Pinetree Capital Ltd. · TSX:PNP
Pinetree Capital — Investor Presentation (January 2012)
21 slides from Pinetree Capital's investor presentation, Jan 10, 2012
Slide 1: Corporate Presentation
Corporate Presentation Updated January 10, 2012
Slide 2: Forward Looking Statements
Forward Looking Statements Forward-Looking Information Certain information in this presentation constitutes forward-looking information, which is information regarding possible events, conditions or results of operations of Pinetree that is based upon assumptions about future economic conditions and
Slide 3: Capital Structure as at September 30, 2011
Capital Structure as at September 30, 2011 Listing TSX – PNP Common Shares 136.5 Options 11.8 M (WAEP $3.18) Warrants / Broker Warrants 20.5 M (WAEP $7.31) Listed Warrants: PNP.WT 5.0 M ($15.00, expiry Apr 16, 2012) PNP.WT.A 6.9 M ($6.50, expiry Oct 23, 2012) PNP.WT.B 8.7 M ($3.50, expiry July 11, 2
Slide 4: Bullish on Resources
Bullish on Resources Driven by Macro Themes Population Growth/Migration Emerging Economies – Brazil, Russia, India and China Pending or Current Commodity Supply and Demand Imbalances Pricing Trend and Future Bias Both Pointing Up Commodity Themes Precious Metals - Decline of US Empire
Slide 5: Investment Highlights
Investment Highlights Unique Approach to Resource Investing Experienced Management Team Led by Sheldon Inwentash Proven Track Record of Outperformance Unparalleled Access to Deal Flow Management Interests Aligned with Shareholders www.pinetreecapital.com 5 Pinetree Capital Ltd. Venture to
Slide 6: Unique Investment Approach to Small Cap. Universe
Unique Investment Approach to Small Cap. Universe We bring a unique approach to resource investing: Flexibility to invest opportunistically in sectors and in companies Conduct due diligence Known for backing the winners Actively negotiate investments within portfolio companies Act as a v
Slide 7: How is Pinetree Different?
How is Pinetree Different? Pinetree Capital Investee Stage of Development Seed to Discovery Early investor, typically at the seed round making repeat investments as milestones are achieved. Sources of Deal Flow Widespread Proprietary deal-flow from relationships built over 20 year history. Due Dilig
Slide 8: Sheldon Inwentash
Sheldon Inwentash Almost 30 years of investing background from resources to technology and back to resources Extensive network of contacts who provide investment opportunities and due diligence assistance Track record of investing ahead of the market Reputation for “fair” deals and quick res
Slide 9: Management Team
Management Team Sheldon Inwentash – Chairman and CEO C.A., over 30 years investing (resource, technology, biotech) experience Finance, Operations & Governance Research & Investments Gerry Feldman, C.A. – Chief Financial Steven Gold – Vice President, Investments Officer Responsible for managing
Slide 10: Board of Directors
Board of Directors Marshall Auerback, LL.B - Marshall Auerback is a Director of Pinetree and also serves as Corporate Spokesperson. Mr. Auerback is a Senior Fellow at the Roosevelt Institute and has 28 years of experience in the investment management business, currently serving as a portfolio strate
Slide 11: Pinetree's Track Record: NAV/share
Pinetree’s Track Record NAV/share $11.69 $12.00 PNP Share Price $12.00 $10.20 $9.50 $9.00 $9.00 NAV/share Share Price $6.65 $6.00 $6.00 4.74 $4.48 $4.33 $4.84$4.97 4.20 4.66 4.14 $4.40 $4.24 $4.05 4.26 3.72 3.79 3.63 3.13 2.32 3.19 $2.71$3.14 2.55 3.05 $2.86 2.39 2.66 $3.00 1.91 2.27 2.64 $3.00 $1.4
Slide 12: Pinetree's Track Record: P/NAV
Pinetree’s Track Record 3.00 Series12.41 2.41 2.50 1.91 2.00 1.60 1.64 1.57 1.40 1.50 0.60 0.85 1.01 0.84 0.61 0.83 0.91 0.79 0.84 0.87 1.00 0.69 0.68 0.63 0.47 0.62 0.49 0.53 0.60 0.48 PNP P/NAV 0.50 0.00 Jun. 2008 Jun. 2007 Jun. 2009 Jun. 2010 Jun. 2011 Sept.2004 Sept.2005 Mar.2006 Sept.2006 Mar.
Slide 13: Pinetree's Track Record: Performance vs Indices
Pinetree’s Track Record 1 Year (September 2010 – September 2011) 3 Year (September 2008 – September 2011) - CAGR 5.0% 1.2% 20.0% 0.0% -5.0% -1.4% -0.9% 15.0% 14.1% -10.0% -6.0% -15.0% 9.3% -13.2% -14.1% 10.0% -15.2% -20.0% 5.9% -25.0% 5.0% -30.0% 1.2% -35.0% -31.5% 0.2% 0.0% Pinetree DJIA Pinetree N
Slide 14: Portfolio Composition
Portfolio Composition 100.00% Core Positions •10% of the holdings •50% of the value 75.00% Value 50.00% Seed Positions Emerging Positions •75% of holdings •15% of holdings •25% of the value •25% of the value 25.00% 0.00% Holdings www.pinetreecapital.com 14 Pinetree Capital Ltd. Venture to Grow.
Slide 15: Our Approach to Company Selection
Our Approach to Company Selection Large and/or strategic land positions Well structured companies Low royalties and/or carried interests International exposure Broken, under-capitalized or misunderstood stories Strong management and relationships www.pinetreecapital.com 15 Pinetree Capit
Slide 16: Portfolio by Sector (September 30, 2011)
Portfolio by Sector (September 30, 2011) Portfolio Sector Breakout (Percentages are of total portfolio fair value) Investments are currently primarily in these resource sectors: Precious Metals, Base Metals, Oil & Gas, Potash, Lithium and Rare Earths. Uranium and Coal. www.pinetreecapital.com Pi
Slide 17: Investment Highlights
Investment Highlights Unique Investment Approach to Resource Investing Experienced Management Team Led by Sheldon Inwentash Proven Track Record of Outperformance Unparalleled Access to Deal Flow Management Interests Aligned with Shareholders www.pinetreecapital.com 17 Pinetree Capital Ltd.
Slide 18: Appendix - Precious Metals
Appendix - Precious Metals Pinetree began investing in precious metal stocks in late 2002 – when gold was at the $300 / oz level. Opportunistic increases in the precious metals sector have led to outperformance. We believe superior returns will come from investments in junior exploration and d
Slide 19: Appendix - Base and Specialty Metals
Appendix - Base and Specialty Metals Invested in this group continuously throughout Pinetree’s history with varied weightings over time as commodities came in and out of favour. Early investor in molybdenum, vanadium, potash, rare earths and lithium. Pinetree’s outlook for base metals in gener
Slide 20: Appendix - Oil and Gas
Appendix - Oil and Gas Pinetree is a long time investor in the oil and gas market, having started investing in this sector in early 2003 when oil was trading at $30/barrel. Pinetree believes oil prices will continue to remain elevated into the future, driven by supply and demand issues. Elevated
Slide 21: Appendix – Uranium and Coal
Appendix – Uranium and Coal Uranium Early investor into uranium sector (late 2004) based on positive view of commodity fundamentals. Exited most positions in early 2007 following significant run-up in the commodity and equity prices. Re-entered sector in late 2008 focused on mispriced companie
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