Pinetree Capital (TSE:PNP)

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Pinetree Capital (TSE:PNP)

Postby Pixel8r » Fri Mar 25, 2011 7:07 pm

I bought into Pinetree Capital for the first time today, I liked the mix of stocks they hold, there macro outlook and the discount to NAV.

You can find out loads about them via their website - http://pinetreecapital.com

Here's a pie chart from the latest presentation which shows their sector breakdown as of end of 2010;

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Re: Pinetree Capital (TSE:PNP)

Postby Does Commute Abit » Wed Apr 06, 2011 10:41 am

A very nice mix of commodity exposure here - on my watchlist for sure.
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Fri Apr 08, 2011 4:22 pm

Diet Cola Addict wrote:A very nice mix of commodity exposure here - on my watchlist for sure.

Hope you didn't watch for too long, +10% today. ;)
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Re: Pinetree Capital (TSE:PNP)

Postby Does Commute Abit » Mon Apr 18, 2011 5:11 pm

I'm eyeing up a purchase here in the next few weeks .......
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Mon Apr 18, 2011 5:35 pm

Diet Cola Addict wrote:I'm eyeing up a purchase here in the next few weeks .......
Image

I bought a few more of these today, if we do get a pullback through the summer I will just buy more. They had an audit the other day which valued their holdings at $4.66 per share, current price is $3.21 so a nice discount way of buying into lots of junior miners with someone else doing the research IMO.
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Re: Pinetree Capital (TSE:PNP)

Postby Does Commute Abit » Tue Apr 19, 2011 10:33 am

I might average in over the next few months, it looks strong fundamentally and I agree it is a "way of buying into lots of junior miners with someone else doing the research". I'm not convinced now is the time to pile into PM stocks, so will take things steady.
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Wed Jun 15, 2011 3:00 pm

Pinetree Capital have just released their NAV at $4.30 as of May 31st, they are trading at $2.10 currently so are a heavy discount.
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Mon Jun 20, 2011 11:55 am

Marshall Auerback was interviewed by Smartstox last week about Pinetree

http://www.smartstox.com/analysts/marshall_auerback/
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Thu Jul 07, 2011 3:45 pm

Bought some more of these today, with the heavy discount to NAV and juniors turning around currently it should have a good run till Christmas IMO. This is now my 3rd biggest stock holding.
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Re: Pinetree Capital (TSE:PNP)

Postby Capitalist_Pig » Tue Aug 02, 2011 8:41 pm

This ones acting like a disaster. 20% down on this one? :wtf:

Only thing which aint held up in my bag.

How cheap can it get .. ?
A lot of the time, the stock market is just like Tescos ... You just gotta find the value packs, reduced to clear, and buy one get one free offers!
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Tue Aug 02, 2011 9:06 pm

Capitalist_Pig wrote:This ones acting like a disaster. 20% down on this one? :wtf:

Only thing which aint held up in my bag.

How cheap can it get .. ?

I have been wondering the same, it is also the only thing stinking in my bag currently. In the end though the truth has got to come out and the stock price align more to it's NAV, especially as that NAV is growing daily. I also think the Fukushima events haven't helped, due to their large holdings of uranium stocks.

I have been adding over the last month and averaging down, now starting to hold slightly more than I feel comfortable with though.
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Mon Aug 08, 2011 3:13 pm

"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Pinetree Capital (TSE:PNP)

Postby Capitalist_Pig » Mon Aug 08, 2011 6:49 pm

They're a lot riskier than what we thought. Partly because a significant part of their NAV is made up of warrants and options. Market falls they tank. The longer it falls, the closer they come to expiry, some if which may become very out of the money.

I believe they are using one of the acedemic models such as Black Scholls. Therefore, anything which does go out of the money, still can be reported as having some value.
A lot of the time, the stock market is just like Tescos ... You just gotta find the value packs, reduced to clear, and buy one get one free offers!
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Mon Aug 08, 2011 8:27 pm

Capitalist_Pig wrote:They're a lot riskier than what we thought. Partly because a significant part of their NAV is made up of warrants and options. Market falls they tank. The longer it falls, the closer they come to expiry, some if which may become very out of the money.

I believe they are using one of the acedemic models such as Black Scholls. Therefore, anything which does go out of the money, still can be reported as having some value.

That is because they buy a lot of private placements, which always come with stocks and warrants. I would imagine that they report the NAV as the value of the stocks and warrants on a certain date. If the warrants are worthless they would not be reported as having any value. Warrants have a date on them and also have a price until they expire worthless, so I don't think there is any way they could giving value to a worthless (expired) warrant.

The main problem is that they mainly buy very early stage exploration miners, so are subject to massive pullbacks as the economy wobbles. I think the post that I linked above has some very good analysis, showing the link between NAV and the venture exchange. Currently the Venture has been gaining while PNP has been dropping, it looks like there next NAV will be higher at above $4 per share, so at the current $1.67 they are at a massive discount the highest in years.
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Tue Aug 09, 2011 10:10 pm

Interesting;

TORONTO, Canada (August 9, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on August 8, 2011, it acquired ownership of 2,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of African Queen Mines Ltd. (“African Queen”).
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Mon Aug 15, 2011 3:32 pm

Current share price $1.85 and NAV at $3.76 = 52% discount - Can't see that a lasting till the end of the year.

PINETREE CAPITAL LTD. ANNOUNCES UNAUDITED JULY 31, 2011 - NET ASSET VALUE PER SHARE OF $3.76
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Fri Aug 19, 2011 3:24 pm

Pinetree Capital Announces Renewal Of Normal Course Issuer Bid

August 19, 2011

TORONTO, Canada (August 19, 2011) Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces its intention to renew its normal course issuer bid (the “Bid”) to purchase up to 5,000,000 of its common shares (representing approximately 3.7% of the 136,547,273 common shares outstanding as at August 15, 2011), through the facilities of the Toronto Stock Exchange (the “TSX”) and on other published markets. The Bid is subject to acceptance by the TSX.

The Bid will commence on September 1, 2011 and end on August 31, 2012. Purchases of common shares under the Bid will be made at market prices and otherwise in accordance with the rules of the TSX. All common shares purchased under the Bid will be cancelled.

Pinetree believes that recent trading prices of its shares are not, and prices from time to time throughout the duration of the Bid may not be, fully reflective of the company’s underlying value. Depending upon future price movements and other factors, the purchase of its shares under the Bid may represent an attractive investment for the company and a desirable use of funds to contribute to enhancing shareholder value.

Pinetree has not purchased any of its common shares during the previous twelve months.
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Thu Sep 01, 2011 9:39 am

Pinetree's buying of it's own stock to cancel starts today. :thumbup:

Pinetree Capital Announces TSX Acceptance of Normal Course Issuer Bid

Pinetree Capital Ltd. (TSX:PNP), a Canadian investment company, announces that the Toronto Stock Exchange (the "TSX") has accepted notice of its intention to renew its normal course issuer bid (the "Bid") to purchase up to 5,000,000 of its common shares (representing approximately 3.7% of the 136,547,273 common shares outstanding as at August 23, 2011), through the facilities of the TSX and on other published markets.

The Bid will commence on September 1, 2011 and end on August 31, 2012. Pinetree can purchase up to a maximum of 139,479 common shares per day under the Bid (subject to the company's ability to rely upon the "block purchase exception" under the TSX rules). All purchases will be made at market prices and otherwise in accordance with the rules of the TSX, and all common shares purchased under the Bid will be cancelled.
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Re: Pinetree Capital (TSE:PNP)

Postby Pixel8r » Thu Sep 15, 2011 12:56 pm

Pinetree Capital Ltd. Announces Unaudited August 31, 2011 Net Asset Value Per Share Of $3.48

TORONTO, Canada (September 15, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that as at August 31, 2011, Pinetree’s unaudited net asset value per share (“NAV”) was $3.48.
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Re: Pinetree Capital (TSE:PNP)

Postby Capitalist_Pig » Wed Sep 21, 2011 8:04 pm

What on earth is going on with Pinetree Crapital, I do not know. Over 50% below. What gives?
A lot of the time, the stock market is just like Tescos ... You just gotta find the value packs, reduced to clear, and buy one get one free offers!
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