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

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.

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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 ?