Clavister: Large Equity Issuance Announced – Redeye’s Coverage Paused

Clavister today proposed a new issue of shares corresponding to about SEK 234m, by way of a fully guaranteed rights issue (SEK 149. 7m), an oversubscription option (SEK 30m) and a directed share issue (SEK 54m) to institutional investors. According to the company, 67% of the net proceeds will be used for the development of sales and marketing, including a likely build-up of working capital, and 33% of the proceeds will be used for strengthening the balance sheet. Stena, Consensus AM, Adrigo and SPSW Capital, among others, participate in the directed issue.

As Redeye is acting as Financial Advisor to Clavister in connection with the company’s share issue, we present no research views on the valuation nor will we make any estimate changes during the period of the issue, in line with general practice.