Business
Dividend Declaration & Trading Update
Dividend Declaration & Trading Update.
About this update from Jarvis Securities Plc
[{"type":"text","content":"\n\n10 August 2023\nJarvis Securities plc\n \n(\"Jarvis\" or \"the Company\"\nAnd with its subsidiaries the \"Group\")\n \nDIVIDEND DECLARATION & TRADING UPDATE\n \nThe 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.\n \nDividend Declaration\nThe 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.\n \nTrading Update\nAs 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.\n \nNet cash at the end of July 2023 was £5.2m.\n \nThe Company holds cash well in excess of its current regulatory requirements.\n \nDIVIDEND REINVESTMENT PLAN\n \nA 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.\n \n \nEnquiries:\n \nJarvis Securities plc 01892 510 515\n \nAndrew Grant\n \nJolyon Head\n \nWH Ireland Limited 0207 220 1666\n \nKaty Mitchell / Darshan Patel\n \nNotes:\n \nJarvis 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 &...