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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jarvis Securities Plc | JIM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 61.00 | 15:28:06 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 61.00 | 60.50 | 61.50 | 61.00 | 61.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 24/4/2024 12:47 by qg holdings Thanks for that info MJ.In response to how will JIM make money from interest, the model is simple. Basically a certain percentage of cash is kept in an account for settling trades (think of this as a current account that doesn't pay interest), the remaining cash is kept in a different account(think of this as a savings account that does pay interest). Therefore with rates staying higher for longer returns on interest will stay higher for longer. The FCA have been primarily concerned with looking for companies that are "double dipping", this happens when a brokerage collects income from interest AND either charges clients to have an account or charges interest on cash balances. JIM do not charge for cash balances or a monthly fee, therefore they are not "double dipping". Also it's hard to suggest they don't offer value to their customers when the price per trade is a little under half the charge from Hargreaves Lansdowne. I have noticed various commentators/traders on Bloomberg and CNBC have recently been talking about the UK markets being good value and an opportunity for investment. This is in contrast to last year when very few expressed this opinion. The FTSE 100 breaking new highs suggests new money is entering the UK markets and animal spirits are returning. This can only be good for JIM as it will help increase trading activity by market participants. We have seen a high ratio of buys to sells in the last few days which also suggests the market I waking up to both the dividend and value proposition JIM offers at these prices, which I believe to be materially too low. Hence the investment. With regard to the share price coming down from it's all time high, I don't think it is fair to blame the UK coming out of lockdown and a subsequent drop off in trading activity across private investors on the Jarvis management. It is merely a consequence of people being allowed to go about their normal day to day business, and not being effectively under house arrest. I'm not suggesting this will rerate back to 350p,we are unlikely to see another COVID event in our lifetime. I do however see fair value at 150p-200p depending on how well the management navigate the next 2-3 years. I can collect and compound a very healthy dividend while I wait. I understand some people will be upset at having bought in at a higher price. Trading can be tough, however it is always best to stay as emotion free as possible and to think logically about the current and future situation. None of us can change the past, by definition it has already happened. The future earnings and dividends suggest this stock is too cheap by most metrics and is therefore worth an investment. I understand why some of you may want a lower price, I have been doing this for decades. The trouble is now the dividend has been reinstated sub 50p is an absurd target. For what it's worth I suspect there is a chance the dividend for this quarter may go up above the 1.75p, which I maintain as my base case scenario, I put the probability of another dividend skip at below 5%. The trading volumes and cash balance easily supports another quarterly dividend. Also worth bearing in mind JIM has a very good track record on paying regular quarterly dividends. One swallow doth not make a Spring... I hope you all have a profitable day and may the FTSE 100 march higher still. |
Posted at 23/4/2024 08:35 by qg holdings Good morning steelwatch, sorry for the delayed response. I wanted to add to my position before letting people know how the AGM went, and had a few trading partners to inform first. The curious movement down in the share price the last few days allowed me to add to my position.The mood of the room was relaxed and reasonably positive considering the general sentiments surrounding JIM this past year. It sounds like we are through the worst of the current FCA situation. Luckily not many members were in attendance so we were able to ask quite a few questions each and gained some interesting information. I will keep it brief as I have a tendencies to digress. Trade volumes are materially up on last year (circa +20%). The FCA investigation is going well and should draw to a conclusion before the second half of this year, JIM has not been specifically picked out for investigation, the FCA have been reviewing the sector as a whole. We discussed perhaps using some of future dividend hikes to repurchase shares while the MCAP is disconnected from the true value of the business. We discussed the future cost savings from streamlining the business. We discussed potential ways to increase clients and market share. All resolutions were passed easily. Mr Grant seemed calm and philosophical, he answered all questions comfortably and seemed upbeat regarding the future of the company. There are potential new model B clients and private investor balances and numbers are slightly up on last year, there has been no flight by the client base. Model B clients have remained stable since the clear out. In summary there has been a lot of unfounded scare mongering on this company, while it has benefitted me allowing me to massively reduce my average price paid and increase the percentage of the company I own, I feel those wishing to enter at a lower price/close short positions only have a couple of weeks timeframe before the stock price goes significantly higher when the next dividend is announced on the 9th May. I am bullish, I see an excellent dividend, significant upside, a potential takeover by a larger rival (Mr Grant says he is openminded on this matter), and earnings growth as 1)the sunk cost of the skilled person review will no longer hamper the bottom line, 2)trade volumes are up 3) the interest rate is still favourable to the business model and will remain so for longer than most anticipated. I hope this information is useful to you. |
Posted at 12/4/2024 09:16 by phowdo > Investing has become gamified.It has. And has attracted a big swathe of younger investors/traders too. I fear it will be those who lose out big time in the next downturn. But they have to learn somehow. Otoh I do have an account with Trading212 and I can see how for smaller accounts the zero trade fees, fractional shares and tiny FX fees really do make it easy to start small and invest outside the UK. No wonder the London markets are moribund nowadays. Democratising personal investing is a good thing. All the flashy bells and whistles and gamification less so. |
Posted at 09/4/2024 18:09 by saucepan Melton John: as you have been a customer for 20 years or so, have you noticed one iota of improvement in their trading platform in that time? With a similar customer track record, I certainly have not and I think it is indicative of unwarranted business complacency.I transferred from X-0 to interactive investor a few months ago. The resources available to private investors and the whole trading experience are infinitely superior. Justiceforthemany: it might be. However, when you consider that you have the whole universe of FTSE listed stocks to choose from: is this the most promising? I think not. I have no real axe to grind with JIM, not least as I was fortunate to be invested to the 300p levels, when I thought price had got ahead of itself. I had not anticipated terminal decline at the time of my lucky exit, but it rather seems that way to me these days. No advice given or intended, just personal opinion. |
Posted at 07/4/2024 17:20 by melton john Investment Chronicle have an article which updates some ISA and Sipp providers varied responses to the FCA. Once again, JIM is not alone in being sqeezed but we have yet to hear the final outcome. I don't normally like copying from subscription sites but the information vacuum enforced by the FCA leaves little choice but to gather what I can from press articles:-Various investment platforms still do not pay interest on cash balances held by customers, despite a new regulatory focus on getting them to pass on the higher interest rates that they earn. In December 2023, the Financial Conduct Authority (FCA) told platforms and personal pension providers to ensure that the level of the interest rate they were retaining on cash balances represented “fair value” for the customers. It also demanded that they stop the practice of “double dipping”, where some platforms both retained part of the interest rates they received on cash and charged customers for it. “This practice may be particularly likely to confuse consumers and we do not consider that it demonstrates that a firm is acting in good faith, that is honest, fair and open dealing, and acting consistently with the reasonable expectations of customers,” said FCA executive director of consumers and competition, Sheldon Mills, in December. The deadline for platforms to make changes and address the concerns in the FCA letter was 29 February. Platform differences Investors’ Chronicle has looked at the treatment of cash by a range of popular retail investment platforms. The results were mixed. Among the main platforms on the market that practised double dipping at the time of the FCA letter were Vanguard and Willis Owen. Vanguard charged 0.15 per cent a year on all assets including cash, and then paid an interest of 2.6 per cent on cash balances. But the platform told Investors’ Chronicle it stopped charging for cash on 28 March, “in line with FCA expectations”. Willis Owen still charges its annual service fee, which starts at 0.4 per cent for the first £50,000 and gradually decreases on higher amounts, on all assets including cash. It then pays a 2.46 per cent interest rate on cash balances. A Willis Owen spokesperson said: “We operate a two-tiered pricing structure, one for customers investing on our platform and another to cover the costs of managing cash on the platform. We believe this is fair as investment platforms are designed for active long-term investment, not holding cash. It would be unfair to pass the costs of moving cash to all customers as most do not use our platform for this.” The spokesperson added that the platform sends regular communications to customers that might be holding more cash than necessary to cover fees to let them know that doing so may not offer thebest value. Meanwhile, various other platforms do not pay interest on cash. Halifax Share Dealing and iWeb, both part of Lloyds Banking Group, only pay interest on self-invested personal pensions (Sipps),for example. Holly Mackay, founder and chief executive of Boring Money, said that the FCA’s focus on the issue “is a wake-up call for investors that there are generally better cash options available and leaving large sums in a platform account is rarely a good idea”, although she added that there have been improvements across the board recently. Perhaps the most high-profile change as a result of FCA pressure came from AJ Bell. At the end of 2023, the platform announced increases to the interest rates it paid on cash held in its drawdown Sipp and on cash balances above £100,000 in Isas and accumulation Sipps. The changes became effective on 1 April. Among the platforms that pay the highest interest rates on cash is Bestinvest, which currently pays 4.45 per cent on all cash held in any of your accounts. Trading 212 advertises a competitive 5.2 per cent on any uninvested cash, but this is achieved by investing the money in “a mixture of products and vehicles such as qualifying money market funds, time deposits and current accounts”, so part of it is actually invested, albeit in very low-risk funds. In some cases, customers need to make sure they have opted in to receive interest on the cash they hold on their platform. For example, Barclays Smart Investor does not pay any interest on cash held in its general investment account, but offers a feature that moves customers’ cash to an “investment saver” each day, so it earns interest when it is not invested. |
Posted at 26/3/2024 07:55 by saucepan JIM is clearly not going to get away with creaming off interest on client funds in the future. It is abandoning its (presumably, once lucrative) SIPP businesss - something of a left-field surprise. It is surely going to continue losing market share to its competitors (its user interface and resources available are woeful compared to competitors such as Interactive Investor). The whole sector faces major disruption from the likes of Robinhood. |
Posted at 22/3/2024 13:54 by fegger Reinforced by a 14% drop on no public news given to the investors |
Posted at 07/3/2024 15:17 by jody_lloyd Bit harsh Thug, someone correct me if I am wrong. People here want transparency and information to posted at the correct time. This seems to be lacking for and on behalf of the investor.To talk about how business works. What are your credentials? How many AGMs have you attended as a board member or investor. |
Posted at 06/11/2023 17:10 by jaknife RP19,Your shares/investments are in a segregated account completely separate to Jarvis' assets. In the worst case scenario then you would lose control of your portfolio for a short period of time but there would be no loss from your portfolio. I don't recollect a single instance where a broker has gone under and investors have had to bail out the losses. Even for the worst example - Beaufort Securities: - Investors recovered all of their shares/cash. What they then claimed for was the bad advice that Beaufort gave them. JakNife |
Posted at 07/4/2021 17:09 by evaluate PrimaryBid OfferNotice of General Meeting Proposed Capital Reduction Jarvis ( LON : JIM ), the AIM quoted stockbroking, administration services and solutions provider , is pleased to announce, a conditional offer via PrimaryBid (the "Offer") of up to 898,100 ordinary shares of 0.25p each in the Company currently held in treasury ("Treasury Shares" or "Ordinary Shares") at an issue price of 250 pence per Ordinary Share (the "Issue Price"), being a discount of 8.76 per cent to the closing mid-price on 7 April 2021. The Offer is subject to shareholder approval at a General Meeting of the Company to be held on 4 May 2021 (more details of which are set out below). Settlement for the PrimaryBid Offer is expected to take place on 5 May 2021. The Treasury Shares, once sold pursuant to the Offer (and subject to shareholder approval), will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid in respect of the Ordinary Shares. The Treasury Shares will be free of any encumbrances, liens or other security interests. Offer The Company values its retail investor base and is therefore pleased to provide private and other investors the opportunity to participate in the Offer by applying through the PrimaryBid mobile app available on the Apple App Store and Google Play along with the Jarvis platforms. PrimaryBid does not charge investors any commission for this service. The Offer is now open to individual and institutional investors and will close at 9 p.m. on 7 April 2021. The Offer may close early if it is oversubscribed. The Company in consultation with PrimaryBid reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the Offer without giving any reason for such rejection. No commission is charged to investors on applications to participate in the Offer made through PrimaryBid. It is vital to note that once an application for Ordinary Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn. For further information on PrimaryBid or the procedure for applications under the Offer, visit www.PrimaryBid.com or call PrimaryBid.com on +44 20 3026 4750. The Ordinary Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing Ordinary Shares. Details of the Offer The Company highly values its retail investor base which has supported the Company alongside institutional investors over several years. Given the longstanding support of retail shareholders, the Company believes that it is appropriate to provide retail and other interested investors the opportunity to participate in the Offer. The Offer is offered under the exemptions against the need for a prospectus allowed under the Prospectus Rules. As such, there is no need for publication of a prospectus pursuant to the Prospectus Rules, or for approval of the same by the Financial Conduct Authority in its capacity as the UK Listing Authority. The Offer is not being made into any Restricted Jurisdiction or any other jurisdiction where it would be unlawful to do so. There is a minimum subscription of GBP100 per investor under the terms of the Offer which is open to existing shareholders and other investors subscribing via PrimaryBid.com. Any investment request in excess of GBP50,000 will require the Company's consent and may be subject to scale back. For further details please refer to the PrimaryBid.com website at www.PrimaryBid.com . The terms and conditions on which the Offer is made, including the procedure for application and payment for Ordinary Shares, is available to all persons who register on the PrimaryBid mobile app. Dispatch of Circular As set out above, completion of the Primary Bid offer is subject to shareholder approval which is to be sought at an upcoming general meeting of the Company. The Company intends to dispatch a shareholder circular on 9 April 2021 and a copy with be available on the Company's website ( www.jarvissecurities In light of the UK Government's measures introduced in response to the COVID-19 outbreak, including advice to avoid public gatherings and all non-essential travel and social contact, the Board has made the decision that the General Meeting will be held as a closed meeting. This means that the General Meeting will be convened with the minimum quorum of Shareholders as is required to conduct the formal business of the General Meeting. As such, for the safety and security of all involved, Shareholders and their proxies will be unable to attend the General Meeting in person. Shareholders should not seek to attend the meeting in person and entry to the meeting will be refused to anyone who does try to attend. Shareholders are therefore strongly advised to appoint the Chairman of the General Meeting as their proxy to ensure that your vote is counted. All resolutions will be taken on a poll. Further information will be contained in the Circular and notice of General Meeting. Proposed Capital Reduction The Circular which will convene the General Meeting of the Company to approve the Offer will also seek to undertake a capital reduction. This is not connected to the Offer. Share premium forms part of the capital of the Company which arises on the issue by the Company of Ordinary Shares at a premium to their nominal value. The premium element is credited to the share premium account. Under the Companies Act 2006, the Company is generally prohibited from paying any dividends or making other distributions in the absence of positive distributable reserves, and the share premium account, being a non-distributable reserve, can be applied by the Company only for limited purposes. However, provided the Company obtains the approval of shareholders by way of a special resolution and the subsequent confirmation by the Court, it may reduce all or part of its share premium account and the amount by which the share premium account is cancelled is credited to the Company's distributable reserves. The Company is therefore seeking the approval of the shareholders at the General Meeting to cancel its share premium account in its entirety. If approved by the shareholders, the cancellations will require subsequent approval by the Court. The Capital Reduction has no impact on the ability of the Company to pay its debts. Court Approval If the Capital Reduction is approved by Shareholders, an application will be made to the Court in order to confirm and approve the Capital Reductions. It is anticipated that the initial directions hearing in relation to the Capital Reduction will take place on 18 June 2021, with the final Court hearing taking place on 29 June 2021 and the Capital Reduction becoming effective on the following day, after the necessary registration of the Court order with the Registrar of Companies has taken place. Shareholders should note that the Capital Reduction will not involve any distribution or repayment of capital or share premium by the Company and will not reduce the underlying net assets of the Company. The distributable reserves arising from the Capital Reduction will, subject to the terms of any undertakings required by the Court as explained above, enable the Company to pay dividends or (if the Shareholders give appropriate authority in the future) buy-back Ordinary Shares in the future. The Board reserves the right to abandon or to discontinue (in whole or in part) the application to the Court in the event that the Board considers that the terms on which the Capital Reduction would be (or would be likely to be) confirmed by the Court would not be in the best interests of the Company and/or the Shareholders as a whole. The Directors have undertaken a review of the Company's liabilities (including contingent liabilities) and consider that the Company will be able to satisfy the Court that, as at the date (if any) on which the Court order relating to the Capital Reduction and the statement of capital in respect of the Capital Reduction have both been registered by the Registrar of Companies at Companies House and the Capital Reductions therefore become effective, the Company's creditors will be sufficiently protected. Following the Capital Reductions, the Company will continue to meet the statutory requirement of having GBP50,000 minimum nominal value of issued share capital. If the proposed Capital Reduction is approved by the Court, the Company will increase its positive retained earnings allowing for further dividends to be paid by the Company in the future, should circumstances at the time make it desirable to do so. In assessing any future decision to declare dividends, the Board will take account of all relevant circumstances existing at the time and any such decision will be taken only after careful analysis of the Company's financial position, the Company's strategic plans and the prevailing economic and commercial conditions affecting the Company's business and prospects. Following the implementation of the Capital Reduction, there will be no change in the number of Ordinary Shares in issue. Further information on the Capital Reduction will be set out in the Circular. Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice. It should be noted that a subscription for Ordinary Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on PrimaryBid.com before making a decision to subscribe for Ordinary Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the Ordinary Shares if they are in any doubt. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com . |
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