View more on these topics

Jelf looks at 10 per cent share buy-back

Jelf Financial Planning is seeking shareholder approval to buy back 10 per cent of the company’s shares as well as seeking a waiver from shareholders on the requirement for major shareholder Capital Z to make a bid for the firm if its shareholding rises above 30 per cent.

Capital Z currently has a 29 per cent stake in the firm. Shareholders will be asked to vote on the two proposals at a general meeting on 21 February.

The Jelf board of directors currently owns around 6 per cent of the firm. The board says it wants to increase its share because of a reduction in market liquidity.

The firm’s financial planning arm reported earning before interest, taxes, depreciation amortisation and exceptional items of £294,000 for the year ended 30 September 2012 , an increase on the £18,000 figure reported for the previous year. The firm’s financial planning arm has around 30 advisers.

Revenue for the financial planning arm fell 5 per cent to £7.1m from £7.5m in 2011. Jelf currently has around £490m in funds under advice placed on wrap platforms compared to £450m in the previous year.

EBITDAE for the group as a whole reached £11.3m, an increase of 11 per cent compared to £10.1m in 2011.

Jelf says it has also put in place a new debt facility to aid with acquisitions.

Jelf non-executive chairman Les Owen says: “The last 12 months have been challenging as the hoped for signs of an upturn in the economy have not so far materialised, our clients have continued to face difficult trading conditions, and our marketing remain intensely competitive.

“It is pleasing therefore that we have continued to grow our business, strengthen our balance sheet and position ourselves for further profitable growth when marketing conditions do improve.”

PMI Independent Financial Advisers director John Stewart says: “On one hand you could say that it is a positive move if they are looking to get a bit of control in order to make acquisitions. On the other I would be suspicioius as to whether the board has the best interests of its shareholders at heart.”

Recommended

1

AS 2012: Osborne confirms Isa limit increase to £11,520

Chancellor George Osborne has announced plans to raise the Isa limit to £11,520 from next April. The limit had been due to raise in line with inflation; the Isa limit rose by £600 in the previous tax year from £10,680 to £11,280. The Isa limit was indexed to inflation for the first time in June […]

David Jane: How real is the threat of protectionism?

Over recent decades there has been a preference for the view that unregulated foreign trade benefits all parties, at least among mainstream economists. Many reference 18th century Scottish economist Adam Smith and his seminal work ‘The Wealth of Nations’ as justification for their stance. We have seen a determined push by countries and their policy […]

Join our twitter interview with Steve Bee this afternoon

Join us in interviewing former Scottish Life head of pensions and Paradigm Pensions founder Steve Bee live on twitter at 2pm. There is likely to be plenty to talk about with the recent uproar over the Government’s “urgent review” of consultancy charging just five weeks before the RDR and yesterday’s view from The Pensions Regulator […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com