REG - Jarvis Securities - Sale of Retail Execution-only Brokerage Business

Jarvis SecuritiesAnnouncement

Mon 09:30

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RNS Number : 9912P  Jarvis Securities plc  07 July 2025

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. Upon the publication of this
announcement, this inside information is now considered to be in the public
domain.

Jarvis Securities plc

("Jarvis" or the "Company" and with its subsidiaries the "Group")

 Completion and Sale of Retail Execution-only Brokerage Business

Further to the announcement of 15 April 2025 the Company is pleased to confirm
that the sale of its retail execution-only brokerage business by the Company's
wholly owned subsidiary Jarvis Investment Management Limited ("JIML") for a
total consideration of up to £11m to Interactive Investor Services Limited
(the "Transaction") has now completed.  The £9m initial consideration is due
to be paid to JIML shortly with the remaining £2 million of the consideration
deferred for up to c.18 months, and subject to potential adjustment for claims
under the sale agreement.  Please refer to the Company's announcement of 15
April 2025 for further details.

Outlook

Following the Transaction, the Group now mainly comprises the Model 'B'
clearing and settlement service business within JIML (the "Model B
Arrangements") and as announced on 15 April 2025 the Group has already begun
the process of terminating the Model B Arrangements and closing down its other
operations. This process is anticipated to take approximately 15 months to
complete.

The Group is now committed to delivering an effective and efficient wind down
over the coming months.

As previously announced, now that the Transaction has completed and once the
Model B Arrangements are terminated and other operations wound down, Jarvis
would then no longer own, control, or conduct any trading business.
Accordingly, pursuant to AIM Rule 15 Jarvis would, at that time, become an AIM
Rule 15 Cash Shell and would be required to make an acquisition or
acquisitions that constitutes a reverse takeover under AIM Rule 14, within 6
months of becoming an AIM Rule 15 Cash Shell. It is currently anticipated
Jarvis will become an AIM Rule 15 Cash Shell on the date that all, or
substantially all, of JIML's client agreements or assets are transferred to a
third party.

At this time, the Directors do not intend to make any acquisitions. Whilst
they continue to keep their strategic options for the remaining assets of the
Group under review, the Directors currently intend to seek a cancellation of
the Company's admission to trading on AIM pursuant to AIM Rule 41
(the "Proposed Cancellation") in due course, with the expectation that,
following the lifting of the VREQ, any distributable reserves remaining in the
Company at the time of the Proposed Cancellation would then be returned to
shareholders. The Proposed Cancellation would be subject, inter alia, to
shareholder approval. Further announcements will be made in due course.

Kieran Price, Finance Director of Jarvis Securities Plc, has approved this
announcement and authorised its release.

Enquiries:

Jarvis Securities plc - enquiries@jarvissecurities.co.uk

Andrew Grant

 Zeus Capital 020 3829 5000

 Katy Mitchell / Darshan Patel / Gabriella Zwarts

 

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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