Jarvis Securities Regulatory News (JIM)

13 May 2008 06:00

Jarvis Securities plc

("Jarvis" or "the Group")

Possible Offer/Dividend payment/Trading update

Jarvis confirms that it has received an unsolicited approach to acquire its only trading subsidiary, Jarvis Investment Management plc, at a valuation in excess of Jarvis's current market capitalisation. The Group is trading ahead of management expectations and in view of this and strong cashflows, the board believes that the approach does not reflect the value and prospects of the Group and has accordingly rejected it. The board is considering its options which could include consideration of a sale of Jarvis.

In light of the continuing strong performance so far in 2008, Jarvis is pleased to declare an interim dividend of 7p per Ordinary share (increased by 75% on the 4p paid for the 2007 interim) to be paid on 25 July 2008 to the holders of Ordinary Shares on the register as at 27 June 2008. The ex-dividend date is 25 June 2008. Taking into account the final dividend paid on 14th March 2008 of 6p per share, this will make the total dividend paid for the year 13p (increased by 100% on the 6.5p paid in 2007). The dividend should not be taken as giving an indication of the Group's likely earnings for the current year.

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the Company confirms that it has 10,800,000 ordinary shares of 1p each in issue and admitted to trading on the London Stock Exchange under UK ISIN code GB00B013J330.

Dealing Disclosure Requirements:

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of the Company, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the Company by the Company, or by any of its respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. 

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

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