A statement late on Friday issued by Raymarine reads: Raymarine plc (the “Company”), a global leader in the supply of electronic products to the leisure marine market, has today reached agreement to sell its shares in Raymarine Holdings Limited to a subsidiary of FLIR Systems, Inc. (“FLIR”) a world leader in thermal imaging products.

The sale represents the entire business operations of Raymarine and its subsidiaries.
On 29 April 2010, following an extensive M&A (mergers and acquisition) process, the Company’s directors announced to shareholders that they were in advanced discussions with a third party regarding the sale of Raymarine Holdings Limited.

It was envisaged that this transaction, once completed and following repayment of the group’s bank borrowings and other creditors, would result in approximately 17.5 pence per share for the Company’s shareholders.
The Board of Raymarine was unable to complete a solvent sale of the company and it was placed into Administration earlier today. Chad Griffin and Simon Granger of FTI Consulting were appointed as Joint Administrators. No other subsidiary in the Raymarine group was placed into Administration. Shortly following the Administration, the successful sale to FLIR was transacted.

Based on current information this transaction would equate to a return to shareholders of approximately 20 pence per share before costs and any creditor claims. However, the Administrators will not be able to confirm the precise amount until they have advertised for creditor claims.

The sale of the business follows a thorough M&A process by the Company and a series of discussions with various interested parties. The Administrators concluded that the sale to FLIR provided the best available outcome for employees, shareholders and creditors.
The transaction ensures business as usual for all customers and suppliers of the Raymarine Group.

Earl Lewis, Chairman, Chief Executive Officer and President of FLIR Systems, Inc. commented:
“We are pleased to announce this strategically compelling transaction. Raymarine is a leading brand in the industry and has an outstanding reputation for high quality marine electronics equipment. When fully integrated, we expect to have a significant marine electronics business as part of our Commercial Systems business. I welcome Raymarine’s employees to FLIR.”

Application has been made for the listing of, and trading in, the shares of Raymarine Plc on the London Stock Exchange to be cancelled and shareholders will be contacted in due course in relation to their position.

Further information for shareholders relating to the Administration will shortly be made available on www.raymarine.com.