IRRAS: Reconstruction and a bid – Redeye


Redeye comments on the two news recently released by IRRAS: 1) the reconstruction of the business and 2) the bid from a consortium of investors who already own c60% of the shares. In short, the reconstruction makes sense considering its slow EU sales ramp-up, while more progress has been made in the US. Moreover, we regard the bid as reasonable (slightly above our SEK0.15 base case) and emphasise that if it does not come through, shareholders who rather hold on to their shares and see IRRAS continuing to be a listed company can expect a significant equity issue around the corner (once again).