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News Releases

Pinetree Capital Ltd. Results For The Three Months And Year Ended December 31, 2005


March 20, 2006

 

  • Fair Value of Investments increased 113% to $176.1 million from $82.4 million as at December 31, 2004;
     
  • Net Asset Value increased 79% to $7.46 (basic) per share from $4.16 (basic) per share as at December 31, 2004;

Toronto, Ontario (March 20, 2006) – Pinetree Capital Ltd. (TSX: PNP) (“Pinetree”), a Canadian investment company, today announced its audited results for the year ended December 31, 2005.

Investments at Fair Value stood at $176.1 million as at December 31, 2005 as compared to $121.1 million at the end of the previous quarter (a 45% increase) and $82.4 million at the end of last fiscal year (a 113% increase). 

Net Asset Value per share (basic) was $7.46 as at December 31, 2005.  This is an increase of 26% over the $5.90 per share at the end of the previous quarter and 79% greater than December 31, 2004 Net Asset Value per share of $4.16.

During the fourth quarter, Pinetree generated $38.4 million of net investment gains as compared to $7.6 million in the fourth quarter of fiscal 2004 (a 404% increase).  In the twelve months ended December 31, 2005, net investment gains were $71.3 million as compared to net investment losses of $6.5 million in the prior year.  Of the net investment gains during the current year, $18.2 million were realized gains while $53.2 were unrealized. 

Net income in the fourth quarter was $26.0 million, an increase of 308% over the $6.4 million earned in the fourth quarter of 2004.  For the full year, net income was $51.6 million versus a loss of $4.0 million in 2004.

The composition of Pinetree’s investment portfolio changed during 2005, as outlined in the following table. 

 

As At December 31, 2005

As At December 31, 2004

 

% Change In Fair Value From Prior Year

Sector

Fair Value ($)

% of Total

Fair Value ($)

% of Total

 

Resources:

           

            Uranium/Coal

28,937,000

16.4

13,339,000

16.2

 

117%

            Oil & Gas

40,793,000

23.2

9,163,000

11.1

 

345%

            Precious Metals

38,239,000

21.7

29,188,000

35.4

 

31%

            Base Metals

15,231,000

8.7

3,445,000

4.2

 

342%

Total Resources

123,200,000

70.0

55,135,000

66.9

 

123%

Biotechnology

5,938,000

3.4

6,700,000

8.1

 

(11%)

Energy Related Technology

18,749,000

10.6

6,116,000

7.4

 

207%

Technology/Other

28,256,000

16.0

14,475,000

17.6

 

95%

In terms of Fair Value, the largest increases over last year were in Oil & Gas, Base Metals and Energy Related Technology, while the only decrease was in Biotechnology.  Overall, the Fair Value of Pinetree’s Resource investments grew by 123% during the year. 

“Our results for the year, and the composition of our portfolio at year-end, strongly reflect Pinetree’s early and continuing focus on the resources sector, with a primary interest in energy related resources,” commented Sheldon Inwentash, Chairman and CEO of Pinetree. 

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”, is a diversified investment, financial advisory and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals. 

Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact for Pinetree Capital Ltd.:

Larry Goldberg, C.A.

Executive Vice President and Chief Financial Officer

Pinetree Capital Ltd. 

130 King Street West, Suite 2810

Toronto , Ontario, Canada , M5X 1A9

416-941-9600

Email: ir@pinetreecapital.com    Web Site: www.pinetreecapital.com

©Copyright 2012 Pinetree Capital Ltd.