Raymarine Share Discussion Threads

[debbiegee] 14/5/2010 19:18

This is their website ,it says nothing about subsiduaries ?

Garmin deal 35p gross for Ray and all subsiduaries
Flir deal 20p gross without subsiduaries.

Q) The management see a 20p gross deal better than a 35p gross deal as they get left with subsiduaries but who own these ?

[sapper2476] 14/5/2010 19:17

Mike I am just reading the same thing and have come to the same conclusion. Not good reading or maybe a badly worded RNS. I will ring the company on Monday for clarification (if anyone answers)

[mike111d] 14/5/2010 19:15

Sorry but where does it state that the bank loans are included in this transaction?

What is stated is that on April 29th they envisaged a sale resulting in 17.5p per share after repayment of the bank borrowings but they then go on to advise that it was not possible to complete a solvent sale of the company and hence the appointment of the administrators. At which point would the banks not join the list of creditors, as I cannot see any reference in the RNS timed at 18:07 today to the payment of 20p per share being in addition to the settlement of the bank loans.

I can understand why you would assume that it is 20p per share plus settlement of the bank loans but as I say this is not how the last RNS reads and as such if I was holding these shares I would for peace of mind seek clarification of that point ASAP.

[sapper2476] 14/5/2010 19:09

Mallorca, you may well be right. You pays your money and you takes your chance. Time will tell. Good night all.

[mallorca 90] 14/5/2010 19:07

Sapper2476

It looks like a done deal to me and the door has been closed to Garmin.

Trades from 15.59 onwards were all for 16.5p or better with buy trades of 250000 (16.50p/ £41.2k)& 254000 (18.75p/ £47.6k)Do not see how these purchases are going to make much profit.

[az209] 14/5/2010 19:01

I hope I do !

[mallorca 90] 14/5/2010 19:01

Less than 20p says the RNS.So I have a 5 to 1 chance of winning the competition! For the sake of RAY holders I hope I am not the winner!
Not clear if the bank loans are included as creditors. Garmin offer would have put shareholders on the right road and made them much happier!

[sapper2476] 14/5/2010 19:01

Well, costs will be fairly minimal and i would be more than happy with 17-18p. Brought at 13p and will have a tidy few grand for my wait. Will take time to get the money etc but some how i feel this has further to run.

[boffster] 14/5/2010 19:00

You're getting a wooden spoon.

[kab6] 14/5/2010 18:59

I think the administrators can do the pre pack to FLIR as there will be no disruption to the company.

The only sticking point in the Garmin deal, may have been that they didn't have approval from the competition comission right now.

Anyway, its still a decent result.

[az209] 14/5/2010 18:59

Mumm, Krug ,Moet, Bollinger or Tesco's Finest.

I think we should be told :-)

[boffster] 14/5/2010 18:53

RAYMARINE SHAREHOLDERS PAYOUT COMPETITION - PRIZE A BOTTLE OF CHAMPAGNE (APPRENTLY DECENT)

(This is the amount per share that shareholders will receive after admin costs, one poster one price, no changing your mind)

-NO FURTHER BETS-

Kab6 33p
Goalmachine 30p
2RocketMan32.5p
OfficerDigby 32p
Walerius 29p
Gcom2 27.5p
Boffster 25p
Sea and Sky 23p
Debbiegee 17.6p
Induna 8.75p
Envirovision 8p
mallorca90 4.5p
AZ209 0p

[debbiegee] 14/5/2010 18:52

Between 15.33 planA Gartmin T/O and 16.05 suspension notice folk were buying and selling up to 19.75 p
I cannot see how administraters are satisfied that the FLIR deal gross 20p is better for shareholders ???

[boffster] 14/5/2010 18:51

The bank loans aren't included!!

[mike111d] 14/5/2010 18:48

You will not know how much remains available to shareholders until the administration costs and creditor claims are known but thinking about it if the bank loans are included in the creditor claims, as logically they would be then there will be nothing left to distribute:

"Based on current information this transaction would equate to a return to shareholders of approximately 20 pence per share before costs and any creditor claims. However, the Administrators will not be able to confirm the precise amount until they have advertised for creditor claims"

[knowing] 14/5/2010 18:43

Market didn't know at 16:00 did it?? Insider trading again.

[boffster] 14/5/2010 18:41

~20p/share less 'costs'.
Since this is clearly another 'pre-pack' and it hasn't been necessary for the company to have been run in administration I would hope said 'costs' are minimal.

I'm feeling a bit stitched up :o/

[vk74] 14/5/2010 18:37

i am confused, are we going to get some money back or not?
and if yes how much appr per share?

[mike111d] 14/5/2010 18:35

If you are lucky you might get 15p after professional and legal fees are deducted, the question will be the the level of creditor claims to be satisified. Hopefully they won't keep you hanging on for too long though.

[kab6] 14/5/2010 18:32

the bidder is FLIR..

look at for statement


PORTLAND, OR, May 14, 2010 (MARKETWIRE via COMTEX News Network) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has entered into a definitive agreement with the Administrator of Raymarine plc to acquire all of the outstanding shares of its wholly owned subsidiary, Raymarine Holdings Limited. The transaction value of approximately $180 million includes repayment of all of Raymarine's indebtedness and approximately $24 million in proceeds to Raymarine plc which is equivalent to 20 pence per ordinary share. The acquisition represents the entire business operations of Raymarine and its subsidiaries.

Raymarine, a world leader in the marine electronics industry, provides the most comprehensive range of electronic equipment for the recreational boating and light commercial marine markets. For the twelve months ended December 31, 2009, Raymarine reported revenue of approximately $170 million.

The acquisition furthers FLIR's strategy in the marine market by dramatically increasing its maritime distribution network with the addition of Raymarine's 1,000 dealer outlets and 400+ marine OEMs, nearly all of which are additive to FLIR's existing distribution. FLIR plans to expand Raymarine's product line breadth by integrating thermal imaging cameras with Raymarine's display, radar and autopilot product lines to create the broadest, most effective, and easiest to use suite of products in the marine electronics industry.

"We are pleased to announce this strategically compelling transaction," commented Earl Lewis, President and CEO of FLIR. "Raymarine is a leading brand in the industry and has an outstanding reputation for high quality marine electronics equipment. When fully integrated, we expect to have a significant marine electronics business as part of our Commercial Systems business. I welcome Raymarine's employees to FLIR."

FLIR anticipates this transaction will be neutral to 2010 earnings, excluding one-time charges, and accretive in subsequent years.

About FLIR Systems FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and ground-based security. Visit the Company's web site at www.FLIR.com.

About Raymarine Raymarine is a world leader in the supply of electronic products for the recreational and light commercial marine markets. It manufactures a comprehensive range of marine navigation, communication and safety products including multifunction displays, radars, autopilots, cameras, fishfinders, GPS enabled chartplotters, automatic identification systems and instruments. The Raymarine Group is headquartered in Portsmouth, United Kingdom and maintains offices in the United States, Australia, Singapore, France, Germany and Italy.

Forward-Looking Statements The statements in this press release by Earl Lewis and the statements regarding the expansion of FLIR's distribution network, expansion of Raymarine's product line breadth, anticipated cost savings through integrated operations, sales, marketing, and general and administrative functions, the estimate of one-time charges, and the expectation that the transaction will be neutral to 2010 earnings and accretive in subsequent years, are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's and Raymarine's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the possibility that the transaction will not close or that the closing may be delayed, the possibility that the Company will experience difficulties in the integration of the operations, employees, strategies, technologies and products of Raymarine if the transaction does close, the potential inability to realize expected benefits and synergies, changes in demand for the Company's products, product mix; the timing of customer orders and deliveries, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, the ability of the Company to manufacture and ship products in the time period required, actual purchases under agreements, and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

Company Contact:
Tony Trunzo
+1 503.498.3547
www.flir.com

[boffster] 14/5/2010 18:31

Well, I'm not happy with this and we don't see any explanation as to why the garmin offer wasn't accepted. As someone said earlier this stinks of a cosy deal. Administrators have some explaining to do. Still 18p a share or whatever is better than nothing.

[debbiegee] 14/5/2010 18:29

How is selling to FLIR a better deal for shareholders when they will pay 20p and estimate an app 17.5p for shareholders and Garmmin would have paid 35p gross ???

edit,I see Garmin wanted the whole business for 35p and FLIR have offered 20p without the subsidiaries ?
So the directors would be left with a business ?
Do we not own the sbdidiaries too ?

[cyberpost] 14/5/2010 18:15

On 29 April 2010, following an extensive M&A process, the Company's directors announced to shareholders that they were in advanced discussions with a third party regarding the sale of Raymarine Holdings Limited. It was envisaged that this transaction, once completed and following repayment of the group's bank borrowings and other creditors, would result in approximately 17.5 pence per share for the Company's shareholders.


Based on current information this transaction would equate to a return to shareholders of approximately 20 pence per share before costs and any creditor claims. However, the Administrators will not be able to confirm the precise amount until they have advertised for creditor claims.