Compliance

Updated: 21/11/2023

Disclaimer

HC Andersen Capital

Dansk

HC Andersen Capital modtager betaling fra selskaber for en Digital IR/Corporate Visibility aftale.

HC Andersen Capital påfører alle events (investor præsentationer), investment cases og post på sociale medier vedrørende kunder følgende disclaimers:

Eksempel ved research, med dato og forfatter:

“HC Andersen Capital modtager betaling fra SELSKAB for en Digital IR/Corporate Visibility abonnementsaftale. /Kasper Lihn kl. 10:40 d. 10-01-2022.”

 

 

Eksempel ved events, uden dato og forfatter:

“HC Andersen Capital modtager betaling fra SELSKAB for en Digital IR/Corporate Visibility abonnementsaftale.”

Af Disclaimer fremgår det tydeligt, at der er betaling mellem SELSKAB og HC Andersen Capital. Derved fremgår det tydeligt at HCA er en afhængig part, hvem den givne skribent er, samt et tidspunkt for offentliggørelse.”

 

 

 

 

Eksempel ved One Pager (Investment Cases):

Forside:

“COMPANY-SPONSORED MATERIAL HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. See full disclaimer on back page.”

Bagside:

“HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. An investment case by HC Andersen Capital provides information about the company such as financial expectations, risk factors, market drivers, market growth, competitive landscape and valuation perspectives based on well- established valuation methodologies such as multiples, peer comparisons, and DCF models. HC Andersen Capital does not provide any valuation ranges or recommendations, i.e. investors must take their own investment decisions.”

Ansattes handel med værdipapirer​

Enhver ansat i HC Andersen Capital er underlagt regler om personlig handel med værdipapirer:

  • Analytikere, der er beskæftiget med analyse af en given aktie, må ikke eje den pågældende aktie.
  • Head of Equities, Head of Digital & Events, Head of Research og den administrerende direktør må ikke eje aktier i selskaber, med hvilke der er indgået en Digital IR/Corporate Visibility aftale (i særlige tilfælde kan der gives dispensation, men dette vil i givet fald deklareres ved omtale af den pågældende aktie).
  • Alle medarbejdere er forpligtet at afstå fra at investere i en aktie, såfremt en investering i aktien strider mod HC Andersen Capitals interesser og interne retningslinjer.

Personlige aktiebeholdninger

Tue Østergaard ejer aktier i:

Internationale aktier:

  • Atlas Copco
  • Swedish Match
  • Inderes

Danske aktier:

  • Carlsberg
  • Coloplast
  • DSV
  • GreenMobility (insider – best medlem)
  • Genmab
  • Netcmpany
  • Royal Unibrew
  • Novo Nordisk

Michael Friis ejer aktier i:

Internationale aktier:

  • Bayer AG
  • Prosieben Alibaba
  • Plantronics
  • ENEL
  • Teladoc

Danske aktier:

  • Danske Bank
  • Drilling
  • ISS
  • Novo Nordisk
  • Vestas
  • Fastpasscorp
  • Alm. Brand
  • LEDiBond

Kasper Lihn ejer aktier i:

Internationale aktier:

  • Jinhui Shipping & Transportation
  • Teva Pharmaceuticals
  • Nordea Bank

Danske aktier:

  • Brd. Hartmann
  • Danske Bank
  • Orphazyme
  • Solar

Overholdelse af dansk lovgivning

Enhver ansat i HC Andersen Capital forpligter sig til at leve op til ånd og bogstav i Dansk lovgivning.

Ved spørgsmål til Compliance. Henvendelse til Direktør, Tue Østergaard.

Disclaimer

HC Andersen Capital

English

HC Andersen Capital receives payment from companies for a Digital IR/Corporate Visibility agreement.

HC Andersen Capital includes the following disclaimers on all events (investor presentations), investment cases, and posts on social media regarding clients:

Example for research, with date and author:

“HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn at 10:40 on 10-01-2022.”


Example for events, without date and author:

“HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement.”
The disclaimer makes it clear that there is payment between COMPANY and HC Andersen Capital. It is thus clear that HCA is a dependent party, who the given writer is, and a time of publication.”


Example for One Pager (Investment Cases):


Front page:

“COMPANY-SPONSORED MATERIAL HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME, and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for the correctness of the material’s contents. See the full disclaimer on the back page.”


Back page:

“HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME, and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for the correctness of the material’s contents. An investment case by HC Andersen Capital provides information about the company such as financial expectations, risk factors, market drivers, market growth, competitive landscape, and valuation perspectives based on well-established valuation methodologies such as multiples, peer comparisons, and DCF models. HC Andersen Capital does not provide any valuation ranges or recommendations; investors must make their own investment decisions.”

Employee Securities Trading:

Every employee at HC Andersen Capital is subject to rules on personal securities trading.

Personal securities trading is by default allowed under the following prerequisites:

  • Analysts involved in the analysis of a given stock are NOT allowed to own that stock.
  • The Head of Equities, Head of Digital & Events, Head of Research, and the CEO are NOT allowed to own shares in companies with which a #Digital IR agreement has been made (under certain prerequisites there can be exceptions).
  • All employees are obliged to refrain from investing in a stock if an investment in the stock conflicts with HC Andersen Capital’s interests and internal guidelines.
 

Disclaimer: Personal share portfolios

Tue Østergaard holds shares in:

International shares:

  • Atlas Copco
  • Swedish Match
  • Inderes

Danish shares:

  • Carlsberg
  • Coloplast
  • DSV
  • GreenMobility (insider – best medlem)
  • Genmab
  • Netcmpany
  • Royal Unibrew
  • Novo Nordisk

Michael Friis holds shares in:

International shares:

  • Bayer AG
  • Prosieben Alibaba
  • Plantronics
  • ENEL
  • Teladoc

Danish shares:

  • Danske Bank
  • Drilling
  • ISS
  • Novo Nordisk
  • Vestas
  • Fastpasscorp
  • Alm. Brand
  • LEDiBond

Kasper Lihn holds shares in:

International shares:

  • Jinhui Shipping & Transportation
  • Teva Pharmaceuticals
  • Nordea Bank

Danish shares:

  • Brd. Hartmann
  • Danske Bank
  • Orphazyme
  • Solar

Compliance with Danish Legislation:

Every employee at HC Andersen Capital commits to adhere to the spirit and letter of Danish legislation.

For inquiries regarding compliance, please contact Director Tue Østergaard.

Disclaimer

HC Andersen Capital modtager betaling fra selskaber for en Digital IR/Corporate Visibility aftale.

HC Andersen Capital påfører alle events (investor præsentationer), investment cases og post på sociale medier vedrørende kunder følgende disclaimers:

 

Eksempel ved research, med dato og forfatter: 

“HC Andersen Capital modtager betaling fra SELSKAB for en Digital IR/Corporate Visibility abonnementsaftale. /Kasper Lihn kl. 10:40 d. 10-01-2022.”

 

Eksempel ved events, uden dato og forfatter:

“HC Andersen Capital modtager betaling fra SELSKAB for en Digital IR/Corporate Visibility abonnementsaftale.”
Af Disclaimer fremgår det tydeligt, at der er betaling mellem SELSKAB og HC Andersen Capital. Derved fremgår det tydeligt at HCA er en afhængig part, hvem den givne skribent er, samt et tidspunkt for offentliggørelse.”

 

Eksempel ved One Pager (Investment Cases):
(forside) COMPANY-SPONSORED MATERIAL HC Andersen Capital receives payment from COMPANY  for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. See full disclaimer on back page”

 

(bagside) HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. An investment case by HC Andersen Capital provides information about the company such as financial expectations, risk factors, market drivers, market growth, competitive landscape and valuation perspectives based on well- established valuation methodologies such as multiples, peer comparisons, and DCF models. HC Andersen Capital does not provide any valuation ranges or recommendations, i.e. investors must take their own investment decisions.

Ansattes handel med værdipapirer

Enhver ansat i HC Andersen Capital er underlagt regler om Personal Dealing.

  • Analytikere, der er beskæftiget med analyse af en given aktie, må ikke eje den pågældende aktie.
  • Head of Equities, Head of Digital & Events, Head of Research og den administrerende direktør må ikke eje aktier i selskaber, med hvilke der er indgået en DigitalIR/Corporate Visibility aftale (i særlige tilfælde kan der gives dispensation, men dette vil i givet fald deklareres ved omtale af den pågældende aktie).
  • Alle medarbejdere er forpligtet at afstå fra at investere i en aktie, såfremt en investering i aktien strider mod HC Andersen Capitals interesser og interne retningslinjer.

Overholdelse af dansk lovgivning

Enhver ansat i HC Andersen Capital forpligter sig til at leve op til ånd og bogstav i Dansk lovgivning.

Ved spørgsmål til Compliance. Henvendelse til Direktør, Tue Østergaard.

ENGLISH VERSION IS STILL BEING REVISED.

DISCLAIMER 

Tue Østergaard ejer aktier i

Internationale: Atlas Copco, Swedish Match, Inderes.
Danske: Carlsberg, Coloplast, DSV, GreenMobility (insider – best medlem), Genmab, Netcompany, Royal Unibrew, Novo Nordisk.

Michael Friis ejer aktier i
Danish: Danske Bank, Drilling, ISS, Novo Nordisk, Vestas, Fastpasscorp, Alm Brand, LEDiBond
Global: Bayer AG, Prosieben Alibaba, Plantronics, ENEL, Teladoc

Kasper Lihn ejer aktier i
Brdr. Hartmann, Danske Bank, Jinhui Shipping and Transportation, Nordea Bank, Orphazyme, Solar, Teva Pharmaceuticals

Disclaimer (English)

HC Andersen Capital receives payment from the companies for a digital IR/Corporate visibility agreement.

HC Andersen Capital applies the following disclaimers to all events, Investment Cases and SoMe.    

Research example: “HC Andersen Capital receives payment from COMPANY through a Digital IR/Corporate Visibility agreement. / Kasper Lihn kl. 10:40 d. 10-01-2022.”  

Event example: “HC Andersen Capital receives payment from COMPANY through a Digital IR/Corporate Visibility agreement. “  

It is evident from the Disclaimer: that there is a payment between COMPANY and HC Andersen Capital and that HCA is accepting responsibility for the analysts name and time of release.    

Example of Investment Case: 

 (front page) “COMPANY-SPONSORED MATERIAL: HC Andersen Capital receives payment from COMPANY  for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. See full disclaimer on back page.” 

(back page) “DISCLAIMER: HC Andersen Capital receives payment from COMPANY for a Digital IR/Corporate Visibility subscription agreement. The authors, ANALYST NAME and ASSISTANT ANALYST NAME, have no ownership in COMPANY. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. The material has been read by the company before publication. HC Andersen Capital assumes no responsibility for correctness of the contents of the material. An investment case by HC Andersen Capital provides information about the company such as financial expectations, risk factors, market drivers, market growth, competitive landscape and valuation perspectives based on well- established valuation methodologies such as multiples, peer comparisons, and DCF models. HC Andersen Capital does not provide any valuation ranges or recommendations, i.e. investors must take their own investment decisions.“    

Personal Dealing

Any employee in HC Andersen Capital are subjected rules about Personal Dealing.   

Personal dealing is by default allowed under the following prerequisites:  

  1. Analysts who cover a share are NOT allowed to own it. 
  2. The head of Equities and the Director are by default NOT allowed to own shares, with which there is a #DigitalIR agreement (under certain prerequisites there can be exceptions).
  3. All employees are committed to act reasonably and not against the company’ interests.

Common Sense

Any employee in HC Andersen Capital commit to meet the expectations to spirit and letter in Danish law.   

Regarding questions to Compliance. Request the Director, Tue Østergaard.  

Disclaimer
HC Andersen Capital receives payment from the companies for a #DigitalIR agreement.

HC Andersen Capital modtager betaling fra selskaberne for en #DigitalIR aftale.

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