Redeye was somewhat surprised by the announcement of the large directed share issue amounting to SEK 500m (before transaction costs). Bambuser’s cash balance will now exceed SEK 800m, and we speculate that M&A activity and the accelerated international expansion are likely causes for the directed issue. The subscription price was quite in line with yesterday’s closing price, and the most significant taker was a company owned by Anders Holch Povlsen, a retail veteran. We have a positive view of 1) the investors, adding more institutional engagement, and 2) the favorable investment terms - minimal discount to yesterday's closing price. All things being equal, we maintain our fair value range of SEK 5-22.