Small Cap Danmark A/S Announces Details on Charges Regarding Violation of Securities Act

Small Cap Danmark A/S announced that the Company and its subsidiary Portefoeljeselskabet A/S have been accused by Statsanklageren for Saerlig Oekonomisk Kriminalitet (SoeK) (State Prosecutor for Serious Economic Crime) of breaches of the Danish Securities Trading Act (market manipulation). A similar charge has been brought against Investeringsforeningen SmallCap Danmark. According to Finanstilsynet (Danish FSA) the companies have by a series of smaller equity trades in December 2009 and 2010 affected the year-end rates. In Finanstilsynet's opinion those trades did not represent a real demand for the shares but instead influenced the value of SmallCap Denmark A/S and Portfolio Company A/S' existing holdings of shares in the companies and the results in the financial statements. SmallCap Denmark A/S and Portfolio Company A/S deny the charges.