Business
Notice of intention to make an issuer bid
Notice of intention to make an issuer bid.
About this update from Pinetree Capital Ltd.
[{"type":"text","content":"\n\n\n\n\nTORONTO, July 13 /CNW/ - Pinetree Capital Ltd. (TSX:PNP) today announced\nits intentions to make a normal course issuer bid for up to 695,000 of its\ncommon shares for cancellation being just less than five percent of the\n13,962,405 common shares currently issued and outstanding. The normal course\nissuer bid will commence on July 19, 2005 and end no later than July 18, 2006.\nThe bid is expected to be made through the facilities of the Toronto Stock\nExchange (the \"TSX\") at the market price of the common shares at the time of\nthe acquisition. A Notice of Intention to Make an Issuer Bid has been filed\nwith the TSX and the securities commissions of Ontario, Alberta, British\nColumbia and Quebec. Approval for the normal course issuer bid has been\nobtained from the TSX.\nPinetree also wished to announce that it purchased for cancellation\n650,000 of its common shares at an average price of $2.12 per share pursuant\nto the normal course issuer bid which will end on July 18, 2005.\nPinetree's management believes the Company's common shares are \nunder-valued at current market prices and that the purchase of the common\nshares will enhance overall shareholder value.\n\nAbout Pinetree\n\nPinetree Capital Ltd. was incorporated under the laws of the Province of\nOntario and is publicly traded on the Toronto Stock Exchange (\"TSX\") under the\nsymbol \"PNP\". Pinetree develops and manages a portfolio of equity securities\nof private and public issuers engaged in growth businesses in the following\nfour sectors: (i) Mining and Oil & Gas; (ii) Biotechnology; and (iii)\nTechnology and Other. Pinetree's investment focus among these three sectors\nchanges over time, depending on changing investment opportunities. As well,\nPinetree takes advantage of special situations and merchant banking\nopportunities.\nFor more details about Pinetree and its investments, please visit our\nwebsite at www.pinetreecapital.com.\n\nThis news release contains forward-looking statements within the meaning\nof the \"safe harbour\" provisions of the Private Securities Litigation Reform\nAct of 1995. These forward-looking statements are subject to risks and\nuncertainties and other factors that may cause Pinetree's results to differ\nmaterially from expectations. These include risks relating to market\nfluctuations, investee performance and other...