Jarvis Securities Share Discussion Threads

[n0rbie] 13/11/2023 10:15

Still notihng, wtf is going on.

[tenapen] 10/11/2023 17:25

Great to see people take the time.

n0rbie, That's the email I used.

Such a shame there was no RNS today. I was hoping it would be just the one day late. I'm wrong again :-/

[n0rbie] 10/11/2023 17:15

"A dedicated email address is provided on the website for investor queries"

What is this email address? All I see is the one listed here which does not appear to be a dedicated email address for investor queries.

[evaluate] 10/11/2023 13:50

I have done.

[tenapen] 10/11/2023 07:29

.... A dedicated email address is provided on the website for investor queries. The contact phone number of the managing director and finance director are given on RNS announcements issued.....

-----
If anyone else with a interest in Jarvis has time to send out a questioning Email asking what is going on.

[saucepan] 09/11/2023 18:47

Failure to keep to a published date is something of a further red flag, I fear, and certainly does not inspire confidence.

[tenapen] 09/11/2023 16:58

QCA compliance

2; Seek to understand and meet shareholder expectations
The board have been and remain committed to a progressive dividend policy of regular quarterly dividend payments. Jarvis maintains its own investor website to avoid any confusion with the share dealing platform of JIM. A dedicated email address is provided on the website for investor queries. The contact phone number of the managing director and finance director are given on RNS announcements issued. Jarvis holds an annual general meeting to which all members are invited and at the end of the AGM time is set aside specifically to allow informal questions from attending members to any board member.

[tenapen] 09/11/2023 16:53

:::GROAN:::

I have no words :-/

[steelwatch] 09/11/2023 16:40

Q4 2023

Latest Announcement Date: 09 November 2023

Perhaps there won't be any!

[steelwatch] 09/11/2023 10:05

Tik tok, announcement re dividends due today...

[knil] 07/11/2023 13:12

Thanks Saucepan
Good advice.
No need to risk all your eggs in one basket when the monies can be spread around other providers keeping things within the £85,000 limit.

[tenapen] 07/11/2023 06:06

On a plate for you - how good am I !.


tenapen5 Nov '23 - 17:40 - 3221 of 3248 Edit
0 1 0
The Board of Jarvis provides a further update to the announcement on 31 March 2023 on the Skilled Person review as announced in its update on 16 September 2022.

The Skilled Person reviewed the systems and controls of the Company's subsidiary, Jarvis Investment Management Limited ("JIML"), pursuant to s166 Financial Services and Markets Act 2000 ("FSMA") ("Skilled Person"). The Skilled Person conducted the review and testing, as part of the second stage of its work originally agreed with the FCA.

The Skilled Persons has completed its review of JIML's system and controls and provided its report, including its recommendations, to JIML and the FCA on 24 May 2023. As a result, JIML has adopted a remediation plan which it expects to have substantially completed over the next two to three months. The Company expects the Skilled Person will review and report on the remedial steps implemented by JIML in Q4 2023.

The voluntarily agreed restrictions, as set out in a previous update, remain in place. JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted on its impacted Model B clients as soon as possible.

The Board will provide a further update in due course.'

[tenapen] 07/11/2023 06:01

Quote Jaknife - They are limited to what can be said by the company but may be able to add a fews words to this weeks Q4 divi declaration / company announcement." [from post 3235]

I think that that leaves space for a dividend of zero to be declared.

----

In my email I was asking Jarvis if there was a chance of adding ba few words with this weeks corporate announcement. Something I've said here. That is all, I didn't ask for a update on the investigation or any timeline.

If all you guys that have suddenly started posting here with ISA accounts read back a few pages. I c/p the bulk of a RNS from May. The investigation is Over - Jarvis will take 2-3 months to apply the remedial repeat remedial work ....

[saucepan] 06/11/2023 22:31

The example of: "holding £300,000 worth of Shell shares within an ISA would be safe".

Not necessarily so!

If the Company in question was fraudulent (and I am not for a minute suggesting this is the case for Jarvis) you might have thought you had invested £300,000 in your ISA but if the fraudulent Company had used all of this for nefarious purposes (despite £300,000 showing on your investor portfolio interface), you would not get all of this money back if the whole thing had been a scam. You would only (eventually) get £85,000 of this money back: the amount guaranteed by the FSCS.

If you are fortunate enough to have assets greater than £85,000, it is probably worth spreading your funds over more than one broker. This is what I do. Just in case. I know such a scenario is unlikely, but why take the risk?

Think of what Maxwell did with Mirror Group pensions, for example. "Langbar International collapsed in 2011 after the AIM-listed firm vaunted £370 million of bank deposits that turned out not to exist" (Google).

Massive fraud in respected UK Companies is not exactly unheard of.

mercury123: that could be a good decision! I am not here to deramp; simply pointing out risk.

[mercury123] 06/11/2023 21:08

I'm very tempted to top up at these levels

[purple11] 06/11/2023 20:49

i would like to add im a genuine person and am not trying to cause panic or deramp the stock .thanks for your replies.im sure this is just a blip and jarvis will prosper and nows probably the optimun time to be buying the stock whilst the fear is in the air.atb

[rp19] 06/11/2023 20:26

JakNife/Knil - thank you both for your comments, appreciate that.

[jaknife] 06/11/2023 20:17

knil,

You're not wrong.

And I do think that we're getting ahead of ourselves in worrying so much. We've been told that:

"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."

10 August Trading Update:




I can't imagine that £5m has been burnt since July. And I can't imagine an FCA fine of that sort of magnitude.

What I would like to understand is the whole fuss about the Model B clients. I understand that a lot of the Model B clients have gone to James Brearley. Well if they're OK to be accepted by James Brearley then why couldn't Jarvis continue to service them?

I would note that the wording about this week's update is:

"They are limited to what can be said by the company but may be able to add a fews words to this weeks Q4 divi declaration / company announcement." [from post 3235]

I think that that leaves space for a dividend of zero to be declared.

I would like to suggest that this time next year we will all have forgotten about this blip but I'll wait until the RNS before being so bold.

JakNife

[knil] 06/11/2023 19:09

I agree JakNife.
I think any shares held within the likes of an ISA or Trading Aaccount are ring fenced and nothing to do with Jarvis finances.
For example holding £300,000 worth of Shell shares within an ISA would be safe.
Shares that are held by Jarvis are for the investor in question and the only risk is between the owner of the shares and the company in question.
For example, a person holding any share within an account that was to go bust would be at the investors risk and nothing to do with Jarvis, unless, it was Jarvis themselves that went out of business, and under that circumstance would be covered by the Financial Services Compensation Scheme to the maximum of £85,000 per person.
There would also be the lack of access to trading your shares in ISA's and Trading Accounts until
transferred to another provider.
Please correct me if I am wrong.

[jaknife] 06/11/2023 17:10

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

[rp19] 06/11/2023 16:50

I too use Jarvis X.O. Does the £85k Financial Services Compensation Scheme cover solely cash in your account or is it cash plus the value of your shares? For example, if you had £5k in cash in the account and shares worth £90k, would the full £95k be protected?

[tenapen] 06/11/2023 16:16

Hi Steelwatch,
You being such a respected poster on advfn, I read your post as validating Ex_jim... . I'm just a stupid building worker and always happy to be proved wrong after I've shot from the hip. Even I could take a opinion he was just a chancer posting vague negativities, just to add to the panic here IMHO.

Well done on selling at the top. I read your post and did think about banking a massive profit myself. I didn't because I would only gamble and loose on my favorite blue sky punts. Ho the irony that Jarvis finds itself in the gutter. I long for the days when the respected poster Topvest used to post "great little company this".

Regards

[steelwatch] 06/11/2023 15:58

Well done Ten. You may have noticed I added words of caution to my "thanks" post, so by no means meant to be a validation. For the record, I posted back along, (2.5 years or so ago), I'd sold all for a very nice lump sum and, subsequently bought back in, albeit with a much smaller position than before, now well under water of course, but not particularly meaningful and certainly small enough to let ride come hell or high water.