Evolva - Updating estimates

On 30 November, Evolva announced a private placement whereby Veraison SICAV would purchase 63.75m shares at CHF0.118 per share, or a 7% discount to the lowest daily volume weighted average price during the six trading days preceding the announcement. It raised gross proceeds of CHF7.5m, which will be used to finance ongoing activities. The settlement occurred on 6 December and Veraison now has a c 6% shareholding. We update our estimates to reflect the capital increase. Our underlying operational estimates remain unchanged.