Garmin/Raymarine: decision day?
- Thread starter gjgm
- Start date
Morpheous
Well-Known Member
They'll be alright, i just had to replace my Raymarine GPS antenna, that was enough to keep an SME going for a while. Outrageous.
Imperial One
Well-Known Member
nimbusgb
Well-Known Member
As of 16:15 Raymarine shares had been suspended on the LSE.
http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=10493658
They are officially going in to administration.
No mention of whether the '3rd party' is still there or has run for the hills.
http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=10493658
They are officially going in to administration.
No mention of whether the '3rd party' is still there or has run for the hills.
Whitelighter
Well-Known Member
Trading in shares was suspended at 4.08 this afternoon. This followed and announcement by the BoD that the bank syndicate behind the £94m loan has called in the debt and will appoint administrators on Monday. That announcement cam after Garmin announced a formal offer amounting to the £94m debt plus 35p per share for the outsatanding issued capital.
Its a complicated situation, but the third party bid was always prefered by the Board for whatever reason and the withdrawl of the offer and the forced administration was pretty much orchestrated by the board to put Garmin off.
It hasnt, and now it remains to be seen who will end up with the company. Garmin have said their offer is not subject to DD but is subject to regulator approval.
Either way, Raymarine are not about to cease trading, although at the end of this Raymarine will not be a PLC. It will either be a subsidary of Garmin (likely) or a privately owned firm.
Its a complicated situation, but the third party bid was always prefered by the Board for whatever reason and the withdrawl of the offer and the forced administration was pretty much orchestrated by the board to put Garmin off.
It hasnt, and now it remains to be seen who will end up with the company. Garmin have said their offer is not subject to DD but is subject to regulator approval.
Either way, Raymarine are not about to cease trading, although at the end of this Raymarine will not be a PLC. It will either be a subsidary of Garmin (likely) or a privately owned firm.
Whitelighter
Well-Known Member
Raymarine are in administration
RNS just released to the markets, with shares delisted.
Anyone who is a shareholder, good luck. it looks like we will get somewhere bewteen 13p and 30p depending on who wins the day.
RNS just released to the markets, with shares delisted.
Anyone who is a shareholder, good luck. it looks like we will get somewhere bewteen 13p and 30p depending on who wins the day.
MapisM
Well-Known Member
I've seen more than one Company where the Board members were pushing for one of the possible alternatives.
But the reasons for their preference were invariably the same.
I know nothing about their "whatever reasons" in this case, but I would bet that they aren't different from the others I've seen so far...
jfm
Well-Known Member
Yup, dead right, though to be fair to them they might be thinking about a lot of ordinary jobs in Portsmouth UK, rather than just their own jobs.
halcyon
Well-Known Member
Mark-1
Well-Known Member
I think that's correct.
Anyway, excellent news the deal is done:
http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=10493836
FLIR will be good for Raymarine, they're in it for the long term. Not as good as staying in British ownership but far better than letting Garmin kill off a UK competitor in all but name.
Nick_H
Well-Known Member
Interesting. I guess the situation has been well publicised for so long that there aren't any, or at least many, trade creditors? Where pre packaged adminstrations like this have been done in the auto components industry, some trade creditors who lost out have refused to supply parts until the old debt is cleared by the new buyer, even though, of course, the buyer is not legallly liable for it.
iangrant
Well-Known Member
FLIR ?
Night vision systems
Hope the new generation of Raymarine screens work in the daytime?
Ian
Night vision systems
Hope the new generation of Raymarine screens work in the daytime?
Ian
jfm
Well-Known Member
Thanks for info. Sounds a good deal. I wouldn't worry about the UK-ownership thing, it's a bit illusory anyway. Nice that Garmin and Raym remain competitors - it'll stimulate them to keep bringing out ever-better products
Piers of this forum is Flir's UK dealer, so place all your Raym orders with him from now on
halcyon
Well-Known Member
Gone into adminitration see,
http://www.pbo.co.uk/news/462164/raymarine-plc-in-administration-shares-suspended
Brian
WALLY
Well-Known Member
Hopefully they'll sort out their abysmal supply chain situation.
Last edited:
jfm
Well-Known Member
?? Not sure what your point is Halcyon. The plc legal entity is in administration but it's a pre pack. The Raymarine company that makes nav gear and the Raymarine business/employees as we customers know it are now part of Flir and are NOT in administration
WALLY
Well-Known Member
Now Garmin will have to buy Flir!
jmmt
Member
Who cares?
Raymarine are dogmeat. It's not as if they were the only vendors in town
Raymarine are dogmeat. It's not as if they were the only vendors in town
MapisM
Well-Known Member
Was this comment of yours aimed at winning the "most interesting contribution of the week" context?
If so, well, nice try but no cigar I'm afraid.
poltergeist
Well-Known Member
Don't forget to put your coat on ......