IN BRIEF: Jarvis Securities becomes cash shell as sheds all operations

Jarvis Securities PLC - Tunbridge Wells, Kent-based investment manager now an AIM cash shell - Jarvis is reclassified as a cash shell from an operating company and will be removed from the FTSE AIM all-share index on Tuesday next week. This follows the sale last year of the retail execution-only brokerage business of a subsidiary of Jarvis Investment Management Ltd to Interactive Investor Services Ltd, part of Aberdeen Group PLC. On Thursday, Jarvis placed the remainder of JIML into special administration with S&W Partners LLP.

As a result of becoming a cash shell, Jarvis must make an acquisition classified as a reverse takeover or conduct an equity raise of at least £6 million within six months. The Jarvis board previously had proposed to delist the company from AIM and return all remaining money to shareholders. On Friday, it says it has £2.5 million in cash but has no income and doesn't expect to crystallise any value from the special administration of JIML.

Delisting and returning that cash remains the default option, but Jarvis says on Friday: "The directors confirm they will consider any credible, potential relevant transactions introduced to the company in the short term before finalising that decision."

Jarvis also confirms it will release its results for the financial year that ended June 30 before the regulatory deadline of December 31.

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