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Started: Malafuster, 13 Jun 2024 09:17
Last post: tenapen, 14 Jun 2024 17:14
Hi Malafuster,
Don't just wait, get proactive and send in a complaint about the delay to the release of the report. Three and a half months late already. Jarvis isn't Barclays with the many different strands to the company, it is but a two bit broker ! that has messed up.
Invisible Person,more like. This is taking forever. Slower than watching paint dry.
Started: Pro4321, 7 Apr 2021 18:41
Last post: Slomo12, 29 May 2024 17:57
Can't agree that Starmer is "intelligent & principled" - he's a wobbler, and I don't trust him. I look at all three leaders of Tory, Labour & Lib Dem and wonder how we have ended up with such lacklustre 'leaders'... When will any of them stand up for British businesses and stop the constant loss of brilliant companies to foreign ownership? They worry that LSE is losing its position but don't see the damage of this constant erosion of ownership. US preaches free enterprise, but wouldn't let it happen there. We are in tricky times in so many areas. God help us all!!
Two thoughts, some takeover action in the sector with HL. I would have thought they wouldn't even consider an offer below £15. The financial services sector looks undervalued to me. A bit ironic as I heard a rumour HL wanted to takeover JIM, maybe that source had their wires crossed. Secondly the early election should help volumes across the sector as people trade the event and the subsequent volatility. I have no concerns about a Labour government, Starmer is intelligent and principled, he will be a safe pair of hands. Reeves comes over very well in her interviews, especially the one on LK (Sunday Mornings).
Topped up here for 61p , looking for buys as cash on acc from a few sales .
1st buy none ISA
Close Brothers Group was a good buy mid February , and better if I had not sold.
Would not of been better to buy into a rise then a drop as posted below mid February , in hindsight.
Passed notes .
15/2/24 up 34% to 70p
Bought in ( Wi ) after Primary bid 8/4/21 Open offer at 250p
1/7/21 @250p then 5/7/21 @249.89
Does anyone know roughly what the % spread on buys and sells is, currently? It was around 7% a few days ago and still seems pretty big (today's buy at 69 and sells at 65/66)
Up a further 13% today to 78p , the spread is 7%.
Maybe better to buy into a rise then a drop .
Close Brothers Group was further down .
Started: Stuartrm, 28 Feb 2024 08:00
Last post: AICapone, 14 May 2024 13:24
Oh I am definitely collecting the dividends here. Just don't want to have too much in any one company. Was just trying to plan ahead what to do with next months pay. Might look into another sector. Perhaps housebuilding.
If your looking for a company in the finance sector, that pays a dividend and there is more upside than downside ! ...... You may as well stick it out with Jarvis.
A; The skilled person / FCA report has to be released at some point.
B; A big name CEO could give confidence.
C; At the AGM, Jarvis asked for permission to buy back shares.
A golden cross or possibilities! Just a matter of waiting it out with fingers crossed.
Oh dear, would have been better to make the switch out of VOD today instead. I suppose its impossible to get it right all the time.
Does anyone know of any other companies in the finance sector that have similar qualities to JIM. I looked at CMCX but it seems I missed that opportunity. Has almost trebled from its low.
I have sometime to do research today as my boss has a day off and it's a slow day at the office.
Thanks to anyone that can help me. There are so many companies to look at I almost don't know where to start.
A few assumptions there, they are accepting new customers/corporate clients, I phoned up and asked. Also if you review previous JIM results it's obvious even to the untrained eye that the profits are not just made up from interest. The rate may go down over the next 6 months, but it won't go back to zero ever again imo, free money is a silly concept and just desperation from the central banks. Obviously the inverse correlation between higher rates and lower investment in risk assets will benefit JIM, as money is less attracted to cash/bonds and more attracted to stocks as the rate drops (boosting trade volumes, top and bottom lines). If only I could find a company that pays out 12%+ in the 5 dividend payments over the next 53 weeks that provides access to risk assets.
I sold my VOD for a small profit and added, the future prospects are better here, the yield is better and going to be at least double next years VOD yield. Also no debt so if the rates only come down 2 or 3 times no matter.
Enjoy the sunshine everyone, it won't last for long, like this bear raid. Lots of love A.I. Capone
Loss of corporate clients (exact number unknown but if they haven't been allowed to take on new business ) then a substantial amount one would think so where's the growth coming from? Reputational damage continues the longer the investigation continues. Interest rates (which contributes to the only profitable part of the business as its cash on deposit) is shortly going to come down. I would like to see some openers and honesty to we shareholders. I would love to buy more and average down but on little to no information from the MD then not willing to risk yet more money.
Started: Mulder, 9 May 2024 10:37
Last post: Mulder, 9 May 2024 10:37
Covered 2x
Started: RudolphToo, 23 Apr 2024 13:46
Last post: RudolphToo, 23 Apr 2024 13:46
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.
Started: looooooooser, 12 Mar 2024 01:29
Last post: barchid, 12 Mar 2024 09:31
A good reason to suspect the results are very imminent is the SP movement, up from 51p on 13 Feb to 81.5p today, 12 March.
Each time bad news came out for Jarvis this past year ro 18 months, the SP had already been slithering down the snakes in front of an announcement yet this time they appear to be on the ladders ?
Last years final results were out on 9 March so they should be imminent although no indication on the company's website
Anybody know when to expect the Full Year results?
I had it down for 07 March, but I have not heard anything since.
Started: DaveT1, 15 Feb 2024 08:37
Last post: Gordonbennett1, 16 Feb 2024 12:55
55% of the float is held majority by the grant family. Leaving a meagre 20m in the float. Any buying and it’s off, £1 seems conservative given the div Reinstatment!
Big Jim making them moves!
Came out of the blue didn’t it! Was not expected and clearer forward guidance would have been appreciated so we know what direction the broker is planning! It could retest around 50 XD or just continue going up but to where 100p with 5% divi! Or are all dumped on another broker and chairman retires. Or we get free transfer out to another broker of choice? Quite a mystery still and not happy about it so
Yep some good news. For me the key question really is whether this indicates a similar or even higher level of dividends going forward, or whether this partly reflects dividends that weren't able to be paid in the previous quarter. Guess will find out fairly soon.
Lovely to see a very strong morning for JIM and LIB....can they both bag very soon....in for a great afternoon....beautiful morning just the beginning
Last post: Gordonbennett1, 16 Feb 2024 12:45
Easy drizzy! Reinstatment of the quarterly div at circa 7p per annum suggests that there’s money being made to distribute!
Huge 80k trade appeared from yesterday too! Small float so should move up now.
Should be back up to £1 today or Monday.
Last post: Discodog, 15 Feb 2024 13:08
#HE1 You can only make large trades over the phone and any trader knows what that means.
Started: Malafuster, 22 Jan 2024 10:35
Last post: Stuartrm, 14 Feb 2024 11:06
RNS on 13 Nov 2023 said "The Phase 1C report is due to be delivered to the FCA, by no later than 28 February 2024. Further updates will be provided as appropriate." So I guess we will get notification that the submission has occurred, or that it has not and hopefully why the date was missed, at about the end of this month.
When do we expect news?
That doesn’t provide much hope for those of us who are not of the faith!
I should have said: ‘like waiting for the Messiah - only slower’
Yes, it's draining waiting.
We need to find a listed ' skilled person' company !.
Looks like easy money and a better cash cow than Jarvis.
Started: Lancastrian-1, 14 Nov 2023 11:05
Last post: edtheeuph, 4 Jan 2024 21:21
This seems to be steadily increasing again now… should we expect an upturn at the end of feb?
The FCA are giving till end of February for brokers to comply. So this means as I see it that Jarvis have not been out of line so cannot see any need for a phase 2 investigation. Admittedly %on idle balances has been important for them in paying dividends on shares.
No surprise - The UK financial watchdog noted that the amount of interest earned by some investment platforms and self-invested personal pensions operators has increased in line with rising interest rates.
It found that the majority of 42 firms surveyed retain some of the interest earned on these cash balances, which ‘may not reasonably reflect the cost to firms of managing the cash’.Many also charge a fee to customers for the cash they hold, known as ‘double dipping’, the FCA said. The FCA said it is concerned that these practices may not be providing fair value to customers and ‘may not be understood by consumers or properly disclosed’.
Bearing in mind Jarvis have failed to pay any interest on any client money for years they will no doubt fall foul of this. With a significant amount of the profit coming from interest they this will surely be a game changer. Add to the mix that the Model B clients have been abandoning ship then can't see how they can remain trading.
Unfortunately, yes. Unfortunately in the sense that there are often large movements in share prices in one direction or the other just before a market announcement is made. Call me an old cynic if you like but I am pretty certain that the movements are based on leaks and not just dumb luck! Thankfully in the case of Jarvis, on this occasion, one might expect the news that appears as if it will be announced imminently will be favourable. I am tempted to add "about time".
With the shares up 14% today is it reasonable to assume that someone might know something ??
Started: DaveT1, 13 Nov 2023 13:36
Last post: Stuartrm, 14 Nov 2023 12:02
DaveT1. Re your question about current market expectations, I found this site which may help. https://www.marketscreener.com/quote/stock/JARVIS-SECURITIES-PLC-4004704/revisions/
Eps 11.8p
Does anyone have a clue what current market expectations are or even were?
I think the FCA need to be investigating the share price shenanigans as much as anything else - then they can let us know what was going on.. in about 3 years time when it's too late.
Still doing business. Just a shame most of it is 'insider' business and as usual the PI's are the ones that lose out.
Poor communication and disgraceful manoeuvering for a company in a privileged position.
Started: looooooooser, 13 Nov 2023 11:15
Last post: Thunderbird2, 14 Nov 2023 10:17
Got to have the money for a buyback. Any free cash is normally paid out in divis in accordance with the articles of association. As per yesterdays statement, more than £1.3 has been spent so far rectifying the probs and I reckon its significantly more - JHC (who supply the system) development costs would not come cheap! Mr Grant needs to come clean and give greater transparency of what exactly is/isnt going on, how many Model B clients have already been lost etc etc. The next AGM will be interesting as I already have a list of questions I would like the answers to.
Whatever -shareholders need to be compensated for the failure to be transparent
Something very unsatisfactory about the way the company is behaving towards its shareholders simply not communicating. Not wishing to add insult to injury but this is not good enough! There ought to be transparency and shareholders advised.
If Jarvis "can't" pay a dividend they should do a share buyback instead.
Very disappointing this. It's going on forever. I have an account with them, and looking at this it seems I'm going to have to go through the nause of moving it elsewhere.
I hope the Non Exec who bought 30000 shares a year ago is as happy as the rest of us poor investors!
Started: DEEDUB, 8 Nov 2023 10:17
Last post: ROCKETVI, 13 Nov 2023 10:25
I have an account with Jarvis but have reduced my trading with them because of the capital gains tax allowance reduction. Mainly use My ISA & SIPP for trades where there is a good chance of making a few £k so that I dont get taxed on anything over £6K profit. Jarvis will continue to suffer customers using them due to this Governments policy of punishing investors sucess.
You've always had to have cash in your ISA before you could deal, and a lot of people with smaller investment pots use their ISA account rather than nominee...
I think that because Private Investors are no longer able to trade without the Cash being in their account Jarvis's annual turnover will be greatly reduced. We were always able to trade instantly & pay within a period of up to 20 days. NO LONGER!
Started: barchid, 9 Nov 2023 08:11
Last post: barchid, 9 Nov 2023 08:11
Their website is still saying that the "latest announcement date" for Q4 numbers is 9 November but no RNS yet today.
Started: Stuartrm, 3 Nov 2023 17:06
Last post: Malafuster, 7 Nov 2023 13:18
Bit of a recovery today
Expecting Q4 update by 9th November, no option but wait and see.
This follows a 10% drop on Friday. Clearly, something is going on - and it doesn’t sound like good news.
The company ought to issue a a proper update about their intentions
Does the large drop today suggest that the "skilled person" report is finished and some have got wind of what is in it?
Started: barchid, 31 Oct 2023 14:52
Last post: Thunderbird2, 3 Nov 2023 08:11
There is no Business Development Director - don't think there's been one for a couple of years.
Taken from Jarvis securities Web page.
Maintain governance structures and processes that are fit for purpose and support good decision-making by the board
The board of Jarvis and JIM comprises the same individuals. The two boards hold separate quarterly board meetings. The board of JIM maintain responsibility for the strategy, stakeholder relationships, regulation and financial reporting of JIM. The board of Jarvis are responsible for corporate governance, financial reporting and dividend policy. The key board roles covering both entities are as follows:
Chairman & Chief Executive - responsible for the strategy and for the day to day management.
Business Development Director – responsible for strategic implementation, on boarding of new regulated commercial clients, relationship management with clients and key suppliers.
Finance Director – responsible for financial reporting and analysis and CASS oversight.
Non Executive Director – responsible for reviewing strategic decisions made by executive directors and ensuring the board act in the interest of independent shareholders at all times.
In addition to the board, Jarvis maintains an audit committee and remuneration committee, the roles of which are detailed below principal 5.
At this stage the Company believes its governance structure is appropriate for its size.
There is no other side of the Group - Jarvis Securities is just the name of the parent company. It doesn't do anything at all so nothing for a finance person to do. More a case of Mr Grant wanting to surround himself with a yes man which is why they have got in this mess.
Maybe a sign that the investigation has concluded !. The FD stayed in his post to help and answer the many questions ! and now it's time for him to depart.
A new FD moved from one side of the group to the other. At least he will know the business.
RNS announcig the FD has resigned with immediate effect and they already have a replacement.
Never a good sign, especially with the enquiry still ongoing but perhaps that was the reason for the weak share price ?
I always felt this could be a takeover target, perhaps that day will come ?
Last post: Thunderbird2, 25 Oct 2023 11:01
So wrong that there's no update - the last announcement back in July told us nothing either. Small firm mentality with a smaller minded, secretive and, by the looks of it, incompetent management team. About time Mr Grant realised there are investors out there supporting the company rather than looking our for himself and his family!
we're up **** creak by the looks of it !.
sack the management.
Well this has been a glum 2 months in JIM !
Time the ‘skilled person’ reported everything resolved!
It has traditionally been a high yielder & the family own a substantial % of the stock so they seem keen on decent dividend payouts, often giving a special divi as well every 2 or 3 years, not that I'm expecting a special any time soon though.
Started: Stuartrm, 22 Sep 2023 07:44
Last post: Stuartrm, 22 Sep 2023 11:46
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.
Started: Thunderbird2, 1 Sep 2023 16:32
Last post: barchid, 14 Sep 2023 12:22
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.
Started: Holden77, 16 Aug 2023 07:07
Last post: Holden77, 16 Aug 2023 07:07
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
Last post: patxd, 11 Aug 2023 22:45
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.
Started: barchid, 13 Jul 2023 08:32
Last post: barchid, 13 Jul 2023 08:32
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.
Started: Stuartrm, 4 Jul 2023 17:22
Last post: barchid, 8 Jul 2023 11:39
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.
Started: Stuartrm, 29 Jun 2023 05:50
Last post: Stuartrm, 29 Jun 2023 05:50
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.