Major uncertainty surrounds Anoto following the dismissal of its CEO and the proposed large rights issue of SEK 160m. We believe that these actions along with the timing of the non-cash issue and the non-announcement of the subscription price will lead to a high total dilution of over 50 percent. Following transaction fees, high burn rate and repayment of debt we estimate that over 60 percent of the new financing will be spent before summer. In addition, Anoto has only received one order of SEKm 12.5 since the beginning of September 2015. We expect the uncertainty to compress the share price severely in the short run but subsequently provide great potential in relation to our new, lower fair value range of SEK 221m – 1568m, with a base case of SEK 552m, equivalent to SEK 0.25 (after dilution).