4th Oct 2006 10:00
Jarvis Securities plc04 October 2006 Jarvis Securities PLC Repayment of Loan As previously disclosed in its annual accounts, Jarvis Securities plc ("Jarvis"or "the Company") has for some time had in place a loan to its parent company,Sion Holdings Limited ("Sion"). The loan is secured, its size has varied andcurrently stands at £576,023 and it carries an interest rate of 6.45 per cent.per annum, payable quarterly in arrears. The family of Andrew Grant, chairman and chief executive of Jarvis, controlsSion; Mathew Edmett, finance director of Jarvis, is also finance director ofSion. Sion, whose principal interests are its shareholding in Jarvis and anumber of property investments, has applied the funds to its propertydevelopment activities. The directors of Jarvis have indicated to Sion that they wish the loan to berepaid, and Sion has agreed to do so, within three months (to enable it torefinance the loan with other parties). John Mackay, who is a non-executive director of Jarvis and is independent ofSion, having consulted with the Company's nominated adviser, considers the termsof the loan and of its repayment are fair and reasonable insofar as Jarvis'shareholders are concerned. Enquiries: Jarvis Securities Plc Tel: 0870 224 1111Mathew Edmett Daniel Stewart & Co plc Tel: 0207 776 6550Marc Young This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Jarvis Securities