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Pinetree Capital Ltd.- With updates on Acquisitions 18 comments
Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three And Nine Months Ended September 30, 2009
TORONTO , Ontario (November 11, 2009) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and nine months ended September 30, 2009.
During the third quarter, Pinetree generated net income of $63.8 million, as compared to a net loss of $210.9 million for the same quarter last year. The net income was primarily from net investment gains of $69.5 million in the quarter, comprised mainly of $74.2 million in unrealized gains on investments partially offset by realized losses on dispositions of investments of $5.4 million. Earnings per share were $0.48, as compared to loss per share of $1.63 in the three months ended September 30, 2008.
For the nine months ended September 30, 2009, Pinetree generated net income of $137.1 million, as compared to a net loss of $262.5 million in the same period last year. The net income in the nine month period was primarily from net investment gains of $169.5 million, comprised mainly of $201.2 million in unrealized gains on investments partially offset by realized losses on dispositions of investments of $32.1 million. Earnings per share were $1.04 in the nine months ended September 30, 2009, as compared to a loss per share of $2.21 in the nine months ended September 30, 2008.
The composition of Pinetree’s investment portfolio (accounted for at fair value) by sector as at September 30, 2009, as compared to December 31, 2008, is outlined in the following table:
As at September 30, 2009, total investments at fair value stood at $301.3 million, as compared to $134.0 million as at December 31, 2008, while the total number of investments decreased to 408 from 427 as at the end of the last year. Three hundred and sixty-three of the investments or 88.9% (December 31, 2008 – 87.5%), were in the resource sector, consistent with Pinetree’s primary investment strategy.
Net asset value per share increased to $2.39 as at September 30, 2009, from $1.33 as at December 31, 2008.
“The third quarter was a very strong one for Pinetree, continuing the performance of our portfolio in the first half of our fiscal year, said Sheldon Inwentash, Chairman and CEO of Pinetree. “The previous market decline has provided us with many excellent investment opportunities, and we are generally very excited about the medium and long term prospects for the resource sectors in which we focus.”
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified investment and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com
Use of Non-GAAP Measures
“Net asset value per share” is a non-GAAP measure defined as shareholders’ equity divided by the total number of common shares of Pinetree outstanding. The term net asset value per share does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. We believe that the measure provides information useful to our shareholders in understanding our performance, facilitates the comparison of the quarterly and year-end results of our ongoing operations and provides a meaningful measure to evaluate our business relative to that of our peers.
Investor Relations:
Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com
----------------------------------------------------------------------------------------------------------------
Do your own DD! Even though they are profitable, the stock hasn't performed too well. long PNPFF.
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This post has 18 comments:
09:04 UK, 12th November 2009, by Agrimoney.com
Crop markets may face 2008-style 'food crisis'
The dynamics of the crops market may be about to return to those which sparked the 2008 price spike, K+S has said, warning of the potential for the biggest production deficit in 30 years.
Assumptions that production will remain high next year "could rapidly prove to be too optimistic" given the help from good weather in boosting harvests in 2009, and the potential for lower prices to prompt a cut in sowings.
Eve assuming a return to average plantings and yields, and typical growth in demand, would trigger "the largest production shortfall registered in the last 30 years", the fertilizer group said.
This would cause a "corresponding sharp fall" in grain stocks.
"Parallels with the frequently cited food crisis of 2008 would be the logical consequence," the German group said, adding that such thinking may be behind the rally in crop prices over the last two months.
Potash forecast cut
K+S made the comments as it unveiled a fall to an underlying loss of E2.3m in the July-to-September quarter, compared with earnings of E494.1m a year before, thanks to "continued very low demand" for fertilizers.
The market would remain weak for the rest of the year, the German group said, cutting its forecast for global potash demand for a second time by 10m tonnes, this time to 30m tonnes.
"Further cutbacks [in global production] are to be expected in the light of continued weak demand this year," K+S said.
It pegged demand next year at 45m tonnes a figure which, while implying a 50% rebound, figure is lower than the 50m tonnes forecast by Canada's PotashCorp, the sector leader.
'Purchasing restraint'
In the third quarter, K+S's potash division reported an 88% slump to E54.0m in profits on revenues down 55% at E340.8m.
"Demand for potash fertilizers remained weak, especially on European and North American markets," the group said, adding that the continued failure of producers to strike a deal with China, the world's biggest importer, had provoked consumer uncertainty and "purchasing restraint".
"The trade sector has been seeking to keep inventories, which have now been largely depleted, as low as possible and to delay the stocking up which is normally customary at this time."
Nitrogen weakness
The nitrogen division reported a loss of E47.3m on revenues down 60% at E204.5m.
"Despite further significant price reductions, there was no significant increase in demand for complex fertilizers and ammonium sulphate, especially in Europe," K+S said.
"Only straight nitrogen fertilizers saw a continuation of the pickup in demand that started at the end of June."
K+S shares stood 1.6% higher at E38.54 in early deals in Frankfurt.
Thanks for finding and sharing this rare gem. Lets hope with some more time, the stock price will reflect whats going on in this commodities/emerging market driven world.
TORONTO, Canada (November 16, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on November 13, 2009, it acquired ownership of 3,000,000 common shares (“Common Shares”) and 1,500,000 common share purchase warrants (the “Warrants”) of Diagnos Inc. (“Diagnos”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.30 until November 11, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 8.5% of the total issued and outstanding common shares of Diagnos as of November 13, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at November 13, 2009, an aggregate of 6,435,000 common shares of Diagnos, including the Common Shares and the Warrants. Of these totals, Pinetree owns 5,250,000 common shares, including the Common Shares and the Warrants directly. In the event that the Warrants are fully exercised, the holdings of Pinetree and its joint actors represents a total of 7,935,000 common shares of Diagnos, or approximately 14.9% of all issued and outstanding common shares as at November 13, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. In the event that the Warrants are fully exercised, the direct holdings of Pinetree represents a total of 6,750,000 common shares of Diagnos, or approximately 12.7% of all issued and outstanding common shares as at November 13, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Diagnos depending on market conditions or any other relevant factor.
www.diagnos.ca/english...
On Nov 16 03:55 PM optionsgirl wrote:
> PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF DIAGNOS INC.
>
> TORONTO, Canada (November 16, 2009) Pinetree Capital Ltd. (TSX: seekingalpha.com/symbo...),
> announces that on November 13, 2009, it acquired ownership of 3,000,000
> common shares (“Common Shares”) and 1,500,000 common share purchase
> warrants (the “Warrants”) of Diagnos Inc. (“Diagnos”). Each Warrant
> entitles the holder thereof to acquire one additional common share
> at a price of $0.30 until November 11, 2011. In the event that the
> Warrants are fully exercised, these holdings represent approximately
> 8.5% of the total issued and outstanding common shares of Diagnos
> as of November 13, 2009, calculated on a partially diluted basis
> assuming the exercise of the Warrants only. As a result of this transaction,
> Pinetree and its joint actors collectively held, as at November 13,
> 2009, an aggregate of 6,435,000 common shares of Diagnos, including
> the Common Shares and the Warrants. Of these totals, Pinetree owns
> 5,250,000 common shares, including the Common Shares and the Warrants
> directly. In the event that the Warrants are fully exercised, the
> holdings of Pinetree and its joint actors represents a total of 7,935,000
> common shares of Diagnos, or approximately 14.9% of all issued and
> outstanding common shares as at November 13, 2009, calculated on
> a partially diluted basis assuming the exercise of the Warrants only.
> In the event that the Warrants are fully exercised, the direct holdings
> of Pinetree represents a total of 6,750,000 common shares of Diagnos,
> or approximately 12.7% of all issued and outstanding common shares
> as at November 13, 2009, calculated on a partially diluted basis
> assuming the exercise of the Warrants only.
>
> These transactions were made for investment purposes and Pinetree
> or its joint actors could increase or decrease their investment in
> Diagnos depending on market conditions or any other relevant factor.
>
>
OF LONGVIEW CAPITAL PARTNERS INCORPORATED
TORONTO, Ontario (November 18, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that on November 17, 2009 it acquired ownership of 6,250,000 common shares (“Common Shares”) of Longview Capital Partners Incorporated (“Longview”), and 6,250,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share until November 17, 2011, at a price of $0.15. In the event that the Warrants are fully exercised, these holdings represent approximately 10.0% of the total issued and outstanding common shares of Longview as of November 17, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.
TORONTO, Canada (November 18, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on November 15, 2009, it acquired ownership of 3,000,000 common shares (“Common Shares”) of Galena Capital Corp. (“Galena”), which represents approximately 5.3% of the total issued and outstanding common shares of Galena as of November 15, 2009. As a result of this transaction, Pinetree and its joint actors collectively held, as at November 15, 2009, an aggregate of 5,240,000 common shares of Galena, including the Common Shares and rights to acquire an additional 1,525,000 common shares of Galena upon exercise of certain convertible securities (the “Convertible Securities”). Of these totals, Pinetree owns 4,390,000 common shares, including the Common Shares and the 1,125,000 of the Convertible Securities (the “Pinetree Convertible Securities”) directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 6,765,000 common shares of Galena, or approximately 11.6% of all issued and outstanding common shares as at November 15, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 5,515,000 common shares of Galena, or approximately 9.5% of all issued and outstanding common shares as at November 15, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Galena depending on market conditions or any other relevant factor.
TORONTO, Canada (November 24, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on November 20, 2009, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Mesa Uranium Corp. (“Mesa”) and 500,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder to purchase one additional common share at a price of $0.30 per share until November 20, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 13.5% of the total issued and outstanding common shares of Mesa as of November 20, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at November 20, 2009, an aggregate of 1,544,833 common shares of Mesa , including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 2,044,833 common shares of Mesa, or approximately 18.5% of all issued and outstanding common shares as at November 20, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Mesa depending on market conditions or any other relevant factor.
I mean, what are they doing, shooting each of them, Bombing the Fields, Unless they are all crop dusters, I do not see the point.
Australian wheat becomes Important, Viterra.
PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF UCORE URANIUM INC.
TORONTO, Ontario (November 25, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on November 24, 2009, it acquired ownership of 1,373,000 common shares (“Common Shares”) of Ucore Uranium Inc. (“Ucore”) through the facilities of the TSX Venture Exchange, representing approximately 1.6% of the total issued and outstanding common shares of Ucore as at November 24, 2009. As a result of this transaction, Pinetree and its joint actors held, as at November 24, 2009, an aggregate of 10,421,500 common shares of Ucore and rights to acquire an additional 1,250,000 common shares of Ucore upon the exercise of convertible securities (the “Convertible Securities”), representing a total of 11,671,500 common shares of Ucore, or approximately 13.4% of such shares outstanding as of November 24, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities. As a result of this transaction, Pinetree held (including the Common Shares), as at November 24, 2009, an aggregate of 10,000,000 common shares of Ucore and rights to acquire an additional 1,250,000 common shares of Ucore upon the exercise of the Convertible Securities, representing a total of 11,250,000 common shares of Ucore, or approximately 12.9% of such shares outstanding as of November 24, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Ucore depending on market conditions or any other relevant factor.
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified investment and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.
For more details about Pinetree and its investments, please visit our website at pinetreecapital.com
On Nov 25 03:19 AM Freya wrote:
> The Argentina Airforce has been called out to try to? on the Locusts
> devouring that nations wheat crop.
>
> I mean, what are they doing, shooting each of them, Bombing the Fields,
> Unless they are all crop dusters, I do not see the point.
>
> Australian wheat becomes Important, Viterra.
TORONTO, Canada (December 2, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on December 1, 2009, it acquired ownership of 500,000 common shares (“Common Shares”) and 500,000 common share purchase warrants (the “Warrants”) of Bridgeport Ventures Inc. (“Bridgeport”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $1.50 until December 1, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 3.6% of the total issued and outstanding common shares of Bridgeport as of December 1, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at December 1, 2009, an aggregate of 2,360,800 common shares of Bridgeport, including the Common Shares and the Warrants. Of these totals, Pinetree owns 1,563,200 common shares, including the Common Shares, and the Warrants, directly. In the event that the Warrants are fully exercised, the holdings of Pinetree and its joint actors represents a total of 2,860,800 common shares of Bridgeport, or approximately 10.4% of all issued and outstanding common shares as at December 1, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. In the event that the Warrants are fully exercised, the direct holdings of Pinetree represents a total of 2,063,200 common shares of Bridgeport, or approximately 7.5% of all issued and outstanding common shares as at December 1, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Bridgeport depending on market conditions or any other relevant factor.
I'm going to see if I can track down these puppies to try to divine what they have invested in, could be a Molycor? in there or something currently private like the Geothermal/Lithium development...never know.
My family is coming back tomorrow. They're on vacation for a few days, then flying home on Sunday. I won't be around much after tonight, we have some sight seeing planned, a family reunion this weekend, then we drop them off to the airport to say goodby. Monday everything should be back to normal. it's sure going to be quiet again!
On Dec 02 07:38 PM Freya wrote:
> I get the same updates from Pinetree you do OG. I noticed the investments
> in the Venture and Financial stocks. My guess is that each of them
> has holdings which Pinetree thinks are worthwhile.
>
> I'm going to see if I can track down these puppies to try to divine
> what they have invested in, could be a Molycor? in there or something
> currently private like the Geothermal/Lithium development...never
> know.
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