thresholds. There was little
enthusiasm for a meeting room as a venue so it would be good if we could
come up with an alternative at the next monthly meeting.


The meeting agreed that it would be necessary to top up the
Admin Fund. All members are therefore asked to contribute £5 to the
treasurer at or before the next meeting.


Next Meeting:

The next normal monthly meeting has been arranged for
Wednesday 7th June 2000 12:30 pm in Moseley's Arms function room.