RAY Raymarine

 

TIDMRAY 
 
RNS Number : 9295L 
Raymarine PLC 
14 May 2010 
 

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| FOR IMMEDIATE RELEASE                                           | 
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| 14 May 2010                                   |                 | 
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| RAYMARINE PLC ("RAYMARINE")                                     | 
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| On 29 April 2010, Raymarine announced that it was in advanced   | 
| discussions with a third party regarding a sale of Raymarine    | 
| Holdings Limited, representing the entire business operations   | 
| of Raymarine and its subsidiary undertakings. In that           | 
| announcement Raymarine stated that, were that transaction to be | 
| completed, it envisaged that approximately 17.5 pence per share | 
| would be available for return to Raymarine shareholders. That   | 
| third party has now informed Raymarine that it is no longer     | 
| willing to proceed with that transaction. It has, however,      | 
| informed Raymarine's banking syndicate that if Raymarine were   | 
| to enter into administration it would be willing to enter into  | 
| a transaction with the administrator to acquire Raymarine       | 
| Holdings Limited for a consideration that is likely to equate   | 
| to approximately 17.5 pence per Raymarine share (before the     | 
| costs associated with an administration) in addition to         | 
| providing for the repayment of the Raymarine group's banking    | 
| facilities. The party has indicated that any acquisition of     | 
| Raymarine Holdings Limited would need to be completed today, 14 | 
| May 2010.                                                       | 
| As previously announced, Raymarine is not compliant with the    | 
| covenants that are a requirement of its borrowing facilities    | 
| being available and since the first half of 2009 has been       | 
| operating under a series of short term covenant waivers. The    | 
| most recent covenant waiver expired at 11.59pm on 13 May 2010,  | 
| and very shortly before that covenant waiver expired            | 
| Raymarine's banking syndicate informed the Company that they    | 
| are not willing to grant a further waiver at this time.         | 
| The Board is in urgent discussions with its banks to seek to    | 
| resolve the situation. A further announcement will be made in   | 
| due course.                                                     | 
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| Enquiries                                                       | 
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| Raymarine plc                 | 023 9269 3611                   | 
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| Peter Ward - Executive        |                                 | 
| Chairman                      |                                 | 
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| Tony Osbaldiston - Finance    |                                 | 
| Director                      |                                 | 
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| Hawkpoint Partners Limited    | 020 7665 4500                   | 
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| David Renton                  |                                 | 
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| Richard Parsons               |                                 | 
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| Hogarth                       | 0207 357 9477                   | 
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| Chris Matthews                |                                 | 
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| Andrew Jaques                 |                                 | 
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Dealing Disclosure Requirements 
 
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 
"Code"), if any person is, or becomes, "interested" (directly or indirectly) in 
1% or more of any class of "relevant securities" of Raymarine, all "dealings" in 
any "relevant securities" of Raymarine (including by means of an option in 
respect of, or a derivative referenced to, any such "relevant securities") must 
be publicly disclosed by no later than 3.30pm (London time) on the London 
business day following the date of the relevant transaction. This requirement 
will continue until the date on which the offer becomes, or is declared, 
unconditional as to acceptances, lapses or is otherwise withdrawn or on which 
the "offer period" otherwise ends. If two or more persons act together pursuant 
to an agreement or understanding, whether formal or informal, to acquire an 
"interest" in "relevant securities" of Raymarine, they will be deemed to be a 
single person for the purpose of Rule 8.3. 
 
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant 
securities" of Raymarine by the potential offeror or Raymarine, or by any of 
their respective "associates", must be disclosed by no later than 12.00 noon 
(London time) on the London business day following the date of the relevant 
transaction. 
 
A disclosure table, giving details of the companies in whose "relevant 
securities" "dealings" should be disclosed, and the number of such securities in 
issue, can be found on the Takeover Panel's website at www.takeoverpanel.org.uk. 
 
"Interests in securities" arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of 
securities. In particular, a person will be treated as having an "interest" by 
virtue of the ownership or control of securities, or by virtue of any option in 
respect of, or derivative referenced to, securities. 
 
Terms in quotation marks are defined in the Code, which can also be found on the 
Takeover Panel's website. If you are in any doubt as to whether or not you are 
required to disclose a "dealing" under Rule 8, you should consult the Takeover 
Panel. 
 
Rule 19.11 disclosure 
 
In accordance with Rule 19.11 of the Code, a copy of this announcement will be 
published on the Raymarine website: www.Raymarine.com. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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