Are there any Jarvis Securities clients on here

Jarvis Securities (LON:JIM)

• I have quite a large position here precisely because I think the interest income is being overlooked.
  
  
• x-o state this in their T&Cs:

"Interest accrued on sterling Account Money not immediately committed for investment shall be calculated monthly at 1% below the published HSBC standard current account rate"

• I found zero interest being paid on the HSBC standard accounts, which looked odd.
  So I messaged HSBC and they confirmed this was correct.
  
  
• In theory therefore, no interest should be being paid to customers right now.
  Even if HSBC increased their standard account interest rate to 1%, Jarvis would still pay zero out to customers.
  
  
• I would hope that Jarvis Securities (LON:JIM) are therefore receiving net interest somewhere between 3.0% and 4.0%.
  
  
• The cash balance at the end of H1 2022 should have been £330m (calculated forward from the 2013 interim report - thank you again to the person who posted that!)
  
  
• I am prudently assuming that this dropped to £300m at 2022 Year End with a rise to £320m by the end of this year i.e average FY23 balance = £310m
  
  
• £310m * 4% = £12.4m interest income in FY23.
  
  
• For context the interest income in FY21 was £4.5m.
  
  
• The current Market Cap = c£70m, so I think that the interest income alone justifies a much higher re-rating...assuming the FCA find nothing from the audit currently taking place. Nothing yet.

I use xo (part of Jarvis) and the answer is no. I also have an a/c with ii and yes: