Jarvis Securities plc
("Jarvis" or "the Company")
Sale of Investment in Hubwise Holdings Limited
Jarvis has today sold its entire shareholding in Hubwise Holdings Limited ("Hubwise") for consideration of £160,000. The investment in Hubwise was £200,000 leading to a small loss on disposal.
Jarvis and Hubwise have also cancelled all contracts they had with each other for the provision of model B and ASP services by mutual consent. None of these contracts had yet come into effect and the revenue generated for Jarvis was insignificant.
The decision to sell the shareholding and the cancellation of contracts was agreed to be in the best interests of both parties due to differences in the operation and strategy of the parties.
No operational difficulties will arise due to the cessation of the contract.
Jarvis expects to announce its results for the year ending 31 December 2012 on 21 February 2013. Trading for the year was in line with management expectations.
Enquiries:
Jarvis Securities plc 01892 510 515
Andrew Grant
Jolyon Head
WH Ireland Limited 0113 394 6619
Andrew Kitchingman
James Bavister
Notes:
Jarvis 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 PLUS Markets, authorised and regulated by the Financial Services Authority and an HM Revenue & Customs approved ISA manager. Jarvis has more than 60,000 retail clients and a growing number of institutional clients. As well as normal retail broking Jarvis provides cost effective and flexible share trading facilities within ISA and SIPP wrappers.
Jarvis provides outsourced and partnered financial administration services to a number of third party organisations. These organisations include advisers, stockbrokers, banks and fund managers. Jarvis can tailor its administration processes to the requirements of each organisation and has a strong reputation for flexibility and cost-effectiveness.
