Other illustrative cases

Unqouted cases with past participation: Mangismo, Interface Biotech, Vitao, Gypsum Recycling, Green Water Technology. All companies exited, where long term development was not tangible due to management capacity or too immature markets

Quoted cases

• Auriga, long term investment in reasonable well performing, out of favor company. Value surfaced when major shareholder accepted the ongoing industry consolidation
• Regional Banks in Denmark i 1990'ies, where price/value was extremely low
• Dansk Kapitalanlæg in connection with controlling owners wanted to take the company off the stock exchange
• Sophus Berendsen in connection with the controlling ownership changed interest in the company
• Chemitallic when going into a consolidation process the other print board makers in Denmark
• Dansk Industri Invest in connection with a merger of two companies with very asymmetric valuations
• Vestas being valued very low after a too optimistic investment period, sold as the company had completed turn around
• Danske Bank being valued very low in connection with the financial crisis, even after it was clear the it would be backed by the danish state
• Danske Andelskassers Bank seeking additional capital in the wake of the financial crisis, sold attractively as part of the market consolidation

The return on all these cases has been very satisfactory