Jarvis rebel gains backing

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A FIFTH of the shareholders in Jarvis, the troubled property and construction group, have responded to the rallying call they received earlier this month from rebel shareholder Martin Moir, writes William Kay.

He intends to press for the ousting of Mr Harvey Bard, Jarvis's chairman, at the company's annual meeting on Tuesday, in an attempt to stem the losses.

On 8 July, he sent fellow shareholders a letter asking them to sign over to him the power to vote against the company's management - and in particular Mr Bard.

In the letter, Mr Moir, who owns 26,000 shares in the company, says: 'You will no doubt have been as shocked as I am at the still further grievous losses just announced by our company. I appeal to you as a shareholder to do your part in seeking to salvage our investment.'

Mr Moir also wrote to the pension funds of Hanson, the giant conglomerate, which together hold the largest stake in Jarvis. He has received a letter from them, which he described as 'sitting on the fence'.

He added: 'There is extreme dissatisfaction, including letters of support for me from former employees and directors of Jarvis.'

However, he declined to name the ex-directors without their permission.