DENMARK: Finanstilsynet refers police report on Denmark short selling breaches to Federal Council

Tuesday June 24 2014

The Danish FSA, Finanstilsynet, has referred a police report on Denmark short selling to the Financial Council.

For several days in April 2013, Orca Capital GmbH sold significant amounts of shares issued by Brøndbyernes IF Fodbold A/S. The sale took place immediately prior to a public offering in Brøndbyernes IF Fodbold A/S. Orca Capital GmbH did not own the shares sold at the time of selling and could not deliver the shares as agreed in the trading transactions made.

Orca Capital GmbH did not notify the Danish FSA that the company owned considerable short positions in shares issued by Brøndbyernes IF Fodbold A/S.

Orca Capital GmbH has not made public that the company had short positions in shares issued by Brøndbyernes IF Fodbold A/S even though the short positions exceeded the 0.5% limit on the issued share capital.

Click on the above link for the FSA decision.