Svolder sells entire stake in Boule as it launches SEK 93.2 million rights issue
Key Facts
Investment company Svolder said it had sold all its shares in Boule Diagnostics effective November 4, 2026, the day Boule announced a rights issue of about SEK 93.2 million. Svolder disclosed its exit without stating a reason for the sale, so the disclosure does not establish a link between its decision and the financing announcement. In a separate statement, Boule said the proposed issue was intended to support its operational transition and restructuring. The issue gives shareholders the right to subscribe for 3 new shares for every existing share at SEK 0.80 per share. Completion of the offering remains subject to approval by the extraordinary general meeting expected to be held on December 7, 2026.
The company estimates the issue at about SEK 93.2 million and said subscription commitments cover 100% of it, excluding an over-allotment option. The coverage includes commitments to subscribe for shares under the pre-emptive rights equivalent to about 27.7% of the issue. Boule set the subscription price at SEK 0.80 per share, compared with a closing price of SEK 0.85 on November 3, a discount of about 5.9%. The price is also about 1.5% below the theoretical ex-rights price, according to the company’s calculation. It added that the over-allotment option could amount to SEK 62.7 million before issue costs, potentially increasing the financing if exercised in full.
Boule expects net cash proceeds of about SEK 46.3 million after estimated issue costs of about SEK 4.5 million. It intends to use the proceeds, together with bridge loans of about SEK 22.7 million already provided, to fund its transition and restructuring and develop its business. It said about 70% of the funds would go toward restructuring and transition costs. About 20% is allocated to OEM CDS business development projects, while about 10% will go toward strengthening sales and marketing for those businesses. The company estimates total cash proceeds before issue costs, including the loans provided, at about SEK 73.4 million.
The financing plan comes as Boule has decided to discontinue its instrument business and focus on consumables and services for its installed base, alongside its OEM CDS business. The company says its installed base comprises about 31,000 instruments, for which it will continue providing services and consumables. It expects the transition to reduce its cost base by about SEK 90–100 million annually once the full effect is achieved, starting in early 2028. Third-quarter 2026 results showed net sales falling to SEK 96.2 million from SEK 127.2 million in the same period of 2025, a decline of 24.4%. Organic decline was 19.4%, while exchange rates had a negative impact of 5.0%, according to the company.
Boule attributed the weak quarter to lower instrument sales, having sold 363 instruments compared with 834 a year earlier, a decline of 56.5%. The company attributed the decrease to component shortages and weak demand for some instruments, as well as payment and currency flow restrictions in some Middle East and Africa markets. It recorded a loss of SEK 2.5 million in the third quarter, after a profit of SEK 10.9 million in the comparable period of 2025. As of September 30, available cash and cash equivalents, including unused overdraft facilities, amounted to SEK 21.6 million. According to the preliminary timetable, subscription starts on December 10 and ends on December 23, with the issue result expected to be announced on December 28; the company set February 10, 2027, as the date for its fourth-quarter report.