Bank refuses to extend loan deadline

Ailing electronics giant Raymarine has announced to the London Stock Exchange that it has entered administration.

The company indicated that it is unable to meet the demands of its bank that all outstanding loans are ‘immediately due and payable’.

The company released a statement that said: ‘The banking syndicate has now informed the company that it is taking steps to have an administrator appointed to Raymarine plc and the board has requested that trading in the company’s shares be suspended.

‘It is not anticipated that any other company in the Raymarine group will enter into administration.’

Earlier today Raymarine said that an unnamed company ‘would be willing to enter into a transaction with the administrator to acquire Raymarine Holdings Limited for a consideration that is likely to equate to approximately 17.5 pence per Raymarine share (before the costs associated with an administration) in addition to providing for the repayment of the Raymarine group’s banking facilities’.

Last month US-rival Garmin tabled on offer for the firm, which has a net debt of £91.6million.