Unshackling itself from its bonds?
Karolinska Development intends to restructure the convertible bonds, due to mature in December 2019. The proposal would materially strengthen the balance sheet and allow full implementation of the revised investment strategy. Additionallyj in our view, it would remove what has been a distraction for management and a major overhang on the share price. Our valuation of Karolinska Development, based on its four main assets, was SEK 473m (SEK9.10 per share) and is placed under review pending the outcome of the offer.
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