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Yes, looking again, i used the total cost of the shares to me as the divider, which got me to that yield figure. If we used the share price today in respect of the divis paid over whole past year, the yield is more like 9%. Could be a value trap, but we shall see.
I added up what I had received from JIM in my ISA records over the last 12 months and divided by the value. I may have got it wrong. But it's been noticeably one of the higher sources of cash coming in, alongside VMID and HPRO. I mostly hold dependable ETFs of various sorts, but reserve an allocation for a few chosen companies, of which this has been one.
Freedom
I agree, I've also topped up today but at a little higher than your price, sadly.
I do think that you are being much too harsh on the divi at 4%, the historic is 9.78% by the FT but if each quarterly divi is the same as the recently reduced 3rd interim which is now 2.25p it is not unreasonable to suppose the divi will be 9p for the year which at the current price is a shade over 8% yield.
Morningstar are also forecasting a reduced divi but they are suggesting 9.6p, given the cash JIM are making from their customers non interest bearing accounts they should still have a healthy year coming up with base rate over 5%.
Also worth bearing in mind that it is quite shrewd to show a divi cut/bit of pain when you are being looked at by the FCA.
Not sure really what this model B stuff means, but I haven't seen any indication the company going out of business, and the dividend yield has been close to 4% by my reckoning, so I increased my investment today. The 1000 shares bought at 9:39 (listed as a sell) was me.
Thanks Malafuster. I must admit I missed it when scrolling down the RNSs. I probably should not post at 02:44 local time when I can’t sleep.
Did you not notice that there was a further update on 4 July? The matter drags on, and the skilled person’s fees no doubt continue to mount.
On 31 March 2023, the following RNS was issued.
“RNS Number : 8389U
Jarvis Securities plc
31 March 2023
31 March 2023
Jarvis Securities plc
("Jarvis" or "the Company")
Company Update
The Board of Jarvis provides an update on the Skilled Person review as announced in its update on 16 September 2022.
The Skilled Person continues with its review of the systems and controls of the Company's subsidiary, Jarvis Investment Management Limited, and its associated recommendation work, pursuant to s166 Financial Services and Markets Act 200 ("FSMA") ("Skilled Person"). The Skilled Person is currently conducting the review and testing, as part of the second stage of its work originally agreed with the FCA.
The voluntarily agreed restrictions, as set out in the previous update, remain in place. JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted on its impacted Model B clients as soon as possible.
The Board will provide a further update in due course and within the next three months.”
We are now approaching six months. Surely we should receive something from the BoD.
Traditionally the SP has always risen after divi payment presumably on reinvestment by some into more shares, but this rise is way more than divi reinvestment might implicate, either they dropped too far too fast (possible) or there is something brewing.
Hopefully, as a holder, the latter...
Or - a reassuring report by the incredibly leisurely (and expensive) expert person is imminent that will spark a much steeper rise?
Puny volumes indeed.
I was NT to buy £1k at market this morning. A similar sized buy at 118.95 has been reported this afternoon, which is way over the recent market price.
My hunch is that this SP rise will be unsupported by the end of this week. I would love good news to break but, otherwise, I see no reason for a spike above the fair value of 100p/105p imho.
Any other views would be most welcome.
D
Puny volume - but rising.
I've given up posting on LSE, but.....
People soon forget the good times. I've been in Jarvis for five year and now use them as my main broker. In that time we have had cash back out of the company coffers, special dividends.
At the moment I'm £3000 down.
I've had £4350 profit from a bit of trading.
I've had £1150 Dividends.
Probably won't be buying any more, even at these prices, but won't be taking those losses either.
I must admit, I'm also considering cutting losses here, unless someone can convince me otherwise that some good news is coming up?
Ever get the feeling there's a large seller out there? Every time a few purchases lifts the price a large sale comes along. I would say the market makers are supporting the price. Thoughts?
I don't think we will ever make any money investing in JIM? It seems to be run solely by and for the purpose of Mr Gr#@t and his family. If JIM is still being advised how to run their operation, within the rules of the FCA, and have lost model B firms because of apparent poor controls then Mr Gr#@t is the one responsible for all this?
You are better off investing elsewhere IMHO.
DYOR
Disappointed with this company for now.
Think it’s very much a question of what’s not being said. I suspect the years of corner cutting are finally coming home to roost! JHC who supply the system are neither quick nor cheap when it comes to making changes either. It won’t be long before investment account holders as well as the Model B clients also start demanding some interest on the cash that’s being held on their accounts.
Dave
I agree, there is a consistency in their brief & not terribly illuminating updates, which is less than encouraging, it is a surprise to me that they are guiding us lower as you would think the interest rate hikes would have taken up the slack in less activity.
As to the rise in costs re the investigation of the trusted person, this is a surprise that we weren't guided on this earlier than now.
All in all a disappointment today.
I wonder what the current market expectations are? How far below them are we? How much unexpected overspend on the review - and why? The information JIM puts out for PI's is worse than useless.
You would need to actually work for JIM to have any clue as to what the script is but they keep on trotting out the quarterly dividends so I'm holding.
To save anyone looking it up, the dividend last year was 3p so the drop to 2.25p this year is not encouraging.
I thought these looked encouraging, certainly no shockers in there that I picked up, trading volumes low, as we guessed, but made up for by higher interest rates.
Stuart
Given the time this is taking my best guess is that the 3rd parties who use Jarvis platform & clearing etc under their own name are causing this issue. If, for instance, one or two of these 3rd parties were a little sloppy with selecting their own customers this would flow back to Jarvis hence the need to look right through their systems & into 3rd parties.
If this was a JIM only issue my guess it would have been cleared up some time ago as from my experience they KYC, but it is much more difficult to if the customer has been approved by a 3rd party.
Just my take on this but it seems logical.
The RNS today has given an update on the skilled person review. My reading is that it basically says Javis has work to do, which will be done with the skilled person and the FSA. Jarvis hope to finish that work by the end of the year. The RNS does not, however, provide details of what is needed and what the mpact of the work will be, so we (the shareholders) remain pretty much in the dark. This siggests that the shares will remain decalmed for another 6 months or so.
An RNS at the end of March read as follows
“31 Mar 2023 07:00
RNS Number : 8389U
Jarvis Securities plc
31 March 2023
31 March 2023
Jarvis Securities plc
("Jarvis" or "the Company")
Company Update
The Board of Jarvis provides an update on the Skilled Person review as announced in its update on 16 September 2022.
The Skilled Person continues with its review of the systems and controls of the Company's subsidiary, Jarvis Investment Management Limited, and its associated recommendation work, pursuant to s166 Financial Services and Markets Act 200 ("FSMA") ("Skilled Person"). The Skilled Person is currently conducting the review and testing, as part of the second stage of its work originally agreed with the FCA.
The voluntarily agreed restrictions, as set out in the previous update, remain in place. JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted on its impacted Model B clients as soon as possible.
The Board will provide a further update in due course and within the next three months.”
If the RNS is correct, an update is due today or tomorrow.
3 Massive investors now that divi instated