Waiver of covenants denied; administrator appointed to Raymarine

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Raymarine issued a statement regarding the appointment of an administrator to Raymarine plc.

The statement reads in full:

"As announced earlier today, Raymarine's banking syndicate informed the company late last night that they were not willing to grant a further waiver of its current non-compliance with its covenants.

"The company has now received a formal written demand from its banking syndicate, whereby the banking syndicate have declared that all loans outstanding under the Raymarine group's banking facilities are immediately due and payable.

"The company has advised the banking syndicate that it is unable to meet this demand.

"The banking syndicate has now informed the company that it is taking steps to have an administrator appointed to Raymarine plc, and, in accordance with the Listing Rules and the usual practices of the UKLA, 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."

In other news, there are reports Garmin has upped its offer for Raymarine.