This morning’s Raymarine statement on yesterday’s offer
29 Apr 2010
Raymarine issues statement on yesterday's offer
After yesterday’s announcement that Garmin had put in an offer for the company, Raymarine issued a further statement at 07.27 this morning, which is reproduced below in its entirety.
RAYMARINE: Following yesterday's offer for Raymarine from Garmin, a statement issued by Raymarine at 07.27 this morning, April 29, says: ‘Further to the announcement on 28 April 2010, the Board of Raymarine (the “Board”), can confirm that it remains in advanced discussions with a third party regarding a sale of Raymarine Holdings Limited, representing the entire business operations of Raymarine and its subsidiary undertakings.
‘It is currently envisaged that, were this transaction to be completed, approximately 17.5 pence per share would be available for return to Raymarine shareholders. This party's proposal would, under the Listing Rules, be deemed to be a Class 1 disposal and require approval by Raymarine's shareholders. Given that Raymarine is currently in an offer period for the purposes of the City Code on Takeovers and Mergers (the “Code”), the Disposal also requires approval by Raymarine shareholders under Rule 21 of the Code.
‘In the light of this, the Board urges shareholders to take no action at this time.’
‘It is currently envisaged that, were this transaction to be completed, approximately 17.5 pence per share would be available for return to Raymarine shareholders. This party's proposal would, under the Listing Rules, be deemed to be a Class 1 disposal and require approval by Raymarine's shareholders. Given that Raymarine is currently in an offer period for the purposes of the City Code on Takeovers and Mergers (the “Code”), the Disposal also requires approval by Raymarine shareholders under Rule 21 of the Code.
‘In the light of this, the Board urges shareholders to take no action at this time.’
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