Raymarine plc

Our client, Raymarine plc, announced that it had agreed to dispose of Raymarine Holdings Limited (comprising the entire operating business and assets of Raymarine plc) to FLIR Systems, Inc.

Raymarine is a leading provider of leisure marine electronic equipment. FLIR (NASDAQ:FLIR) is the leading global provider of infra-red imaging devices to the commercial andmitary markets.

The transaction was completed via a highly unusual structure - although the disposal was implemented via a bank initiated administration, there is an amount of c.£16.5m expected to be available for return to Raymarine shareholders. Other points of note:- repaid in full by FLIR- all of Raymarine's other creditors will continue to be paid in the ordinary course- following the disposal, approximately 20p per share is expected to be available for return to Raymarine's shareholders.

Canaccord Genutiy Canaccord Genuity acted as financial advisor to Raymarine plc.