Forward looking and dedication will make "Jarvis" a name to remember. IMO

Good news will be out soon and the share price will rocket.
SP 37pence will be history.

It deserves to die!

It's died but won't lay down.

Watch Jarvis SP on monday...50p+
Result brought forward and will be announced on monday, must be good news.

inbsuk - there have been no results and the SP is down again. I can't see any part of this barrel of mixed donkeys having any realistic value. Whatever they turn their hand to: Rail or Housing seems to result in a large gaping hole - they can't turn in a profit.
If that's the perception, then why would anyone do a deal with them that is hugely profitable - well, because they don't need to.
I sold out at 70p for this reason. To hold an investment, there has to be some value lurking there, something that can create wealth. In this case it's a smelly pile of do and I don't want that do and neither should you.
This parrot is dead.All IMHO.

hangon-
i will hang on little bit more and hopefully it will recover. patient .
i am sure i will not lose. IMO

At the current price (39p) I think this is a major buy opportunity. The risk of bankrupcy has receded and there doesn't seem to be a fire sale of assets. Clearly there are management issues to be resolved but the basic business is probably solid, if unexciting.

I would guess the price at over 1 when the results are published and digested.

Hannibal

Watch JARVIS share price will fly from tomorrow. around 1.50 within next few weeks. AIMO

July 25, 2004

Sale plan to save troubled Jarvis
Dominic OConnell

JARVIS is poised to stave off collapse this week by engineering a standstill agreement with its banks and outlining a sell-off plan to raise cash.

Profit warnings, hefty write-downs and management reshuffles have hit its share price and led to a breach of banking covenants.

But the support-services group is expected to allay investors fears of a wipeout when it publishes long-delayed annual results and a strategic review this week. This is likely to include a standstill deal with its lead banks, Royal Bank of Scotland and Barclays, and the outline of a plan to raise cash from disposals. There will also be another hefty write-down, expected to be a hit of 115m on the value of accommodation contracts.

The key disposal will be the sale of its one-third stake in Tube Lines, a company that maintains part of Londons Tube network. Kevin Hyde, the chief executive who has led the restructuring efforts, is expected to say that the company is in talks with a bidder.

Bankers estimate that the sale could raise as much as 120m, but about 60m will have to be held back to meet Jarviss funding commitments to the Tube Lines consortium.

Other businesses that may be up for grabs include the European arm of its road-services business, which could raise 25m, and its specialist rail repair plant arm. A property sale could raise between 10m and 15m.

If Jarvis is able to emerge intact from the restructuring, one big winner will be K-Capital, an American hedge fund that has built up a 25% stake in Jarvis in the past few weeks.

Well done inbsuk, looking good this morning.

Good day for jarvis holders,inbsuk your prediction was right,looks as though it might get to 60-75p,after the news of morgan stanley interested in some shares.

Thanks all.
A lot more to come... I am looking atleast a 1+ very soon. Jarvis will settle down nicely.AIMO

Intersting comment from Reuters (via Yahoo)

(was my previous contribution deleted?)

Jarvis strategy, bank deal extension due this week
By Gerard Wynn

LONDON, July 26 (Reuters) - Struggling British engineering and services firm Jarvis (LSE: JRVS.L - news) plans to release delayed year-end results and a strategic review on Thursday, a source close to the company told Reuters on Monday.

The company has breached debt covenants and has until the end of the week to agree a credit extension with its banks. Its battered shares rebounded more than 30 percent on Monday to 53 pence following Sunday press reports that the banks looked set to grant an extension.

The extension is necessary, because reducing debt levels is contingent on disposals the timing of which is not predictable. Jarvis is looking for a buyer for half its stake in a public-private partnership consortium to upgrade London's underground railways.

"The company is satisfied it is making progress on the London Underground deal, but we're not expecting anything definitive on Thursday," a source familiar with the situation said on Monday.

Jarvis provides services locally and nationally under the government's private finance initiative (PFI) programme under which it bids for projects such as building schools, provides university student housing and install new railway tracks.

Mounting financial woes, which include two profit warnings this year, pushed its debt to 230 million pounds ($423.2 million), which breached bank lending covenants and led to the banking waiver extension deadline of July 31.

The company lost over half its market value on July 2 after it warned of write-offs -- saying these could exceed 115 million pounds -- and that it would not pay a final dividend for 2004.

U.S. fund K Capital Partners LLC has built up an equity stake in the company that now tops 25 percent, the threshold required to block a capital restructuring such as a capital increase or debt-for-equity swap, one turnaround investor said.

K Capital Partners declined to comment.

Jarvis debt has not traded in the past week, one London-based trader said on Monday. A week ago, bids amounted to around 80 percent of face value, a second trader said.

------------

Clearly K-Capital are the guys to watch. They seem to have built up their stake at around 40-70p. I don't expect they will hang around too long but with such a big stake they won't be able to sell off so quickly. This means we might expect the price to shoot up and then plateau?

Hannibal

Hi to all !
Forgive my ignorance but isn't major shareholding by Morgan Stanley a bit worrying ?
Would appreciate any comments....

Oh dear, terrible results - I've sold off!

Wise move hannibal, I managed to make on these after buying at a low of 28p and sold at 42p (wish i'd hung on a bit and sold at 58p) but I think it will be a while before we see another rise in the price. I may wait for it to creep back down to approx 32p and then re-asses the possibiities, impossible to put a value on the company in its current state. I hope the management can put some value back into the company but I'm not sure the current team have the skills.

It is a sell (advised by Evil Knieval yesterday). Price now : 40p

I wouldn't listen too much to EK ( Simon Cawkwell )
Ask him how his short on TDM is doing!

Expecting Assets sale news/contract win news.

It is not looking as if Jarvis will survive its numerous debt problems unless the Management Team is drastically changed. The present team do not seem to have the necessary skills or competence to turn this company around.

Personally I would not think about investing in this company again unless the share price dipped to less than 18p. Unless the Senior Management Team is changed immediately my advice would be to sell what remainder holding you have in this stock and look elsewhere to pick up other stocks that have a future and but are selling at lower prices due to over selling in this bearish market.

Personally I sold my holding in Jarvis immediately after the recent results.

Jarvis Announces UPP and Estonian Railways Sales
01/09/2004

Jarvis announces that it has appointed Alistair Rae in an executive capacity as its new group finance director with immediate effect. The company announced on 15 April 2004 that Mr Rae had been appointed the acting group finance director. Mr Rae is a non executive director of LTG Technologies plc.
At the date of appointment, Mr Rae holds no shares or options over shares in the Company and there is no information to be disclosed in respect of paragraphs 6.F.2 (b) (g) of the listing rules.

Kevin Hyde, group chief executive, said today:

I am delighted that we have been able to confirm the appointment of Alistair in this important role. He has undertaken the responsibilities of group finance director at the most difficult and exacting time, and has guided us through a very complex situation. In a very short time he has established himself as a leading figure in the group and gained the respect of all those with whom he works, both within and outside the company. He is a crucial figure in the recovery process we have underway.

Biographical Note

Alistair joined Jarvis as director of corporate affairs in 2001 from HSBC investment bank. Prior to HSBC he worked for Cazenove & Co in their corporate finance department in the U.K. and was also the Managing Director of their Asian business, based in Hong Kong. He qualified as a chartered accountant with KPMG in 1983 and subsequently worked for Deloittes.


For further details contact Paul Ravenscroft on 020 7017 8127
Email paul.ravenscroft@jarvis-uk.com

or

Andrew Honnor/David Trenchard at Tulchan Communications 020 7 353 4200

So this (news new appointment) nutter holds no shares - wow. Well my defeatist attitude to Jarvis is it's time the past directors were put out of their misery - and the misery they have inflicted on their employees and shareholders has been great.

If you took a straw-poll of the retail-investors (forget institutions, they only operate your pension - it's not their money so why would they care?) the overall consensus would IMHO be to oust the lot. Shareholders should demand a new breed of management with knowledge of the business itself - someone promoted from the ranks who understands the employees.

(recent news) they lost the School contract - well thank goodness, at least now, they can't lose money on it.

I know this is a n unpopular share (here and elsewhere!) but I can't let S.Norris' comment about Director Bonuses go without comment....he is saying that the Directors received bonuses for for a period BEFORE the profit warning in 2004 - well strike me - would they have been considered had they fallen due After? - Then wait a bit - surely the PW was AFTER it had occured? Rarely if ever will a company issue a PW before there is any evidence.
Let's face it the bad deeds involving the shambolic Operation of this Company were done long before the bonuses were due to be paid. In reality, had the bonuses been put to a vote at the AGM they would (at least) have been delayed until the full story became clear.
Does Mr Norris think he is a suitable boss of a company that has lost 2/3rds of its shareholder-value in little over a year? Perhaps he can increase the losses say in the next 12 months?
If the truth dared to speak its name the Directors have behaved with little regard to shareholder value; and as such have no value to shareholders - they should be replaced by the TV chimps - that would entertain us, during a lull in the dreary waffle that is the AGM.
Ask yourself, were you entertained?
What lies for the year ahead - yes indeed Mr Norris, What Lies?

jarvis seems too low,must be due a bounce,especially as the bull will run wild next week with the market.its in the services sector and still has massive contracts ...http://jarvis

expect bounce tommorrow ?

gg, downwards you mean?? ;-)

as u may have heard guys theyve lost a norfolk schools contract,the news wasnt released till after market close....so im afraid down it goes .....http://jarvis

-er, it is rumoured (by me) that Directors at a little-known construction company are aware of the current situation and have taken steps to improve the contracts' cost-base. To that end certain contracts have been cancelled at no cost to the company and will result in considerable savings; they were taken for strategic reasons and expected to be cash negative in their fulfulment.
Directors of said company will achieve shareholder-value in the 2004-2005 period and have awarded themselves performance bonuses which will require meeting stringent milestones during the period.

Translation...
Shucks, can we string this dead sheep out, by giving it a good lather? We'll double our previous year bonuses if the sp rises above its current low for more than three days in the year. There that should baffle those stupid shareholders. Anyone for golf? I understand there's money in constructing golf-courses - we can leave the place in a total mess as Golfers will think their play just isn't p to it.Ho!Ho!

what happenened to the further falls ?

In fact up it went 25%!

ps M/Makers still on lunch ref sp stactic even though mega buys + my 50k @ 16!

M/M fannying aroung with the ps @ the mo. keep shaking that tree boys i'm still clinging on;

Well I must admit I was surprised it was up during the day but it enede the day down.

it was a great bounce on tuesday,big risks ,but big profits made..
overall it will go lower b4 it recovers....http://jarvis

not so rosy today bought @ 15.5 two days ago hoping for 20p saw 18p but not so sure now any eductated views around ??,

T1ps.com have a price target of 1p if that helps. Tho personally don't see that happening. My local authority has ditched contract for Jarvis to do work on schools.

can see 20p before too long then im out

GG - 20p will see me with a 8100 profit, b/even @ 14.6p, first bought last mon @ 16p 'cut my hands' twice buying on the way down on the falling knife! was down 6.5k @ one time deeh!
Good luck all holders....

Some chunky buy trades going through, school conrtact back on?

azhar do you mean 1p or 1?

Everyone has gone quiet - I love it!

Chart has a kamikazi look to it..I dont like the look of it..

nasty fall below 8p this morning ??

With news of another contract being reviewed to their detriment i think this will be the case GG. Anybody out there looking to buy this company or is it too sickly to turn around?

bit more positive today ?

Im 5.5k down buying at 75p 33p and 13p,however i was in this situation with corus 18 months ago,i made enough out of them to pay off my morgage,in these situations youve got to except you may have to hold on for 3 years...plus.I remember when i was a student i had wembley shares at 11.5p(14 years ago)they said they would go bust-i made 300 quid ,if id held on to them they be worth 120k...so stay positive.

i hope for your sake u are right. i respect the long term view but sometimes even the long game is the wrong game when you back a poorly managed company.

i wish you luck

Thank you ill need it...alan lovell always makes sure share holders are the last to the feeding trough.

LONDON (AFX) - Jarvis PLC said Danske Bank A/S holds 4.5 mln shares in the company, representing a stake of 3.1 pct.

someone is very very brave think can get above 10p short term no idea what 2005 might bring boom or bust comes to mind

When it should be going down it has started to go up! Well this is a gamble - still holding - anyone else active?

have you noticed the spread widening ??? now 10%+

So the race for survival continues at Jarvis. The sale of its French road business was announced for 24.5 million pounds after the close today. This is above the 20 million pounds mooted in the Independent on Sunday article over the weekend. The group still has to raise almost 200 million pounds via asset sales in by early next year to guarantee the company's survival. The shares added 1.25p to 14p.

Nice little 100% 'Christmas' bounce in 3 weeks...

same here make houdini look like an amateur

20p by close of play today ??? now 17.5p to sell

looking around 30p by 10th Jan 05

any one following jarvis today?

yeh shame i had 2 much 2 drink last night was going to buy this morning!!! expecpt got up 2 late :-(

I longed em @ 16.25 before they fell to 7.75 closed today @ 28 :o)

well done

anyone have any opinions on the next few days? remarkable day today.

babykitcat( tis that 2/4 fingers); Thanks left 7 points on the table, but happy with my lot...

up 105% WOW.

another 50%-70% tomorrow.IMO

80p by 10th Jan 05

why what's happeining on the 10th?

may be to late but im in at 38p and just to think if i waited 40 mins could have got in at 28p :-( DOH good luck every 1

We have had the cup , wait for the handle and we'll be laughing all the way to the bank .

the tunnel im looking down looks pretty dark to me any one got a spare bulb!!

Babykitcat, your not the only one I'm in @36+. longterm looking good me thinks.

azhar, same here, in at even higher! will see tomorrow morning, hopefully we all can see some gains...tomorrow, last day of the year

On completion of the Tube Lines Transaction and the other Transactions, the Directors anticipate an improvement in the financial and trading prospects of the Continuing Group for the remainder of the current financial year.
the receipt of proceeds from the Tube Lines Transaction, which it is anticipated will be on 10 January 2005,
completion of the disposal of the European Roads businesses for which a binding sale agreement was signed on 22 December 2004 but where completion is conditional upon the approval of Shareholders and the French competition authorities. This transaction is expected to be completed on or after 1 April 2005, with proceeds providing a further repayment to Core Lenders and payments to certain specified creditors, with the balance being available for the Continuing Groups working capital. It is not anticipated that the Group will need to provide funding to the European Roads businesses prior to their sale;
Alan Lovell, Chief Executive commented:

I am pleased that we have been able to achieve significant progress on these three crucial areas to the survival and future profitability of Jarvis. There are continuing objectives and targets to be achieved if the core business based on UK rail, roads and plant hire operations is to realise its full potential, but the disposals we have now agreed will provide the much needed working capital and pay down of debt that were conditional to the refinancing agreement we have reached with our lenders.

I am confident that we can now move forward in 2005 toward rebuilding Jarvis and return it to growth as a profitable business in future with its roots in these viable core operational areas.

i can see light @ the end of the tunnel............i see two men with clip boards and a piece of paper "CREDITORS NOTICE" AHHHHHHHHHHHHHH

moving back up again

Edmond Jackson: Jarvis attracts speculators in spite of losses
Published: 16:00 Wednesday 29 December 2004
By: Edmond Jackson

The period between Christmas and New Year is a classic one for news companies would prefer to hide - and perhaps Jarvis is setting a record among smaller companies by declaring a 283 million loss.

Yet the shares (JRVS) have been attracting buyers with the price up 7p to 25p/25.25p, capitalising the facilities management group at about 36 million. In its financial year to March, the facilities management group reported turnover above 1 billion.

Steven Norris, chairman, makes various bullish assertions in his statement, though I am mindful this is a company where shareholders desperately need some encouragement. Jarvis shares are showing the bounce that usually happens when a financially stretched company affirms viability. But long-term investors need grounds to anticipate a worthwhile business being honed out of a restructuring.

Jarvis had already warned the market about this news, via trading statements in July and November. At the start of December the shares were at an all-time low of 10.5p. So any silver lining to the black cloud triggers a price rise, with enough sellers already out. Chairman Steven Norris asserts that these results represent the nadir of the groups fortunes.

As you might expect with losses on this scale, some 240 million of these are exceptional write-downs (goodwill in the roads business, construction losses, certain debtors and work in progress). Norris claims that in the last few weeks the group has made outstanding progress with its business plan to stabilise the groups finances and reduce indebtedness.

Norris reiterates this extremely good progress and perhaps that is how it appears to management, which is fire fighting. Investors still have to appraise a like for like group operating loss of 44.5 million, relative to a profit of 31.7 million.

The share price rise is justified by Jarvis establishing a firmer financial footing such as selling its interest in Tube Lines for 146.8 million; agreeing 105 million of funding to complete construction contracts; and agreeing a refinancing until 27 March 2006 via additional bond facilities.

Looking forward, what concerns me is the modest information (as yet) to assess the ongoing businesses. This is understandable at an early stage in the recovery process. We are told of cost cutting that should yield annualised savings of 50 million and the new core businesses of rail, road and plant operations have been re-designed under a new organisational structure, and will be leaner and more cash generative than in the past. But despite this progress more work needs to be done in many areas to re-establish and enhance our reputation in our core markets.

It is a classic hurdle to overcome, how customer relations will have been affected by adverse publicity. Investors are challenged to figure how this may be resolved in future turnover.

That a new chief executive, Alan Lovell, was appointed in October was indeed vitally important and Alan has an outstanding record of achievement having undertaken restructuring and recovery work in the most exacting situations. Norris is similarly upbeat about promotions as chief operating officer and finance director.

The operations review reads well, but when it comes to the nub issue Norris cannot yet affirm the prospect of a profitable business, he ensures the caveat that we will be doing everything in our power to recreate a profitable efficient business

I am inclined to follow how the ongoing group performs, rather than buy on todays rise. Jarvis is a recovery share in the making, though its a speculative leap as to how it shapes up



http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=71023&MenuKey=News.Home&NewsPage=3

Jarvis claims cash crisis is over

Mark Milner
Thursday December 30, 2004
The Guardian

Jarvis chief executive Alan Lovell yesterday declared the company's cash crisis over despite a 283m half-time loss swollen by huge write-offs.
Following the deal to sell its 33% stake in Tube Lines on Christmas Eve, Jarvis has now reached agreement to cap its exposure to 14 stalled public finance initiative projects and to a refinancing package which will run until March 2006.

"Capping the 14 construction contracts, extending the banking arrangements - provided shareholders approved the Tube Lines sale then, yes, the cash crisis is over," Mr Lovell said.

Jarvis shares, which have been hit by rain derailments on track maintained by the company and then by problems on PFI contracts, responded by climbing 105% to 37p.

Chairman Steven Norris acknowledged that the first half figures for the six months to the end of September marked the "nadir" of the group's fortunes. But he said the recent agreements allowed Jarvis "to draw a line under the past."

Jarvis said it had written off some 240m in the first half, mainly against the roads business, construction contracts and old debts while operating losses amounted to 44.5m.

The sale of the Tube Lines stake, which will provide a 5.6m fee for Transport for London, to Spain's Grupo Ferrovial is worth almost 147m while other assets disposals will bring in another 50m.

Mr Lovell, who will pick up a 450,000 bonus if he succeeds in turning the company round, said he was confident that shareholders would back the Tube Lines deal when they vote on it on January 10. Jarvis has already warned that without the Tube Lines cash it would struggle to survive.

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Yesterday the company said it had reached agreement in principle under which it will make a contribution to a 105m package that will allow work to restart on the stalled PFI contracts. Jarvis is expected to complete nine of the contracts itself and pass five on to other companies.

The reshaped Jarvis will focus on three core operations - rail, road and plant operations, with a turnover of about 500m. After the disposal programme the group will have debts of around 240m.

Mr Lovell said there were three ways Jarvis could reduce its debt - by bringing in a strategic investor, a merger or a debt for equity swap - but added that there was no urgency in making a choice.

The priority was to demonstrate that the new-look Jarvis was a viable, profitable entity. The company had already cut around 20m in costs and was looking to achieve another 30m in savings.

http://www.guardian.co.uk/business/story/0,,1380777,00.html

'I never expected it to be as bad as it was'
(Filed: 02/01/2005)


Steven Norris tells Edward Simpkins how Jarvis was rescued from the brink of collapse

Steven Norris says his worst hour in a roller-coaster of a year as chairman of Jarvis came last June when it looked as though the beleaguered construction and rail services group might go bust. The timing could not have been worse, coming just days before Norris was due to contest the London mayoral election as the Conservative candidate.


Steven Norris: 'I've been
very hands-on'
In the event Norris lost the election, without, he claims, the help of Jarvis, and the company was given a year's stay of execution following a bout of intensive negotiations with its bankers. Norris says the refinancing deal, which was unveiled just after the election result, was the high point of his turbulent year at Jarvis.

With the agreement of the company's long-suffering lenders, disaster was averted and Jarvis survived to undergo a period of intense restructuring. This culminated in the sale on Christmas Eve of its biggest asset, a stake in Tube Lines, the company that runs a third of the London Underground, for 147m to Spain's Ferrovial and a deal to extend its banking facilities for a further year.

Last week Jarvis announced a record loss of 283m, made up largely of writedowns on businesses that the company is quitting, such as construction, as the group tried to draw a final line under its troubled recent history.

So far investors have bought into the argument of Alan Lovell, the restructuring expert brought in by Norris as chief executive two months ago, that Jarvis has a viable future as a rail renewals, plant hire and roads business, albeit a heavily indebted one.

The share price jumped by more than 50 per cent on the results announcement as Lovell admitted that Jarvis was looking for a big equity investor to take a stake or to agree a debt for equity swap with its banks. Although the company will have an expected 240m of debt on its balance sheet by its year end in March, a strategic deal or debt agreement should ensure that the company is not about to go bust.

It is hard not to feel some respect for Norris for taking the helm of a company that has been in crisis for much of the past three years. Jarvis has been blighted by three profits warnings in a year and cost overruns in key projects.

Jarvis's financial problems are very much of its own making and it is unlikely that much sympathy will be felt by its shareholders or the families of the seven people killed in the Potters Bar rail crash in 2002, which was caused by faulty points on a section of track maintained by Jarvis. But there is no denying that Norris has steered Jarvis back from the brink of collapse.

"I never expected the position to be as bad as it was, but I knew when I took it on that it was going to be tough and I knew it was going to be a lot of work," Norris says, pointing out that as the last man standing he was practically obliged to take on the chairman's job. It is a job that has been attended by so much ill fortune that it almost looks cursed.

In August 2002, Colin Skellett, the chairman of Wessex Water, resigned the chairmanship at Jarvis after the City of London Police fraud squad arrested him over allegations that he had taken a 1m bribe to influence the sale of the water company to a Malaysian conglomerate.

"We had lost two chairmen in very short order," Norris says. "Colin was, of course, never charged. He was cleared. It was patently obvious to anyone who knew him that he was absolutely beyond reproach, and he was also an absolutely excellent chairman, but the shareholders demanded his resignation."

Then nine months later Skellett's successor, Lord McGowan, the former senior partner of Panmure described by Norris as a "wise and able chairman", died of cancer.

"That left us very much denuded in terms of non-executives, and because Paris Moayedi was due to retire as chief executive, he took on the job temporarily and we promoted the then chief operating officer, Kevin Hyde, to CEO because that had been the planned succession."

However, it was about then that the cracks began to appear.

"It became clear when our September half-year results were produced in November 2003 that something was going seriously wrong in terms of cash," Norris says. "The company was continuing to report profits steaming ahead as late as September 2003 but it was obvious that there was a massive disconnection between profits on the one hand and the haemorrhaging of cash on the other."

That discovery led to Norris taking over as chairman.

"What that accelerated was the departure of a number of senior executives, and the retirement of Paris Moayedi certainly took place as planned," he says.

Moayedi, who became chief executive in 1994, was credited with turning a small and unremarkable construction company into what became for a time the UK's largest construction group.

But Norris says that in his opinion the culture Moayedi created at Jarvis allowed problems to grow unnoticed by senior staff. "I think there was far too much of a culture which had developed in the mercurial, entrepreneurial Moayedi years," Norris says. "It is impossible to ignore the influence of Paris Moayedi on Jarvis right the way through to 2003, which was: `Don't bring me bad news, don't bring me problems, bring me solutions.' "

Norris's conclusion is that this resulted in "creditor stretch" - in plain language Jarvis was not paying its bills and contractors started to walk off-site.

"When we started to say to managers 'Please don't tell me what you think I want to hear, tell me what the exact position is', it became plain that we were effectively running out of cash and that unless we had some emergency cash in the business we would have to declare the company insolvent."

Norris says this was when the hard work really started.

"That was March 2004 and from very shortly after our first profits warning in February I was involved with the banks in putting together the standstill arrangements and the extension of new money to the company which was vitally necessary."

So does Norris have any regrets? "I've been very hands on," he says. "There have been periods of time when the description 'non-executive' has been frankly laughable, as was the equally inappropriate description 'part time'. It has been intense but I've enjoyed it."




http://www.telegraph.co.uk/money/main.jhtml;sessionid=RMMUEJBPYSUVJQFIQMGCNAGAVCBQUJVC?xml=/money/2005/01/02/ccjarv02.xml&menuId=242&sSheet=/money/2005/01/02/ixcoms.html&menuId=242&_requestid=48005

up 12%. Recovery play for 2005

Jarvis PLC
04 January 2005


SCHEDULE 10

NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Name of company

Jarvis plc

2. Name of shareholder having a major interest

Legal & General Group PLC and/or subsidiaries.

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18

Not disclosed

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them

Not disclosed

5. Number of shares / amount of stock acquired

N/A

6. Percentage of issued class

N/A

7. Number of shares / amount of stock disposed

Not disclosed

8. Percentage of issued class

Not disclosed

9. Class of security

Ordinary 5p

10. Date of transaction

Not disclosed

11. Date company informed

30 December 2004

12. Total holding following this notification

Not disclosed

13. Total percentage holding of issued class following this notification

Not disclosed

14. Any additional information

The Legal & General Group PLC and/or its subsidiaries no longer have a
disclosable interest.

15. Name of contact and telephone number for queries

M L Mellor 020 7017 8140

16. Name and signature of authorised company official responsible for making
this notification

M L Mellor

Date of notification

04 January 2005

i see they lost faith then!

that's it...time to get out

why?

im going 2wait till 10th i still got faith and i lost learly half my dosh already but im gona stay in

still holding also. the rumour mill will begin to turn soon im sure.

already lost 4k, will be a really surprise if it goes up to 35p again. ..already lost faith

not far behind you but it aint worth cashing in now IMO just incase

babykitcat I agree it all depends on the vibes on the day (EGM).

Independent dated 06/01/05

* Alan Lovell, Jarviss new chief executive, reckons that Jarvis can escape its fate and be rescued. At Costain he found a buyer to put up new equity, maybe he can find one for Jarvis too

quids in if he does

i see some people do have faith in the old girl yet

news snippets rather than just up 10%etc cheers...

Jarvis has a strong future, we will be looking around 2 a share by end of this year.

I wish. personally don't see it happening but u never know.

Rerated by IC mag to "Fairly priced".


Jarvis tried to use these results, issued between Christmas and New Year, to draw a line under its annus horribilis. With 240m of write-offs (mainly from goodwill) contained within them, they make ugly reading. But Jarvis says that they represent "the nadir" of its fortunes.

Alan Lovell, the chief executive, has been busy since his arrival in October. He has raised money by selling Jarvis's stake in the Tubelines joint venture. Refinancing has also been agreed with its bankers, and bankruptcy has been avoided by a whisker. These new finances will give the group 15 more months of breathing space. By then, Jarvis hopes to have exited all of its loss-making construction contracts, stripped 50m out of its cost base, and focused itself on running a more stable business in roads, rail and plant operations. Even in these remaining businesses, though, all is not well. The roads division, for example, has encountered unfavourable operating conditions.

Tackling Jarvis's problems has meant a 32m restructuring and refinancing cost (including professional fees). But the City doesn't seem to mind, and even breathed a sigh of relief in the belief that the worst is over - the shares rose 58 per cent on the day of the announcement.

today should be interesting as we have then AGM on monday and as for what will happen on monday who knows

OH DEAR it seems we are stuck in a lift (GOING DOWN SIR)

Hopefuly the engineer will soon be out to fix it so we can start going back upto the top floor!!

may be were in the lift @ WOOLWORTHS!!!

Doh!!!

Potters Bar crash: report highlights scale of failures
By Dick Murray Transport Editor, Evening Standard
10 January 2005
Rail contractor Jarvis faces prosecution after an official report highlighted lax safety measures which may have led to the Potters Bar rail crash.

Seven people died and 76 were injured when a London to King's Lynn express came off the track at 100mph after a set of points broke underneath the train in May 2002.

In a confidential briefing to victims' relatives, health and safety investigators have revealed the scale of the firm's failings. Relatives were told that:



? The system for fixing defects was virtually " nonexistent".

? Jarvis maintenance staff "routinely" found track nuts vibrating loose - missing nuts led to the collapse of the Potters Bar points.

? Key track staff were "not fully competent" and did not even understand how track points worked.

? Railtrack inspectors did not visit track work.

The Health and Safety Executive has now passed a file on its investigations to the Crown Prosecution Service which will have to decide what action to take against Jarvis, the rail engineering giant responsible for maintenance of the points and Railtrack, now Network Rail, in overall charge of infrastructure.

An HSE spokeswoman confirmed: "Our file has gone to the CPS."

But sources say both Jarvis and NR will escape corporate manslaughter charges because of the difficulty in establishing any evidence linking specific individuals to the faulty track points which caused the four carriage West Anglia Great Northern Train to derail.

Instead, the HSE is expected to pursue separate action for the lesser charges of breaches of safety regulations.

Louise Christian, the solicitor who represented the families of five of those who died, said: "This was an absolute shambles from beginning to end."

She predicted Jarvis and NR would plead guilty to breaches of safety regulations "and escape with a fine" - and said the legal moves again showed there was a need for a public inquiry "to establish who was to blame and what the possible risks are for passengers today".

Once it has been decided officially there will be no manslaughter charges, an inquest will take place, scheduled for next month.


wilbs

the payout is capped at 3 milion and the rest will be paid by the insurance so the above is very old news.

This just appeared in The Huddersfield Examiner this afternoon, don't know whether it's new news or old news?

School firm Jarvis axed Jan 11 2005




By Neil Atkinson, The Huddersfield Daily Examiner


TROUBLED firm Jarvis are to be axed from their contract to maintain Kirklees schools.

Top councillors are proposing that a new investment company take over the multi-million pound contract.

The moves are intended to secure the long-term future of a contract for the maintenance, caretaking and cleaning of 19 schools in Kirklees and have been agreed by a council Cabinet committee.

Hundreds of cleaners, catering workers and caretakers in Kirklees are employed by support services group Jarvis, but their contracts will be switched to the new service providers.

Jarvis are in serious financial trouble and are heavily in debt.

The proposed move will lead to an end to the council's relationship with Jarvis plc, which was the partner involved in a major multi-million pound construction programme in the schools, and the subsequent maintenance contract.

The schools are those that were transformed under huge investment through the Government's public private partnerships initiative, under which Jarvis plc carried out major construction and refurbishment.


http://ichuddersfield.icnetwork.co.uk/0100news/0100localnews/tm_objectid=15064255%26method=full%26siteid=50060%26headline=school%2dfirm%2djarvis%2daxed-name_page.html

old news.

can we have some new UPBEAT new as im getting bored in this lift and will be pressing the exit button shortly

azhar - 11 Jan'05 - 20:52 - 101 of 102

old news.

Is it really? The Kirklees decision was taken that afternoon - try reading page 2 of the link (or is that too much trouble).

and

babykitcat - 11 Jan'05 - 21:08 - 102 of 102

can we have some new UPBEAT new as im getting bored in this lift and will be pressing the exit button shortly

Bye Bye

I got bored so I got out yesterday. Time to move on.

brianboru I work for Kirklees. this was discussed ages ago although it has come to light recently.

someone not getting enough

LONDON (AFX) - Jarvis PLC, the support services company struggling to avoid
financial collapse, is set to sell its equity share in a 59 mln stg private
finance initiative contract with Kirklees council to the Secondary Market
Infrastructure Fund, the private investment fund owned by Star Capital, the
Financial Times reported.
The newspaper did not name its source, but said SMIF will take over Jarvis's
35 pct equity stake in the special purpose vehicle set up to manage the PFI
contract. The stake is understood to be worth about 1.6 mln stg, according to
the article.
The other SPV equity stakeholders are Kirklees council, which owns 30 pct,
and other investment funds, including the Barclays European Infrastructure fund,
which owns the remaining 35 pct.
--

Things going according to plan then. Lovell did say he would have the PFIs sorted b4 end of Jan. Will he live upto the rest of the stuff he said. Watch this space for some big action if he does.

Well the Financial Times seems to think it's new news ;-)

LONDON (AFX) - Jarvis PLC, the support services company struggling to avoid
financial collapse, is set to sell its equity share in a 59 mln stg private
finance initiative contract with Kirklees council to the Secondary Market
Infrastructure Fund, the private investment fund owned by Star Capital, the
Financial Times reported.
The newspaper did not name its source, but said SMIF will take over Jarvis's
35 pct equity stake in the special purpose vehicle set up to manage the PFI
contract. The stake is understood to be worth about 1.6 mln stg, according to
the article.
The other SPV equity stakeholders are Kirklees council, which owns 30 pct,
and other investment funds, including the Barclays European Infrastructure fund,
which owns the remaining 35 pct.

http://www.the-self-preservation-society.co.uk/modules.php?name=News&file=article&sid=145

read this on my FT.com portfolio except the page would not open so all i got was the heading does any one know any more COMPANIES UK: Jarvis on the brink in banks' end-game
does not sound very good this was all dated today 17/1/05

isnt this old news? as dated 11/1/05

Jarvis deal probe Jan 20 2005

AN inquiry is being ordered into Kirklees Council's schools contract with troubled firm Jarvis.

A meeting of the full council was told that lessons must be learned from what happened.

A new investment company is taking over the multi- million-pound contract to maintain schools after Jarvis ran up huge debts.

The 50m deal to refurbish and maintain 19 schools was the council's first involvement in a Private Finance Initiative scheme.

Clr John Smithson, the council's deputy leader, said: "Jarvis got their price spectacularly wrong and had to put in some 20m to 30m of their own money.

"They did not live up to expectations in the delivery of the contract."

Town hall scrutiny chairman Clr Andrew Palfreeman will be asked to set up the inquiry.

Council leader Clr Kath Pinnock said: "We have got to have a detailed and objective inquiry into the contract.

"There are lessons that the council will want to learn."

Tory group leader Clr Robert Light said: "We have got to come out of the experience the wiser for it."

Investment company Secondary Market Infrastructure Fund is taking over Jarvis's shares in the contract.

It is likely to appoint cost consultants Turner and Townsend as its agent.

Jarvis: Banks sign up to give Jarvis a future !
Posted on Wednesday, January 26 @ 15:04:02 GMT by panky


Speculation mounted over the weekend that Jarvis would win its battle for survival this week.
Jarviss debt mountain soared to 240m during 2004 and there were few who believed that after reporting a 280m loss in the most recent six-month financial period, new chief executive Alan Lovell could pull the group out of the fire.
But after selling virtually all Jarviss family silver, Lovell should be able to heave a sigh of relief as lawyers acting for the groups two main banks Barclays and the Royal Bank of Scotland sign up to give Jarvis a future.
A source close to the deal said: "There is every likelihood of an announcement this week."
The refinancing has been conditional on the groups one-third share in TubeLines being sold and a final contractual solution being found to all Jarviss PFI contracts.
Ferrovial has made an agreed offer of 147m for the TubeLines stake, and the other members of the special purpose vehicles of which Jarvis is a member have accepted the need to stump up 100m to keep the 14 PFI projects moving forward.
"The entire package has been co-dependent," the source said. "Lawyers are cagey people and wouldnt sign off on the refinancing until TubeLines was in the bag and until they had a maximum figure on what the construction exit might cost. But that day has come."
*A High Court action between Laboursite and Jarvis is not expected to throw a spanner in the works. Laboursite, one of Jarviss labour-only subcontractors, is said to been looking for 500,000 for dozens of unpaid bills.
"There is no war," a Jarvis insider said. "Laboursite is still working for us."
CJ understands that the pay dispute between Jarvis and Laboursite stems from quality-of-work concerns
*This dispute has now been resolved.

INTERESTING TO SEE JUST HOW FAR THE PRICE GOES if AND A BIG IF THERE IS ANY NEWS RELEASED.
KEEP US POSTED

AZHAR were did you find this referecnce as i have searched all over the net and cant find it any were

sorted found it thanks

RNS tomorrow. Watch this baby fly....... 1

http://www.timesonline.co.uk/article/0,,2095-1462015,00.html

ok who ever gets tommos closing price right wins a RAILWAY SLEEPER!!!!
im going a initial peak of .74 then level out at .49 when all the people get out who have broke even!!!! then its the next week we make a killing.
WELL HOPE SO

Excellent find Baby.. Good timimng cos I was loosing patience but knew something was up as the price was stable.

Disgusting performance considering the news. come on 40p at least by EOD.

I suppose 20% isn't that bad but remember dec 2004 it went up by 400%. Today'sv news is better.

Jarvis banks to sell 250m of debt to US syndicate

Group led by Bank of America buys debt at a reduced price with the option of obtaining a sharehold in the firm


18 February, 2005

By Angela Monaghan

The syndicate of banks that bailed Jarvis out of financial ruin has sold up to 250m of the debt to a group led by the Bank of America.

Under the deal last Friday, lenders including Barclays and Royal Bank of Scotland transferred some of the Jarvis debt to the Bank of America at a reduced price, understood to be about 50-75p for every pound of original debt. This means the banks are in effect writing off some of the money they have lent to Jarvis.

However, for the original banks, it is at least a guarantee that they will receive some of the money invested in Jarvis. They are likely to have obtained a better price now for the debt than they would have a few months ago when Jarvis was in dire straits.

The Bank of America group has the option to swap the debt they have obtained for a shareholding in the business. Although the firm is by no means out of danger, it is in a more stable position now that it has been broken up and parts sold off.

It is thought that the Bank of America syndicate includes at least two other banks.

The sale of the debt is the latest in a string of complex financial transactions at Jarvis, which is now led by chief executive Alan Lovell. Two weeks ago, Jarvis secured a lifeline when it sold its 147m stake in London Underground consortium Tube Lines to Amey. It also agreed a 110m refinancing package for 14 PFI projects that are under construction.

After these deals went through, Jarvis original banks agreed to extend its debt facility until 27 March next year. Lovell was awarded a 450,000 bonus for concluding these transactions.

Despite the turnaround, Jarvis is a shadow of the company that had a 1bn market capitalisation two years ago. It never fully recovered from the damage to its reputation from the Potters Bar rail crash in May 2002, in which seven people died.

It is also still unclear how much the company owes in advisory fees. Some in the market believe it could be as much as 60m.

Jarvis has turned its attention to its rail renewal, road and plant hire businesses

Jarvis chief gives hope to York staff
Thursday, February 24, 2005
by Alex Lloyd

JARVIS chairman Stephen Norris has reassured York staff that the troubled company is back on track after a turbulent year which brought it to the brink of collapse.

York employees of Jarvis faced an uncertain future as the firm posted half-year losses of more than 230 million and the chief executive resigned.

But the crisis was averted when shareholders unanimously agreed to sell its 25 million portfolio of York properties, including its headquarters Jarvis House, in Toft Green, York, to Network Rail.

The company also sold its stake in the Tubelines consortium that carries out most of the engineering work on the London Underground to persuade its primary lenders to re-finance debts until March 2006.

Mr Norris, who was in York to speak to the City of York Conservative Association, told the Evening Press it had been a "momentous year" for Jarvis. He said: "There was a time a few months ago when all the reports were effectively writing our obituaries, but we have recovered from that."

"We have gone back to the core business and that is road and rail and associated plant hire, and that has the potential to be a good, profitable business. We are also doing what we are very good at, because Jarvis remains the most cost effective re-railer in Britain."

He said the move to new, smaller premises in Blossom Street, York, had marked a fresh start, for the company which now has 3,000 staff nationwide compared to 13,000 at one time.

"It is so good for morale to change the environment," he said. "It has been an absolutely torrid time. It has been very painful at times and certainly exhausting."

The former Conservative transport minister, who was twice runner-up to Ken Livingstone in the battle of become London Mayor, said York staff should feel reassured about the future of the jobs.

"I can't say that all the remodelling of the company we need to do is completed as of today, but I think people recognise we are starting to recruit rather than shed.

"We may well find there are areas we have to reduce costs, but at the same time, we are recruiting good quality people."



http://www.thisisyork.co.uk/york/business/YORK_BUSINESS_NEWS0.html

Is this the end of JRVS????

no

Yes it is...........see the latest news.

what 'latest news'?

SAM24, Surely you are not suggesting that because the FD has resigned (Assuming this is the so called 'latest news' you are referring to which actually by now is 'OLD NEWS') because he does not want to re-locate to York, then this is the end of Jarvis??!!.........get real!

Don't kid yourself, going down to 4p if there is no new contracts very soon
and I don't see that going to happen, can you??

No Sam, I dont see it going down to 4p either.

I wish I could believe you!!
You have to get real.

it will move back up

Even the press are now confused as to where this is going.

From FT
A three-year journey nears the South Pole
By Salamander Davoudi
Published: April 2 2005 03:00 | Last updated: April 2 2005 03:00

Shares in Jarvis have been journeying southwards since 2002 and are almost at the South Pole. Valued at 827m three years ago, today Jarvis is worth 20m. Since the beginning of this year the shares have tumbled a further 54 per cent as the company has gone through a refinancing, lost its finance director and announced it had to borrow an additional 17m to fund working capital requirements. The control of Jarvis, with debt at about 280m, is now firmly in the hands of its creditors. Management is now looking to do a debt-for-equity swap. The value of the company's debt may be fixed but in such a deal the lower the share price the bigger the proportion of total equity the banks receive. One analyst said: "Jarvis plc may even want the share price to drift lower because the banks want to take 99.9 per cent of the company's equity in the forthcoming debt-for-equity swap." The market is in an "information vacuum" and knows nothing about the performance of Jarvis's underlying businesses. It is very frustrated that no trading updates have been released. The shares closed at 14p. Salamander Davoudi

Jarvis up 20% so far today

I think JRVS is finally recovering.

I've lost a lot but luckily got out in the mid 20's so not that bad. Still holding very small amount. This is going down imo until the D4E has been resolved. Although I'm a holder I would stay clear of these until that issue is sorted, unless you can afford to take a risk.

From UK-Analyst.com: April 13th 2005

Lock up your daughters. Steven "shagger" Norris will be celebrating tonight after Jarvis shares jumped 20%. Well that's probably not true - he surely won't be celebrating, actually. The reason the share price went up was nothing to do with good news - in fact the news was bad. The group's chief operating officer resigned after just 5 weeks in the role. Bears were closing positions as they bet there would be little in the way of bad news to come in the short term. But whether they are right or not remains to be seen.

I noted in the Sunday Telegraph that the D4E swap is under way with a group of American banks and hedge funds,they will control 80% of the company.

be interesting if the hedge funds went t$ts up though.

sequestor.
care to elaborate?

several hedge funds are rumoured to be on " the edge", if they control 80%, and they die, well, interesting?

Bad news indeed.

JARVIS PLC

ON-GOING WORKING CAPITAL AND RESTRUCTURING DISCUSSIONS

The Company notes the recent press report regarding its ongoing discussions with
lenders. Jarvis has reached agreement in principle with Deutsche Bank for the
provision of further short term loan facilities of up to 31.4 million to meet
its immediate and short term funding requirements and also a balance sheet
restructuring, combining a debt-for-equity conversion and subsequent 50 million
equity raising. The proposals are subject to contract, agreement of the
Company's other lenders (which is currently being sought) and will, on signing,
be subject to conditions and approvals.

The precise form of the debt-for-equity conversion is still being discussed but
it is likely that it would leave existing shareholders with 5 per cent. or less
of the equity value of the group following the conversion, depending on the
structure that is implemented. It is envisaged that this debt-for-equity
conversion would be immediately followed by an equity raising open to holders of
the share capital of the group as enlarged by the debt for equity conversion.
The terms of the equity raising would be such that the shares subscribed in this
equity raising would represent substantially all the resulting equity value of
the group. The combination of the debt-for-equity conversion and the equity
raising will strengthen the group's balance sheet and reduce the group's debt to
a low level.

Whilst these negotiations are at an advanced stage, there can be no certainty
that final agreement will be reached.

Contact details:

Bridget Fury, Merlin 020 7653 6620

it seems they want back all your shares for nothing
i nearly bought these too,

Jarvis going up everyday,any one know why !!

Olympic construction projects, remember Norris has alot of contacts in London.

What is happning !! it's going down since yesterday any one know why ?but few buyer today!

MM playing games, sp just shot back up.

Any comment please:
How far can it fall?
How many times have the restructured/issued shares?

http://www.companyannouncements.net/cgi-bin/articles/200507181200009799O.html

This thread is now: Jarvis Won't survive ( it won't will it?)*
C'mon guys, don't be so negative, there's still the prospect/excitement watching their Auditors (of past years) squirming-about explaining why they managed to overlook what was like the chip-pan catching fire when the locum chippy was sweeping the floor, to create a good impression.
When will Auditors work in the interest of shareholders, Customers, Employees and the Government (as tax-receiver and Dole-provider)? - until this nettle is grasped we must expect major companies to fold regularly, with considerable fall-out. At least when a tiddler goes it doesn't affect a whole City. Marconi, Mayflower - the list gets longer.
*(Course it won't - who would give them a contract and be willing to pay a fair price? - deals they'll attract are cash-on-completion, if you please)

http://www.indepen.co.uk/weeklynews.html

Jarvis investors approve rescue
Shareholders of Jarvis, the engineering services business, have approved a financial restructuring scheme that hands 95 per cent of the firms equity to its creditors in return for the cancellation of 350m of debt. The company had warned it would implement the plan, which it sees as the only alternative to insolvency, even without the blessing of investors.
Jarvis has announced the appointment of Richard Entwhistle, former director of the rail business of its rival Amey, as Chief Operating Officer.

isn't this a pretty risky move for somebody to leave the somewhat more stable environment of Amey? I'm thinking he must be fairly certain the company will survive.. could there be a recovery opportunity in the offing? any thoughts??

jk9: Not strictly a recovery stock. Theirs is a strategy for survival with a mediocre future and little scope for small investors seeking an exciting ride.
sd.

They don't need money anymore. Good U trurn.
http://www.moneyam.com/action/news/showArticle?id=1004585

Jarvis says will keep highway maintenance business previously earmarked for sale

Lovell has bought a big chunk of JRVS also - so does he feel lucky?
Well maybe, but then he felt lucky enough to get into JRVS a while ago and look where that got him.......the real problem IMHO is "who will give them an order?" - I doubt if they'll be working on the railway for a while and their reputation in schools is poor to say the least - So where does JRVS excell, where can they pick up a fat contract and perform well, quickly and satisfy the client?
Answers on a very small postcard (please remember the stamp) - I just don't know - they have shown determination to be rubbish in all departments - unless I'm overlooking some new business-angle that has eluded me - or there is an angle that needs incompetance and is willing to pay for it.
No? - Well that's it then, expect the sp to halve until they get a better reputation - and if Retail is anything to go by - you build a good reputation over many Years and a bad one over as many Months.
I used to hold JRVS in the hope of recovery.......not any more.......but good luck to all who sail in her.

Ooops !!!!!!!!!!!!

fairly well overdone... possibly... maybe...???

BigTed
Possibly I'm not going near it to volatile could go to 6p or 60p ?

Oh dear 20p - it doesn't get much worse than this ( answers on a postcard, pse)....yet today there seems to be a DCB.

The RNS suggest this year is material below - - with a substantial loss.....and it also say the Gov and Railtrack is committed to an on-going program of mainteneance -
SO why should anyone think this means "Jarvis"..?
If that's what the Directors mean then they've bungled it again - - - but I suspect they chose their words correctly - that is there is NO Contract in place which means JRVS will be OK this next year - - - they will have to make long and expensive bids for this work - which is shorthand for "unprofitable"

So, holders, out there - - - - Do You Feel Lucky ?

It's about time the Drectors resigned, without bonus, severance, or any other goodies - just Go, - - Please.

Bad day for Jarvis down another 10%

I am guessing 6p before 60p.

Time to buy back now the dust has settled.

Barkley is killing the MMs. Bought on 26th, sold with profit on 27th, started to buy after 30% crash while evil started to short Jarvis.
Evil has to either close its position or or or go against Barkley, IMO

FT was talking about a bid.