Analyst Group

Analyst Group Comment on the Outcome of Irisity’s Rights Issue

Källa: MFN
Neutral

Sammanfattning

Irisity har genomfört en garanterad företrädesemission om cirka 26,1 MSEK, som tecknades till 92,5%. Återstående 7,5% allokeras till garanten. Nettoinflödet efter kvittningar uppgår till cirka 9,9 MSEK.

Analys

Företrädesemissionen visar på ett visst stöd från befintliga aktieägare, men den låga teckningsgraden utan teckningsrätter och den stora allokeringen till garanten indikerar en begränsad organisk efterfrågan. Minskad skuldsättning och förbättrat kassaflöde stärker bolagets kortsiktiga finansiella profil, men den totala kapitalanskaffningen är relativt liten i förhållande till bolagets behov.

Nyckeltal

Brutto likviditet (före kostnader)
26,1 MSEK
Teckningsgrad
92,5%
Netto likviditet (efter kvittningar, före kostnader)
9,9 MSEK
Allokering till garant
7,5%

Insikter

  • • Teckningsgraden indikerar ett visst, men inte överväldigande, stöd från befintliga aktieägare.
  • • Den stora andelen som allokeras till garanten tyder på svag extern efterfrågan.
  • • Kapitalanskaffningen stärker kortsiktigt bolagets finansiella profil men är liten i relation till bolagets transformationsplan.

Irisity AB (“Irisity” or “the Company”) announced, on the 20th of November, the outcome of the fully guaranteed rights issue of 217,157,616 shares, corresponding to gross proceeds of approx. SEK 26.1m before issue costs and set-offs. The rights issue was subscribed to a total of 92.5%, of which 86.2% was subscribed through subscription rights and an additional 6.3% without rights. The remaining 7.5% will be allocated to the guarantor, Stockhorn Capital AB. The total set-off amounts to approx. SEK 16.2m, resulting in net cash proceeds of roughly SEK 9.9m before transaction costs (estimated at approx. SEK 0.5m).

Irisity AB (“Irisity” or “the Company”) announced, on the 20th of November, the outcome of the fully guaranteed rights issue of 217,157,616 shares, corresponding to gross proceeds of approx. SEK 26.1m before issue costs and set-offs. The rights issue was subscribed to a total of 92.5%, of which 86.2% was subscribed through subscription rights and an additional 6.3% without rights. The remaining 7.5% will be allocated to the guarantor, Stockhorn Capital AB. The total set-off amounts to approx. SEK 16.2m, resulting in net cash proceeds of roughly SEK 9.9m before transaction costs (estimated at approx. SEK 0.5m).

In summary, Analyst Group believes that the solid subscription levels, both including and excluding pre-commitments, demonstrate strong underlying support from the existing shareholder base. Together with the reduced debt position following the set-offs, the improved cash balance, and the Company’s planned measures to enhance collections and lower the OPEX-base, the outcome materially strengthens Irisity’s near-term financial profile and supports the execution of the Company’s ongoing transformation plan.

Read Analyst Group’s comment here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.Read more about Analyst Group This is a press release from Analyst Group regarding the publication of a comment on Irisity. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.