Raymarine

The flotation was done by way of a placing of existing ordinary shares in the Company with institutional investors. No new money was raised.

52,105,263 ordinary shares, representing approximately 63 per cent. of the issued share capital of the Company, were placed at a placing price of 152p per ordinary share. On commencement of dealings on the London Stock Exchange the Company had a market capitalisation of approximately £126mlion.

At the placing price, and based upon the pro forma forecast earnings per Ordinary Share before exceptional items and goodwill of 13.2p for the year ending 31 December 2004, the price earnings multiple is approximately 11.5 times.

Offer statistics

• Offer price: 152p
• Number of Placing Shares: 52,105,263
• Number of ordinary shares in issue immediately following admission: 82,545,000
• Market capitalisation at the offer price: £125.5m
• Percentage of enlarged issued share capital subject to the Placing: 63.1 per cent.
• Estimated net proceeds of the offer receivable by the Selling Shareholders: £77.0mlion

At the placing price, HgCapital has made around four times its original investment in Raymarine. HgCapital has retained approximately a 27 per cent. stake in the ordinary share capital of Raymarine and has a seat on the board.

Canaccord Genuity was Sponsor and Financial Advisor for the flotation.