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Pinetree Capital Ltd. Announces Unaudited Financial Results For the Three and Six Months Ended June 30, 2011


August 11, 2011

TORONTO, Ontario (August 11, 2011) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and six months ended June 30, 2011.

This is the second quarter for which the Company has reported its operating results and financial position under International Financial Reporting Standards (“IFRS”).  All comparative information contained in the June 30, 2011 interim consolidated financial statements has been restated to conform to the accounting policies under IFRS. 

During the second quarter of fiscal 2011, Pinetree had a net loss of $144.7 million, as compared to $62.1 million for the same quarter last year.   Net loss generated was primarily the result of net investment losses of $162.1 million in the quarter, comprised of $192.1 million in unrealized losses on investments offset by realized gains on dispositions of investments of $30.0 million.  Loss per share was $1.06, as compared to $0.46 per share in the three months ended June 30, 2010.   

For the six months ended June 30, 2011, Pinetree had a net loss of $155.9 million, as compared to $48.6 million for the same period last year.   Net loss generated was primarily the result of net investment losses of $174.9 million in the current period, comprised of $264.6 million in unrealized losses on investments offset by realized gains on dispositions of investments of $89.7 million.  Loss per share was $1.14, as compared to $0.36 per share in the six months ended June 30, 2010.   

The composition of Pinetree's investment portfolio by sector at the end of the quarter as compared to the end of last year is outlined in the following table:

  June 30, 2011 December 31, 2010
    % of   % of
Sector ($'000) Total ($'000) Total
Resources:        
  Precious Metals 299,705 49.2 316,667 39.6
  Base Metals 117,114 19.2 153,221 19.2
  Potash, Lithium and Rare Earths 61,232 10.0 66,524 8.3
  Oil & Gas 56,049 9.2 72,263 9.0
  Uranium 43,269 7.1 109,720 13.7
  Coal 8,060 1.3 61,392 7.7
Total Resources 585,429 96.0 779,787 97.5
Technology and Other 24,350 4.0 19,235 2.5

As at June 30, 2011, total investments at fair value was $609.8 million, as compared to $799.0 million as at December 31, 2010.

Net asset value per share decreased 23.4% to $3.63 as at June 30, 2011, from $4.74 as at December 31, 2010.  

On July 25, 2011, Steven Gold joined Pinetree as Vice President, Investments, and is responsible for managing the investment team as well as day to day portfolio matters, in addition to working directly with Pinetree’s executive management team to coordinate investment processes with the research and trading divisions.  Mr. Gold previously worked at Clarus Securities from 2007 to 2011 as Vice President and Research Analyst, focusing on special situations and resources. Prior to that, he worked at a resource focused hedge fund as an Associate Portfolio Manager. Mr. Gold graduated from McGill University, receiving a degree in Economics and Industrial Relations. He received his CFA designation in 2006.

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: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal.  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.  Pinetree is recognized as a value added partner in the resource industry.

Pinetree discloses an unaudited monthly net asset value per share within 15 days after each month-end.  For the latest month-end net asset value per share and for more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com

Use of Non-IFRS Measures

NAV (net asset value per share) is a non- IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date.  The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies.  There is no comparable IFRS measure presented in Pinetree’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure.  The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

  Investor Relations:
Sheldon Inwentash Richard Patricio
Chairman & CEO Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd. Pinetree Capital Ltd.
130 King Street West, Suite 2500 130 King Street West, Suite 250
Toronto, Ontario, Canada,  M5X 1A9 Toronto, Ontario, Canada, M5X 1A9
Website: http://pinetreecapital.com/ Phone: 416-941-9600
  Email: ir@pinetreecapital.com
  Website: http://pinetreecapital.com/

 

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