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Apologies for being a "Jarvis Bore" but the offer at 170 has been taken leaving them another 4% up today, at present.
Surely there is news/RNS imminent ?
The director's purchase 10 days ago at 135p was certainly well timed as with market a tad lower again JIM are 160-65.
Hopefully we will see some news soon from the "trusted person".
Todays move through to 156 makes little sense. There is very small volume.
I can only assume there is a big buyer trying to accumulate stock.
I am tempted to add again but common sense warns me against buying a low volume trend.
I guess that shows I am not too rampy a holder here! Lol!
Usual caveats
Trek
Trek
And it edges up again today again, perhaps someone could pop down to the Costa Coffee in Tunbridge Wells to hear what they are talking about !
It is a remarkable recovery so far, as a full up holder I am very pleased to see it so.
If the guy on site is blabbing about how it’s an easy systems fix and nothing to worry about then those close could be buying. Insider knowledge, for sure but it’s small change here and would be so difficult to prove.
I did think about grabbing more but tbh I think 150 seems to be the top of the bounce on the chart so would rather wait at this level but may add if it drips back.
Usual caveats
Trek
If I were a cynic, the way the JIM share price has eased upwards over the past week or so could give me the impression that someone knows something...
Of course, not being a cynic I would never suspect such a thing...
Amazed and befuddled at the communication. I guess we have to wait for November and the dividend declaration.
Is Middleton a new boy ?
I agree with your 4 points, we are currently being fed like mushrooms, however a director purchase, in market not through board options has to be good news, the only problem is we don't know just how good !
Must say I don’t know what to make of that director buy…
1. We have had a poor RNS insofar as lacking substance and transparency
2. The director buying should have the same poor info as us so it doesn’t make sense
3. He has better info than us, obviously, so why haven’t we been told
4. It’s a signal to us poor old PI’s that the sp has overreacted to news.
Pick a narrative….
I fed back in at around 118. Looking to add more but sat on hands atm… see where it settles
Usual caveats
Trek
Note that a director bought a tenner today at 135p
Good news eh ?
... and there was me thinking, after the peer to peer debacle, that "FCA skilled person" stood for someone who didn't have a clue what they were doing or who they were supposed to be protecting (and becomes Governor of the BofE to boot!).
We seem to be trying to creep a little better....
A very long way left to go though.
barchid thanks
thank goodness for Google but usual for the finacial industry. They can't put anything in plain english!
Opti
Google "fca skilled person" and it gives you the answer which is way too involved to put on this BB, but one is used if the FCA are unhappy with something or need clarification on a matter.
I am not in this share but they are my broker via X/O I have no concerns about that. However this is an odd RNS
What actualy is a skilled person, far too ambiguious?
Clarity is needed.
Good luck all
Mala
I think you are correct, but this is AIM so I wouldn't bet the farm on it...
Until we have further clarification as to the actual issue and the fix for it one has to be aware that this company had an impeccable reputation for efficiency in handling other companies accounts, compliance etc, and that reputation is, until we have these details, somewhat tarnished.
I think we’re seeing profit taking this morning. I certainly hope that’s what it is, as I have bought more at 112p.
This is a fundamentally sound business. It has got to be a good long term investment.
This morning I bought 10,000 shares at 107.00 and then a further 1998 at 108.5. I’m still heavily down on my large holding , but the trend is in the right direction, the dividend is soothing, and I’m assuming the shares are exempt from iht. As I’m 80, this is a highly relevant factor for me.
Well done on the golf, & on JIM !
Sadly my bottom fishing was a bit higher than yours at 111, but I have left a limit on which is close but not triggered yet so I'll have to hurry up & wait.
I concur re the lack of posts after this movement, I guess rising markets generate more noise on BB's than a dismal RNS !
Hi barchid,
Thanks…Yep happy days 2nd on countback with 39pts!
Just logged in and sold my JIM’s for 20% profit!
I thought there would be more clarity today but not yet. Couldn’t t resist banking the winnings as can always have another go later if it drifts back. If not I don’t mind paying more for surety if divi is ok.
From 120 I think 110 is as likely as 130 so decided to cash out.
Good luck whatever you decide. I am amazed that there are so few posters here especially after that news!
Usual caveats
Trek
Trek
I trust your golf went well ?
On a more serious note, given that hindsight is 20/20, if you look at the 3 month historic chart it does look as though some people could have been aware of an imminent issue from the start of July, especially when you see some of the volumes.
Just thinking out loud...
Hi barchid,
My money is on an RNS Tuesday, pity I will be golfing early so won’t be able to sell into any spike but like you I think it will pull back up from here.
On a fourth read I think they have a systems compliance issue. Sometimes it can just be a naming convention or could be a regulatory process. That to me seems more likely than loosing an account.
There’s a guy on site going through it all. Probably looking for a fix but in the meantime JIM can carry on but if there is an activity that conflicts with their regulatory process they run it by the FCA for transparency.
Remember MiFID2 on the LSE. All the upgrades etc. Its possibly a conflict along those lines. The regulatory process is very complex for these trading companies.
As it’s intimidated it’s one person and a timescale is indicated 3-6 months…
“ JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted as soon as possible”
It indicates it’s resolvable, probably software so no big expenditure or hardware outages.
I get the ‘brand impact’ but when it’s done it could be a positive. I mean I would be left wondering what it’s all about if I held HL, CMCX, AJB etc… I wouldn’t be surprised to see others spooked if/when more is known.
It’s likely they would withhold the divi until an outcome is known. But if as Monty says they self reported there may not even be a fine. As I said the FCA’s aim is compliance not necessarily fining.
Anyways all guess work for now…
Usual caveats
Trek
We don't know what the issue is but for an independent expert to be appointed there may have been a discovery of missing assets; books show an asset but it was not there when physically 'looked for'.
I always thought of Jarvis as extremely well run and efficient. I suppose it is possible that formal controls were not applied sufficiently rigorously - a bit too tough on the overhead.
IMV It is quite likely the issue was discovered by the management and reported to the FCA (hence they became aware!) and the "Skilled Person" (SP) agreed with them (probably a bit less expensive than PWC or KPMG). Clearly no-one will make any formal statements of what occurred until the SP reports. That is why the dividend may be under threat, depending on how much available liquid assets, if any, have been lost. If it turns out to be small, and control is easily implemented, the the FCA will likely allow it on the recommendation of the SP. If the loss is material, perhaps not this time.
For me it is disappointing, but a 40% drop looks too high unless the solvency of the whole business is under question. Even if it requires a new cash injection, there should be value in a business that has been producing such a large return on capital and healthy dividends over the years. But it would be a bad time in the cycle to be looking to refinance.
So I'm sitting tight and awaiting the outcome.
My average comes out at 98p! That’s a yield of 12.23%! Lol!
I will be delighted if it stays at 98p and amazed if the 12p divi (3p quarterly) is held but you never know. I am getting over 10% at DEC. It does happen!
Nothing ventured….
Usual caveats
Trek