Good morning!

Many stocks I'm interested in have reported today.

1.15pm: Scholium (LON:SCHO) is too small while the AO World (LON:AO.) update is in line with expectations and with an unchanged share price, so I have taken them off the list. Everyman Media (LON:EMAN) also issued an "in line with expectations" update today.

Ranger Direct Lending Fund (LON:RDL) (in which I hold a long position) produced its monthly update yesterday afternoon, showing NAV virtually unchanged at c. $183 million (872p at latest exchange rates, I think), with the assumption of a complete write-down of its bankrupt US investment.

It's a little disappointing to see NAV unchanged, naturally, but it's only one month and it was a turbulent period for the fund. 33 basis points of performance was spent on its management review process, and 17 basis points on legal expenses related to the bankruptcy case in the US.

I'm now looking forward to seeing how much value the new directors can realise. Only one of the original Board members is left.

Jarvis Securities (LON:JIM)

  • Share price: 447.5p (-5%)
  • No. of shares: 11 million
  • Market cap: £49 million

Interim Results

This is a company I know something about, as I have been a client for several years. I also briefly (and unsuccessfully) held the shares. It offers retail stockbroking and outsourced back office services for commercial institutions.

I often refer to it as the Ryanair Holdings (LON:RYA) of the stockbroking world. It's a no-frills experience, but it does work. I've never had any problems with customer service. And you'll struggle to find a cheaper service out there, with no management charges.

It's an exceptionally efficient operation, achieving mammoth returns on capital every year for shareholders,…

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