REG - Jarvis Securities - Dividend and Company Update

Jarvis SecuritiesAnnouncement

13/11/2023 13:00

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RNS Number : 2674T  Jarvis Securities plc  13 November 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

Jarvis Securities plc

 

("Jarvis" or "the Company")

 

DIVIDEND UPDATE

COMPANY UPDATE

 

 

Dividend Update

In line with current market expectations, the Company confirms that it is not
declaring a fourth quarter dividend (total interim dividend for the twelve
months ended 31 December 2023: 8.75p).

 

Company Update

The Company also provides a further update on the skilled person review
announced on 16 September 2022 (the "Announcement"). The Company advises that
pursuant to section 166 of the Financial Services and Markets Act 2000
("s.166") ("FSMA"), an additional review (known as phase 1c) ("Phase 1c") is
required by the FCA to be undertaken in respect of its subsidiary, Jarvis
Investment Management Ltd ("JIML") . Phase 1c will review JIML's approach to
uninvested client cash, interest retention and term deposits. The voluntarily
agreed restrictions on new Model B business and assets, as detailed in the
Announcement, remain in place.

 

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.

The FCA have also provided additional direction for the pre-existing Phase 2,
if required. This phase would include a review and assurance report on the
remediation work undertaken by JIML on the matters raised in any of the s.166
reports. This review may be required before the voluntary restrictions on
JIML's new business and assets can be lifted.  As previously announced,
whilst these restrictions remain in place dividends payable by JIML to the
Company, and therefore dividends payable by the Company, may be reduced and or
delayed.

 

Finally, the Directors confirm that the costs associated with the s.166
process, including reports and remediation work, are expected to exceed £1.3m
in the current financial year (for the twelve months ended 30 December 2023)
(unaudited). Further updates will be provided, as appropriate.

 

Despite these challenges, Jarvis continues to trade in line with current
market expectation.

 

Enquiries:

 

Jarvis Securities plc 01892 510 515

 

Andrew Grant

 

WH Ireland Limited 0207 220 1666

 

Katy Mitchell / Darshan Patel

 

Notes:

 

Jarvis Securities plc is the holding company for Jarvis Investment Management
Limited (AIM: JIM.L) a stock broking company and outsourced service provider
for bespoke tailored financial administration. Jarvis was established in 1984
and is a member of the London Stock Exchange; a broker dealer member of Aquis
Stock Exchange, authorised and regulated by the Financial Conduct Authority
and an HM Revenue & Customs approved ISA manager. As well as normal retail
broking Jarvis provides cost effective and flexible share trading facilities
within ISA and SIPP wrappers.

 

Jarvis provides outsourced and partnered financial administration services to
a number of third party organisations. These organisations include advisers,
stockbrokers, banks and fund managers. Jarvis can tailor its administration
processes to the requirements of each organisation and has a strong reputation
for flexibility and cost-effectiveness.

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