The subscription period of Calmark's rights issue ended yesterday, and the subscription rate amounted to ~137 percent. We have a favorable view of the high interest from investors. In our valuation, we have already taken height for the dilution of the transactions. Thus we reiterate our Base case of SEK 10, suggesting a c. 56 percent upside from yesterday's close. The capital injections have provided Calmark with SEK ~27m before issuance costs.