RAY Raymarine

 

TIDMRAY 
 
RNS Number : 9449L 
Garmin Ltd 
14 May 2010 
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR 
FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE 
A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 
 
 
FOR IMMEDIATE RELEASE 
14 May 2010 
 
 
 
                             GARMIN LTD. ("Garmin") 
                                  STATEMENT RE 
                          RAYMARINE PLC ("Raymarine") 
 
 
Garmin notes the announcement made by the board of Raymarine earlier today about 
the possibility of Raymarine being placed into administration. 
 
Garmin has written to the board of Raymarine this morning to offer to meet any 
potential administrator today to discuss the basis and terms on which Garmin 
might acquire Raymarine Holdings Limited (which represents the entire business 
operations of Raymarine and its subsidiary undertakings) and which would 
ultimately allow a return to Raymarine shareholders of in excess of 17.5 pence 
per share. 
 
At present, there can be no certainty as to the outcome of any such discussions 
and a further announcement will be made in due course. 
 
Contacts: 
 
Smithfield Communications (PR advisers to Garmin): 
-           Alex Simmons              tel. +44 20 7360 4900 
            Rupert Trefgarne 
 
 
Disclosure requirements of the Takeover Code ("Code") 
 
Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or 
more of any class of relevant securities of Raymarine must make an Opening 
Position Disclosure following the commencement of the offer period.  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 Raymarine. 
 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.  Relevant persons who deal in the relevant 
securities of Raymarine 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 
per cent. or more of any class of relevant securities of Raymarine must make a 
Dealing Disclosure if the person deals in any relevant securities of Raymarine. 
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 Raymarine, 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 
Raymarine, they will be deemed to be a single person for the purpose of Rule 
8.3. 
 
Opening Position Disclosures must also be made by Raymarine and by any offeror 
and Dealing Disclosures must also be made by Raymarine, by Garmin 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 Takeover Panel's Market Surveillance Unit on +44 (0) 20 7638 0129. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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