Redeye takes a positive stance on the news that Sivers is raising SEK108m through a directed share issue aimed at Swedish and international institutional investors and other qualified investors. The fact that certain members of the board of directors and management of Sivers participate in the directed share issue is viewed very positively by Redeye. We had already accounted for a capital raise in our estimates, although at a larger size, resulting in a lower dilution than previously expected, which slightly nudges up our Base Case and fair value range.