Jarvis Securities plc
04 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 and
currently 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, controls
Sion; Mathew Edmett, finance director of Jarvis, is also finance director of
Sion. Sion, whose principal interests are its shareholding in Jarvis and a
number of property investments, has applied the funds to its property
The directors of Jarvis have indicated to Sion that they wish the loan to be
repaid, and Sion has agreed to do so, within three months (to enable it to
refinance the loan with other parties).
John Mackay, who is a non-executive director of Jarvis and is independent of
Sion, having consulted with the Company's nominated adviser, considers the terms
of the loan and of its repayment are fair and reasonable insofar as Jarvis'
shareholders are concerned.
Jarvis Securities Plc Tel: 0870 224 1111
Daniel Stewart & Co plc Tel: 0207 776 6550
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