Raymarine Share Discussion Threads

[boffster] 15/5/2010 09:16

£400k for a poxy administration, its more money than I get in 10 years, nice work if you can get it!! :o)

[daytraders] 15/5/2010 09:15

debbiegee, correct as they have no unsecured creditors either, so it seems just the admin fees to come out of the 20p leaving 19.5p or there abouts it seems, looks like they will get at least £400K+ thou for a very simple administration, still would have prefered 35p from garmin.

[debbiegee] 15/5/2010 06:38

Thankyou very much,yes I just found it .

As stated by another poster
points 17 and 18
19.5p per share expected to be returned to shareholders but could take several months.

[debbiegee] 15/5/2010 05:44

Daytraders/anybody could you please post a link to the faq on Raymarines website as I have just visited it and searched but not found.
Many thanks in advance !

[daytraders] 15/5/2010 00:53

we should get 19.5p but should have got nearer to 35p, read the faq on raymarines website, question 17.

17. Will shareholders get any of their investment back? The exact amount available to shareholders will depend on the amount of any creditor claims that may emerge and the costs of dealing with the administration.
Based on current information, this would equate to approximately 19.5 pence per share.
We are not currently aware of any unsecured creditors of Raymarine Plc, however, the administrators have a legal duty to advertise for such creditors.

[boffster] 15/5/2010 00:13

Yes, its called Simon Cawkwell's wet dream.

[vk74] 14/5/2010 23:59

is there a case that the shareholders get nothing or very little?

[boffster] 14/5/2010 23:54

Well, 19.5p is well in profit for me. I shall however be quizzing the administrators as to why the Garmin offer was not opted for. If I am unsatisfied with their response I will be on to the IPA.

I think their response will be along the lines of that mooted here but I'd like to hear it from the horse's mouth.

[eelanguilla] 14/5/2010 23:19

aspers .. well done .. i always said it was a pre-pack :) a 20p one at that :)

[goalmachine2] 14/5/2010 21:57

Just seen the news we have been shafted. Oh well I hope the BOD are ok and they still have there jobs!!! I hope the new owners sell the business to Garmin for a nice tidy profit and they sack the BOD.

[aspers] 14/5/2010 21:19

I still say every member of the Board should be hung up by their testicles and have their finger nails pulled.....they from day one have shafted the PI's and should be locked up for ever!!! Will be the last time I ever buy a piece of RAY kit, its Garmin for me from now on!!!

[sea and sky] 14/5/2010 20:47

just as an addition to the comp - it will of course be the nearest one so you may win even if you are not spot on...

[sea and sky] 14/5/2010 20:46

Boffster - when we know the winner I can be reached at [e-mail] - Boffster has closed the competition now I believe.

I am away the weekend but back late Sunday.

[sea and sky] 14/5/2010 20:44

AZ209 - 14 May'10 - 18:59 - 3551 of 3595

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

I think we should be told :-)



Ok it will be a bottle of Veuve Cliquot... I like it so hopefully on of you lucky traders will too...

[daytraders] 14/5/2010 20:42

Can anyone tell me who Fergus Wheeler contact is in all the rns's, is he a Raymarine director ?

[daicaprice] 14/5/2010 20:29

Good post OD, It's too late now but admins normally strip the bones, I sincerely hope 17.5 is returned.

DC

[mike111d] 14/5/2010 20:25

Yep it all makes sense now and as you say OD on balance it would seem like a fair deal was struck for all concerned.

PS - whoever wrote the last RNS needs shooting.

[officerdigby] 14/5/2010 20:22

The penny drops for Mike....

The business don't stop for a second... The business creditors are not paid as they are still 'in business'

FYI the Q&A document is on the RAY website.

This buyer has been up for this for a while and Garmin has forced the buyer to pay the shareholders increasing amounts.

The jump from 17.5p to 20p today can only be due to the Administrator eking out a few pence after the Garmin approach at 35p. Perhaps 20 is all the buyer could pay and the Admin weighs the s/h's interest with perceived ease going forward/employees etc.

[daicaprice] 14/5/2010 20:21

Time will tell, as I said earlier I am not a current holder and have no axe to grind. Mike are you actualy holding here or are you just a nuisance to every thread you join?

DC

[mike111d] 14/5/2010 20:12

Thank you daytraders, so presumably the liabilities for the creditors are being carried forward with the acquistion and hence they are not being deducted from the purchase price of 20p per share. In which case the .5p is essentially to pay for the professional fees associated with the administration and transfer of assets and liabilites net of the bank loans to the purchaser.

[daytraders] 14/5/2010 20:03

Mike111D - 14 May'10 - 20:44 - 3581 of 3586

OD, but .5p for creditors and all associated fees only amounts to circa £400k, sorry but that does not stack up IMO.


£400K fee is about right, this is easy administration for them, there is no creditors it seems.



17. Will shareholders get any of their investment back? The exact amount available to shareholders will depend on the amount of any creditor claims that may emerge and the costs of dealing with the administration. Based on current information, this would equate to approximately 19.5 pence per share.

We are not currently aware of any unsecured creditors of Raymarine Plc, however, the administrators have a legal duty to advertise for such creditors.

[mike111d] 14/5/2010 20:03

Far from it DC I am all for a success story but I do like to understand what may or may not be in play.

Now this is a done deal, so clearly my only interest is unravelling the structure of the deal from a purely academic perspective.