This morning, OXE Marine announced a raise of SEK60m, which includes a directed share issue and conversion of outstanding loans totaling SEK19.2m. The directed share issue strengthens the company's balance sheet and enables financing of ongoing projects. We are overall positive to the transaction given the low discount of ~6% to recent trading, combined with the subscription from both management/board and a number of qualified investors. Given that the issue is carried out to a discount to our base case valuation, we expect to make a minor negative adjustment, while we would like to highlight that the overall risk has been lowered. We expect to return with an update incorporating the changes.
