Business
Repayment of Loan
Repayment of Loan.
About this update from Jarvis Securities Plc
[{"type":"text","content":"\n Jarvis Securities plc\n04 October 2006\n\n\n\nJarvis Securities PLC\n\n\nRepayment of Loan\n\n\nAs previously disclosed in its annual accounts, Jarvis Securities plc ('Jarvis'\nor 'the Company') has for some time had in place a loan to its parent company,\nSion Holdings Limited ('Sion'). The loan is secured, its size has varied and\ncurrently stands at £576,023 and it carries an interest rate of 6.45 per cent.\nper annum, payable quarterly in arrears.\n\n\nThe family of Andrew Grant, chairman and chief executive of Jarvis, controls\nSion; Mathew Edmett, finance director of Jarvis, is also finance director of\nSion. Sion, whose principal interests are its shareholding in Jarvis and a\nnumber of property investments, has applied the funds to its property\ndevelopment activities.\n\n\nThe directors of Jarvis have indicated to Sion that they wish the loan to be\nrepaid, and Sion has agreed to do so, within three months (to enable it to\nrefinance the loan with other parties).\n\n\nJohn Mackay, who is a non-executive director of Jarvis and is independent of\nSion, having consulted with the Company's nominated adviser, considers the terms\nof the loan and of its repayment are fair and reasonable insofar as Jarvis'\nshareholders are concerned.\n\nEnquiries:\n\nJarvis Securities Plc Tel: 0870 224 1111\nMathew Edmett\n\nDaniel Stewart & Co plc Tel: 0207 776 6550\nMarc Young\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n IR \n ","length":1807,"tagName":"div"}]