Raymarine Share Discussion Threads

[mallorca 90] 30/4/2010 06:14

aspers

restassured no longer has any credibility after his comments. Everybody should dismiss any comment he makes about any share on any BB.

As for Simon Cawkwell have another read of this post.
ROFLOL




Simon Cawkwell - 28 Apr'10 - 15:34 - 3199 of 3254


Gentlemen,

This bid is advised by the BoD to leave perhaps just 4p in a potential shell. Given that RAY is in the hands of its bankers and that these bankers get out clear of a bad debt it is not remotely likely that somebody else will bounce up and be accepted by the bankers. Thus 4p it is and therefore those buying here, save to close a short, are a bit soft in the bonce.

Simon Cawkwell

[cool_hand] 29/4/2010 21:46

Well done everybody.

[sea and sky] 29/4/2010 21:38

hmmm...looks like a real bidding war could start...

from today:

"Garmin notes the announcement made this morning by Raymarine. Garmin also notes
that its offer remains the only firmly announced proposal in relation to
Raymarine which offers cash to Raymarine's shareholders and repayment in full of
Raymarine's bank debt. In the event that Raymarine makes a formal announcement
of the terms of a competing proposal by the currently un-named third party
involving a sale (subject to shareholder approval) by Raymarine of Raymarine
Holdings Limited, Garmin will make a further announcement."

[aspers] 29/4/2010 20:54

It was RESTASSURED that called me criminal for saying more bids would come in...!!! REST I really hope for that comment you got burned badly ;-)

[gcom2] 29/4/2010 17:00

If any shorters read this then...lol

[mallorca 90] 29/4/2010 17:00

restassured - 21 Apr'10 - 14:46 - 3169 of 3254


You are criminal in spreading nonsense about higher bids.

It won't happen!



LOL LOL LOL



restassured is very quiet today. He must be feeling very foolish and nursing a bad loss.

As for Simon "dont know it all" Cawkwell he must feel like an even bigger fool.

See his pompous post No 3199

[kab6] 29/4/2010 15:38

I did 2 hours analysing the financials on a spreadsheet (only based on half year last Aug 2009) and i think its a very good buy for a competitor who can extract synergistic savings. I valued the share from 35p to £2.45. I wish i did this last week.

OK, I had to make up a whole load of assumptions such as a valuation pe's and distribution / r and d / cost of goods savings, but I cannot see the shares taken out lower than what they are. The acquirer could probably reduce debt interest from around 12% to 4% pa. In the meantime though, the share price could easily drift down waiting for information.

Also, Garmin said on their website that they dont expect any anti trust issues on their offer statement and it also mentioned that sales in other navigation related products were recovering.

[officerdigby] 29/4/2010 15:38

That'll be stick then.. For a while!!

[debbiegee] 29/4/2010 15:12

Great stuff !
Cage rattled !

[aj19760] 29/4/2010 15:08

Garmin notes the announcement made this morning by Raymarine. Garmin also notes
that its offer remains the only firmly announced proposal in relation to

Further announcement

Raymarine which offers cash to Raymarine's shareholders and repayment in full of
Raymarine's bank debt. In the event that Raymarine makes a formal announcement
of the terms of a competing proposal by the currently un-named third party
involving a sale (subject to shareholder approval) by Raymarine of Raymarine
Holdings Limited, Garmin will make a further announcement.

Contacts:

Smithfield Communications (PR advisers to Garmin):
- Alex Simmons tel. [phone]
Rupert Trefgarne

[spectoacc] 29/4/2010 14:53

Aye I'll happily hold my hands up & say I thought RAY was worthless - though based on the not unreasonable assumption that they had £100m of debt dragging them down & management had said as much!

As recently as a week ago management were warning the highest genuine offer was 4p, & the shares took a dive on it.

Now - who knows, it all depends how badly Garmin & the other bidder want what RAY has. Certainly the shares element of the bid is small, & could increase enormously, with neither declaring their latest to be "final".

My surprise now is that it's not higher - a full 1p discount to what's on the table, when 90% chance Garmin will come back with more.

Good luck holders - I remember similar with QXL once, & it went for a hell of a premium.

[yorgi] 29/4/2010 14:44

Well done to you who held on when it looked like all was lost. I seem to recall management saying when it was down to no more than a few pence that any takeover would not have any benefit (or words to that effect) to sharholders.

Looks ok now anyway......

[debbiegee] 29/4/2010 14:44

Perhaps the market too will decide what the true value is ?
Let us hope there are no dirty tricks !

[spectoacc] 29/4/2010 14:38

My understanding is that the 17.5p cash return "bid" requires only 50% votes to succeed; so Garmin can't buy enough in the market to stop it, but they could pick up say 10% (8m shares) to be a nuisance.

They've the problem of RAY management seemingly not wanting to get into bed with them - understandable considering potential competition concerns & length of time to completion. But with 4p (originally) on the table, bidding 15p got management's attention.

Question is, what do they bid over 17.5p.. And can there be an auction, when one "bid" isn't really a bid for the ords? If I was Garmin, I'd bide my time a while, then attempt a knockout, 25p say, coupled with buying in the market. Though they'll struggle to buy many from major shareholders with Aviva the largest non-nominee holder on 5.2%.

[debbiegee] 29/4/2010 14:24

So let the games commence !
Perhaps some poker faces as they would surely not want to appear to eager or risk being gazumped again !

[rcturner2] 29/4/2010 14:18

I strongly suspect that Garmin will come back with a better offer. They will not want to lose out for a few pence per share which are peanuts in comparison to the debt part of the deal.

[sea and sky] 29/4/2010 13:16

We can speculate (sic!) but whatever the outcome, it appears those that are long have done better than those holding shorts. The more concrete the offers become the more the shorts will have to cover. Been there myself - this is just the way it works. Shorts may have bought some cover at the open and then sold to reduce their exposure. In a small share like RAY anything could be going on under the hood...

[spectoacc] 29/4/2010 13:03

81.6m shares in issue; question is, will there be any attempts to acquire a blocking stake.. Price is saying "no" atm.

[debbiegee] 29/4/2010 13:03

It seems they opened very well and the confusion came later.
Is it possible that there are some with open shorts burning that are causing this confusion ?

[aspers] 29/4/2010 12:59

9 million traded so far ;-)

[spectoacc] 29/4/2010 12:51

Um: the key words, as I pointed out above, are "..Available for return to Raymarine shareholders". If the intention was to just have a cash shell (& why on earth would they), they wouldn't have said that.

Expecting a holding statement from Garmin after the US has woken up.

[sea and sky] 29/4/2010 12:50

perhaps the bidder will reverse into the RAY shell then RC and the share price can carry on upwards...

[rcturner2] 29/4/2010 12:45

The key word is "available". It doesn't mean it will be returned.

[sea and sky] 29/4/2010 12:34

snap debbiegee!

[debbiegee] 29/4/2010 12:33

lol 3 posts are better than 1 !