REG - Jarvis Securities - Dividend Declaration & Trading Update

Jarvis SecuritiesAnnouncement

10/08/2023 07:00

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RNS Number : 9212I  Jarvis Securities plc  10 August 2023

10 August 2023

Jarvis Securities plc

 

("Jarvis" or "the Company"

And with its subsidiaries the "Group")

 

DIVIDEND DECLARATION & TRADING UPDATE

 

The Directors of the Company confirm the payment of a dividend and announce a
trading update for the Company's financial year ending 31 December 2023.

 

Dividend Declaration

The Board of Jarvis announces that it is declaring a third quarterly interim
dividend of 2.25 pence per share, to be paid on 12 September 2023 to
shareholders on the register on 18 August 2023 and the shares will become
ex-dividend on 17 August 2023.

 

Trading Update

As previously announced, a Skilled Person was appointed pursuant to s166
Financial Services and Markets Act 2000 ("FSMA") ("Skilled Person") to review
the systems and controls of the Company's subsidiary, Jarvis Investment
Management Limited (see announcements dated 16 September 2022 and 4 July
2023). The associated restrictions on Model B clients, has led to the loss of
certain Model B clients and the corresponding revenue. In addition the costs
associated with the Skilled Person review are higher than anticipated. These
factors, combined with reduced trading volumes caused by market conditions,
mean that the Company is now trading below current market expectations.

 

Net cash at the end of July 2023 was £5.2m.

 

The Company holds cash well in excess of its current regulatory requirements.

 

DIVIDEND REINVESTMENT PLAN

 

A Dividend Reinvestment Plan is being offered and the final date for elections
for reinvestment of the third quarterly interim dividend is 1 September 2023.
Any shareholder requiring further information should contact the Company.

 

 

Enquiries:

 

Jarvis Securities plc 01892 510 515

 

Andrew Grant

 

Jolyon Head

 

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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