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

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