Raymarine Share Discussion Threads

[goalmachine2] 19/7/2010 17:11

I thought it would be £750,000 plus with the way things have already been handled least the administrators are better than the BOD!! Anyway its a result and we are getting closer. I need the money asap want to re-invest it in a company that will not end up in this situation.

[sapper2476] 19/7/2010 16:57

£600 an hour. Please sign me up for whatever course they attended. Bloody hell.

[daytraders] 19/7/2010 13:52

well the administrators fee of £150,000 was alot less than i thought it would be.

[daytraders] 19/7/2010 13:31

Website just updated.

Final report for Shareholders
16/07/2010

Raymarine Plc - in Administration ("the Company")

I write further to my earlier letter to shareholders dated 11 June 2010.

Please find enclosed my final progress report on the outcome of the Administration together with a formal notice to the effect that the Administration has been brought to an end.

We have held various meetings with the directors and the Company's advisors to consider the most efficient exit route from the Administration in order to maximise recoveries to shareholders in the quickest time frame. The Administrators will now return the Company to the directors who will then commence a Members Voluntary Liquidation process.

No action is required by shareholders at this time. You will be contacted in due course by the proposed liquidators (Malcolm Cohen and Andrew Beckingham of BDO LLP). Once the liquidator is appointed, steps will be taken to complete a distribution to shareholders.

Final report for shareholders - 16 July 2010 (PDF 694.07KB)

[daytraders] 16/7/2010 14:07

np, and yes i could do with proceeds now.

[goalmachine2] 16/7/2010 13:43

Thanks very much for the info Daytraders, could with it now tho!! Oh well its only time and money.

[vk74] 08/7/2010 23:04

I though that today we were excepting some communication from the administrators

[daytraders] 28/6/2010 22:10

BearHug2 - np, all good! and if i hear anything will let you know, as i send the administrators a email every now and then to keep them on there feet.

[bearhug2] 28/6/2010 16:08

Yes i did it also states that they are guidlines and it may be tied up sooner..Only asking if anyone has heard any further

[daytraders] 28/6/2010 16:06

Did you not read the Proposals - copy for shareholders - 11 June 2010, tells you in there key dates!

[bearhug2] 28/6/2010 15:05

Has anyone heard any further on when our funds are likely to be released?

[daytraders] 17/6/2010 14:25

just had email from administrators regarding my interest query, all good.


Realisations of the Administration will be held in an interest bearing account. Any interest earned during the Administration will increase total realisations available after costs of the Administration, firstly to any creditors and thereafter to shareholders.

[sea and sky] 17/6/2010 14:10

ok thanks - quick would be nice!

[daytraders] 17/6/2010 10:15

I just saw the timetable, like you say i think it will be alot quicker here, just hope we get the interest on the 16mill while waiting, should add another .5p/1p per share.

[sea and sky] 17/6/2010 09:21

daytraders: I'm out and about now but there's a page somewhere around page 20 onwards that details the time scales till payout after the admin guys hand the company back to directors to put into MVL. Will check it out later and let you know. It is a worst case estimate from me though.

[daytraders] 17/6/2010 08:43

i see payout in 3 months max, as long as we get interest on our 16 mill, where did you see the 7 months from now payout time frame.

[sea and sky] 17/6/2010 08:22

looks like about 7 months approx till we get our cash. I think I'd prefer to work for the administrators though. The senior guy gets £645 per hour. Certainly no man (woman) is worth that amount of money on planet earth!

I'll wind them up for only £500 per hour!

[daytraders] 16/6/2010 21:02

well looks like the administrators are being good to us on fees and they still maintain 19.5p per share if all stays the same.

£117,000 fees for the last month seems ok to me.

[freethinker8] 16/6/2010 20:31

Hi

New letter to shareholders out giving further details and timeframes.

[sea and sky] 15/6/2010 08:11

ok will do daytraders.

[daytraders] 14/6/2010 16:33

Sea and Sky - well when you get the payout i would have thought it would be into your share account, if not i exspect a cheque, as you cant leave it in your isa it seems, please let me know, and my broker says by the 16th june it will move out of my isa.