Jarvis Securities rejects approach but could sell

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Stockbroker Jarvis Securities rejected an unsolicited bid approach but said it is considering its options, which could include the sale of the company.

The approach was for Jarvis’s trading subsidiary, Jarvis Investment Management, at a valuation in excess of Jarvis's current market capitalisation.

“The group is trading ahead of management expectations and in view of this and strong cashflows, the board believes that the approach does not reflect the value and prospects of the Group and has accordingly rejected it,” said the group.

“The board is considering its options which could include consideration of a sale of Jarvis,” it added.

The group said in light of the continuing strong performance so far in 2008, it has declared an interim dividend of 7p per share, up 75% from the same period last year.

It said the dividend should not be taken as an indication of the group's likely earnings for the current year.

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