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Nice one, thanks for the advice. I will continue to monitor the three companies I have on my watchlist for next week. JIM could go a lot higher if the investigation is less bad than anticipated and/or the dividend is maintained or raised. VOD I like the buybacks and dividend for the upcoming year, but not the debt. BT has a issues as well, but in the long run it must be worth more than the current MCAP and the dividend is quite good also. I only have enough cash to add two positions from these three, but can add some riskier shares to my portfolio as I am well up on my other trades at the moment and they are all more reputable FTSE 100 companies. I can't see BATS or HSBC doubling anytime soon though, nor any of the others. That is why I am interested here and in the other two, slight inclination toward JIM and BT atm, might do a half position in each and then make the strongest horse the full position when more certainty has appeared. I have the weekend to think about it. Thanks for your help.
I don't think I would start investing here until the final result of the 'Skilled Person' investigation is complete.
There is little or no information from the company and we are not really sure whether the next dividend will be declared or not.
I would say there are probably much better (and safer) options out there for a stake in Financial Services.
Bit disappointing no one can make a case for investing in this company, I have decided to wait until the next dividend is declared. I would rather pay a few pence more and be sure the company is back on track. I have the 9th of May for the next dividend declaration, is that correct? Many thanks to anyone that can be bothered to reply.
I'm fairly new to share trading. I want to build a portfolio with different sectors to spread my risk. I have copper mining, gold/silver mining, banking, supermarket, insurance, and tobacco already. Now I am looking for something in the financial services sector. This one seems to offer a nice dividend and looks to be near the bottom of it's trading range. Does anyone have any thoughts about if this will be a good company to buy into?
The retirement? Not a fundamental difference, still CEO. Think only fundamental when he dies what happens with the family holding and whether they want to continue in this business.As long as he is a CEO would think has a big interest in the recovery of this business and recovery of the share price.
Lots of questions answered, by a holder who attended the AGM, over on the other place.
I just spent some divi money on more shares and showing as a sell.
Because I would dearly like to get my money back on my investments Reebus - this seems more and more unlikely given the way the company is being run. As for Grant retiring, its about time but suspect its unlikely to be any time soon.
Is today's RNS an indicator to sell , or just day to day normal activity? Mr Grant is certainly at normal retirement age, even a bit beyond it, so I don't see much in this RNS to scare the horses. I'm not complacent and watch the news about the company closely. But very few trades today, and the share price hasn't really moved. And I hope it doesn't before my ISA B&B takes effect.
@Reebus
But now the major shareholder is "retiring" according to todays rns perhaps we are deeply in the brown stuff ?
so why, thunderbird2, not sell your shares (if you have any) and look for pastures new, rather than ****ging the company off in here. whilst recent developments are troubling i agree, i spent £7k on these shares in 2006, since when they have repaid me with dividends way over my purchase price and have provided capital growth as well, even at the current price. i'm using the opportunity, both at the end of the last tax year and the start of the new one to get my holding into my isa, with cgt being a pita. but at least i i've got a couple of dog holdings to offset the cgt.
Poor, penny pinching management and an FCA investigation are not the keys to a fundamentally sound business. Increasing costs, declining revenue, corporate clients leaving in droves and no plans for growth (and interest rates predicted to come down this year) lead me to believe this is a company in crisis with a complete lack of direction.
The published annual accounts provide a little more commentary depth to the RNS. Still remains a fundamentally sound business. Will continue to spin off cash.
@Malafuster - platforms in general are having to rethink their business models. Some 42 are being targetted by the FCA for one reason or another. Even Vanguard was double dipping by charging a fee on cash balances while not offering interest. The last RNS suggests Jarvis are changing their business model. Cost of upgrading software, as one example, may outweigh any commercial benefits. Jarvis only charged a lowly fixed fee on their SIPP. Interest on cash balances offset the administrative costs of the product.
Malafuster - I wouldn't be so sure. If they get a clean bill of health from the skilled persons report maybe it's a good time to buy. If they do not and the skilled person suggest perhaps enhancing systems & controls, the costs associated with that, FCA might insist on remedial action and possibly fines this could turn out badly.
Unless JIM are going bust, which I very much doubt, it has to be a huge bargain at current sp, doesn’t it, particularly if the dividend is maintained at anything like its current level? Views?
Good information barchild,
I've taken the DRIP for over a decade and boasted about compound investing how clever I was. Turns out I have been the DRIP .
Such a great cash cow of a company JIM was, turns out it's a three legged donkey
Thunderbird
I stand by what I posted.
I do have a sharedeal active account which is why I knew that the normal transfer fee is £18 inc vat, however, if you request Jarvis to distribute your dividends on a quarterly basis it is free, note just for dividends, not the sale proceeds of a transaction which is still £18.
All you need to do is to phone them or email ;
payments@jarvisim.co.uk
with your instructions and bank details and it will be done.
Try it, you'll save yourself some money !
Results held no great surprises. Anyone been buying the stock today?
Barchid you are completely wrong with regards to cash withdrawal fees as it depends on the account you have.
Sharedeal active charge is £18 incl vat per withdrawal NOT per 1/4!
On an X-O account its free.
Some of their older ISAs may do something different including charge a % management fee rather than a fixed price (or non at all with X-O).
The problem here is that too many clients are being charge different rates for the same or very similar service, all based around the same underlying JHC platform, as used by the likes of AJ Bell.
Seems as if Jarvis are moving away from the consumer market and focussing on the Corporate. The consumer market is going to be dominated ultimately by a handfull of suppliers. Be a pain to move my SIPP. Though have enjoyed many years of it being fee free. So can hardly complain.
Holden
Your point about retained interest is well made but there is one thing that is in Jarvis' favour & that is their treatment of customers is much better in that ALL dividends received by them on a customers portfolio can be, at the customers request, be distributed to the customer' bank a/c free of charge (their normal bank transfer fee is £18 inc vat) each quarter.
To my knowledge their competitors are not doing this (yet) and it might be a good enough action for JIM to be treated favourably by the FCA when they start fixing rules to make platforms give up this "free money".
Why on earth would II or anyone else with existing infrastructure want to buy them? They only need the client base which they could probably get anyway with an attractive offer. Interesting Grant says makes reference to interest on uninvested cash which has seen a significant upturn - well it doesn't take a genius to work out interest rates should be coming down this year which will affect the bottom line accordingly ! As for closing SIPP business - I wonder if he will try and charge the clients an exit fee as I for one will be putting in my complaint to the FCA if he does!
Also, I believe the FCA wrote to all CFO's last year wanting evidence that it was the customer and not the firm who was credited with the interest on cash deposits and not the firm?
May be someone can clarify if this applies to Jarvis being an execution-only broker?
For example, and as a very basic calculation.....
if a client had £50k cash on deposit for one month at say 5% they should be credit with approximately £208.
(£50,000 x 5% = £2,500 per annum or £208 per month).
If Jarvis has kept all of this 5% which contributes to their overall profits, is this fair? Surely, any credit interest on cash deposits, for clients, should be credited to the client...less say 0.5%/1% to Jarvis?
IF the FCA are going to force Jarvis to credit clients with their backdated credit interest, this will not be good?
Apologies if this has been discussed and answered previously - Thoughts please?
I didn’t see a follow up re the cut in dividend. Going forward, is it still at 18+%?
The results are now out and the trusted persons review which should have been handed in by 28 Feb is now delayed 2 months.
Also exiting the SIPP market which I find surprising, all in all I guess they could now be a target for II or someone similar ?