Jarvis Securities Share Price (JIM)

It's no good working oneself up into a lather that will achieve zilch. We all knew months ago that there was an ill wind blowing, then was the time to get out or sit back and wait for the show to begin.

What the hell is going on. Many understood Jarvis was ceasing stock booking and dumped clients onto another broker. Shares were decimated now going up again. Would not touch anything to do with them with a barge pole

What the hell is going on with this company. Dumped their stock booking clients. All can say is glad to see the back of them

VREQ stands for Voluntary Requirement, specifically referring to a regulatory tool used by the Financial Conduct Authority (FCA) in the UK. It signifies a situation where a financial firm voluntarily agrees to specific conditions or restrictions imposed by the FCA, often as an alternative to formal enforcement action. These requirements are typically documented and publicly available on the firm's FCA register entry.

Up 20% today to 21.5p

Rns ...Further to the announcement of 15 April 2025 the Company is pleased to confirm that the sale of its retail execution-only brokerage business by the Company's wholly owned subsidiary Jarvis Investment Management Limited ("JIML") for a total consideration of up to £11m to Interactive Investor Services Limited (the "Transaction") has now completed. The £9m initial consideration is due to be paid to JIML shortly with the remaining £2 million of the consideration deferred for up to c.18 months, and subject to potential adjustment for claims under the sale agreement. Please refer to the Company's announcement of 15 April 2025 for further details.

Outlook

Following the Transaction, the Group now mainly comprises the Model 'B' clearing and settlement service business within JIML (the "Model B Arrangements") and as announced on 15 April 2025 the Group has already begun the process of terminating the Model B Arrangements and closing down its other operations. This process is anticipated to take approximately 15 months to complete.

The Group is now committed to delivering an effective and efficient wind down over the coming months.

As previously announced, now that the Transaction has completed and once the Model B Arrangements are terminated and other operations wound down, Jarvis would then no longer own, control, or conduct any trading business. Accordingly, pursuant to AIM Rule 15 Jarvis would, at that time, become an AIM Rule 15 Cash Shell and would be required to make an acquisition or acquisitions that constitutes a reverse takeover under AIM Rule 14, within 6 months of becoming an AIM Rule 15 Cash Shell. It is currently anticipated Jarvis will become an AIM Rule 15 Cash Shell on the date that all, or substantially all, of JIML's client agreements or assets are transferred to a third party.

At this time, the Directors do not intend to make any acquisitions. Whilst they continue to keep their strategic options for the remaining assets of the Group under review, the Directors currently intend to seek a cancellation of the Company's admission to trading on AIM pursuant to AIM Rule 41 (the "Proposed Cancellation") in due course, with the expectation that, following the lifting of the VREQ, any distributable reserves remaining in the Company at the time of the Proposed Cancellation would then be returned to shareholders. The Proposed Cancellation would be subject, inter alia, to shareholder approval. Further announcements will be made in due course.