Yesterday, after the market closed, THQ Nordic announced the intention of a directed share issue. The placement was successful, and the company has issued 7.7 million B shares and raised approximately SEK 1.45bn. The proceeds will be used to finance new acquisitions and enable a higher rate of investment (game development) within the company. We feel extremely confident in the management’s profound capital allocation skills and that the money will be put to good use. We make no changes to our valuation despite the small dilution. The big guns are now loaded; we wonder what the target(s) will be!