Our sales estimates of SEK 66 million missed Anoto’s outcome of SEK 45 million, which implied a 5 percent y/y sales growth. However, excluding Livescribe we estimate the negative organic growth to at least -40 percent. Q1 EBITDA of SEK -55 million (exp: SEK -36 million) tells us that we likely have overestimated Livescribe’s gross margins while at the same time underestimated its fixed costs. The SEK 160 million rights issue was not the last one and we believe additional financing is needed even beyond the SEK 30 million capital requirement in Q4. The announced cost cuttings are more than offset by our lowered short term sales and earnings estimates, which has decreased our valuation in base case with 4 percent to SEK 527 million. We keep our fair value range at SEK 221m – 1568 million.