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UPDATE 1-Raymarine seeks sale, ends Garmin talks

Fri, 18th Dec 2009 18:30

LONDON, Dec 18 (Reuters) - Debt-laden British firm Raymarine is in exclus
ive talks over a sale of the business that will likely leave no value for shareholders and has ended discussions with U.S. navigation device maker Garmin.

Raymarine, which makes fishfinders, autopilots, marine radar and GPS systems for leisure boats, said upon the planned sale of Raymarine Holdings, all of its bank debt would be repaid.

'In light of this, Raymarine and its banking syndicate are in constructive discussions in relation to an extension to the Raymarine group's current banking facilities which expire on 31 March 2010,' it said in a statement on Friday.

Shares in the firm have plunged from a high of 500 pence in 2007 to a low of 4.50 pence this year. They closed down 5.6 percent at 5.3 pence on Friday, valuing the company at around 5 million pounds ($8 million), compared with a debt pile of 91.6 million at Oct. 30.

It added the proposed transaction was subject to due diligence and that there was no certainty a deal would be completed.

Garmin had been looking at buying Raymarine in a bid to gain market share in Europe but no deal materialised.

While shareholders will likely be left with nothing, creditors, including suppliers and employees, will continue to be paid, Raymarine said.

(Reporting by Victoria Bryan; Editing by Matt Scuffham)

($1=.6170 Pound) Keywords: RAYMARINE/

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