Suspension of shares
May 14 2010 - 10:15AM
UK Regulatory
TIDMRAY
RNS Number : 9813L
Raymarine PLC
14 May 2010
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| FOR IMMEDIATE RELEASE |
| |
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| 14 May 2010 | |
| | |
| | |
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| RAYMARINE PLC ("RAYMARINE" OR THE "COMPANY") |
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| |
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| As announced earlier today, Raymarine's banking syndicate |
| informed the Company late last night that they were not willing |
| to grant a further waiver of its current non-compliance with |
| its covenants. The Company has now received a formal written |
| demand from its banking syndicate, whereby the banking |
| syndicate have declared that all loans outstanding under the |
| Raymarine group's banking facilities are immediately due and |
| payable. The Company has advised the banking syndicate that it |
| is unable to meet this demand. |
| |
| The banking syndicate has now informed the Company that it is |
| taking steps to have an administrator appointed to Raymarine |
| plc and, in accordance with the Listing Rules and the usual |
| practices of the UKLA, the Board has requested that trading in |
| the Company's shares be suspended. It is not anticipated that |
| any other company in the Raymarine group will enter into |
| administration. |
| |
| A further announcement will be made in due course. |
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| Enquiries |
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| | |
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| Raymarine plc | 023 9269 3611 |
+-------------------------------+---------------------------------+
| Peter Ward - Executive | |
| Chairman | |
+-------------------------------+---------------------------------+
| Tony Osbaldiston - Finance | |
| Director | |
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| | |
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| Hawkpoint Partners Limited | 020 7665 4500 |
+-------------------------------+---------------------------------+
| David Renton | |
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| Richard Parsons | |
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| | |
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| Hogarth | 0207 357 9477 |
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| Chris Matthews | |
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| Andrew Jaques | |
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| | | |
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Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any
class of relevant securities of Raymarine or of any paper offeror (being any
offeror other than an offeror in respect of which it has been announced that its
offer is, or is likely to be, solely in cash) must make an Opening Position
Disclosure following the commencement of the offer period and, if later,
following the announcement in which any paper offeror is first identified. An
Opening Position Disclosure must contain details of the person's interests and
short positions in, and rights to subscribe for, any relevant securities of each
of (i) the offeree company and (ii) any paper offeror(s). An Opening Position
Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm (London time) on the 10th business day following the commencement of the
offer period and, if appropriate, by no later than 3.30 pm (London time) on the
10th business day following the announcement in which any paper offeror is first
identified. Relevant persons who deal in the relevant securities of the offeree
company or of a paper offeror prior to the deadline for making an Opening
Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
paper offeror must make a Dealing Disclosure if the person deals in any relevant
securities of the offeree company or of any paper offeror. A Dealing Disclosure
must contain details of the dealing concerned and of the person's interests and
short positions in, and rights to subscribe for, any relevant securities of each
of (i) the offeree company and (ii) any paper offeror, save to the extent that
these details have previously been disclosed under Rule 8. A Dealing Disclosure
by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm
(London time) on the business day following the date of the relevant dealing. If
two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a paper offeror, they will be deemed to be a
single person for the purpose of Rule 8.3. Opening Position Disclosures must
also be made by the offeree company and by any offeror and Dealing Disclosures
must also be made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made can
be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. If you are in any doubt as to whether you are required to make
an Opening Position Disclosure or a Dealing Disclosure, you should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
Rule 19.11 disclosure
In accordance with Rule 19.11 of the Code, a copy of this announcement will be
published on the Raymarine website: www.Raymarine.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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