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Did I miss the news, or are we all still waiting for the second shoe to drop from Raymarine? Did the banks decide to overlook their failure to comply with loan covenants and renegotiate the loans? Or are the banks pushing them to bankruptcy or a an asset sale?

7 Replies

  • Hi Russ,

    Got an extension.

    See below


    * Says facilities extended till Sept. 30

    * Says still unable to comply with debt covenants

    * Says still in talks regarding a possible sale of co (Adds details)

    March 18 (Reuters) - Debt-laden firm Raymarine (RAY.L) reached an agreement with its banking syndicate to extend the term of all of its facilities to Sept. 30.

    However, Raymarine said it was still unable to comply with the financial covenants under these facilities and was trying to find a solution to its medium-term funding issues.

    Interest charges and financial covenants related to the facilities were unchanged, the company said in a statement.

    The company also said it was still in talks regarding its possible sale at about 3.6 pence per share. [ID:nSGE62A0C2]

    Raymarine, which makes fishfinders, autopilots, marine radar and GPS systems for leisure boats, said in December it had ended talks with U.S. navigation device maker Garmin (GRMN.O) regarding a sale of the business. [ID:nLDE5BH238]

    Shares of the company were marginally down at 4.1 pence at 0822 GMT on Thursday on the London Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Unnikrishnan Nair)

  • Also Raymarine seems to have two companies considering acquisition at the moment, as mentioned here:

    The banks seem confident that something good is going to happen. I also heard that Raymarine is advertising job openings in New Hampshire.

  • Post today at

    Raymarine confirmed it has received two further takeover approaches, including one from a direct competitor, which it says was the highest of the approaches.

    Last month, the company also announced it had been approached by a third party interested in buying the company.

    Raymarine officials said in a statement it believes the proposal from its unnamed direct competitor "is highly likely to be subject to an in-depth review by the competition authorities and that anti-trust approval is unlikely to be secured."

    Also, the company said, a protracted anti-trust approval process could be highly damaging to the company.

    "The board therefore considers that the other two proposals have significantly greater likelihood of delivering value for shareholders and is continuing to investigate these proposals," Raymarine said in a statement. "However, there is no certainty that an offer will be made, nor as to the terms on which any offer might be made."

  • If I wanted to speculate with $10 at the local betting shop I'd have a look at Jeppesen/Boeing as a potential suitor for Raymarine. There's no hint in the attached article but it caused me to think about whether Jepp might be interested in penetration in the hardware marketplace.

  • I can not comment on the corporate financial wheelings and dealings in the Raymarine board room however, as a industry insider who sells marine electronics, I can state that the newest products from Raymarine are flying off the shelf and the biggest problem is keeping up with demand. I understand that OEM's are once again embracing the brand and are placing orders for large volumes which is slowing deliveries to the aftermarket retailers. If you have seen the new C and E wide screen displays, ST70 and autopilots you know why the demand is there. I just wish I could get my hands on them more quickly.

  • Some more news, nothing definitive yet:

    Note that only one of the offers is from a direct competitor.

  • Well, Garmin is making another offer for Raymarine...can't say I think its are good deal for Garmin, they have been growing fast and Raymarine fadding fast but they must see the value.