Redeye leaves a comment following today’s announcement of a rights issue of approximately SEK36.8m. While we had not factored in a rights issue in our valuation model, we deemed it possible in correlation with the company’s recent M&A activities. We are encouraged to see that the company addresses its capital structure, as the rights issue will allow for the repayment of outstanding loans. We adjust our base case valuation to SEK48 (50) following the dilution effect of the rights issue.