Anoto’s Q2 operating cash flow of SEK -83 million resulted in cash of SEK 42 million at the end of Q2, following the SEK 160 million rights issue. With a minor order book this far into H2 we expect more capital raising ahead. Q2 had some ups too as Anoto managed to increase prices by over 150 percent for the Japan order follow-up, despite 7 months of delay in phase 1, indicating the strong value of its offering. In addition Management is quite excited about the new Digiwork partnership. We have lowered our estimates again, primarily due to the low order intake and absent news flow in relation to the rapidly moving market and the uncertainty around Pen Gen’s costs. Our fair value range is kept at SEK 0.1 - 0.6 but the base case is lowered to SEK 0.13 per share (0.2).