Pinetree Capital Ltd. · TSX:PNP
Pinetree Capital — Investor Presentation (March 2013)
21 slides from Pinetree Capital's investor presentation, Mar 8, 2013
Slide 1: Corporate Presentation – Venture to Grow
TSX:PNP Corporate Presentation Venture to Grow Updated March 8, 2013.
Slide 2: Forward-Looking Information
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 courses of action and whic
Slide 3: Listing TSX – PNP
Listing TSX – PNP Common Shares 136.4 Options 12.6 M (WAEP $1.84) Warrants / Broker Warrants 8.6 M ($3.50 per share, expire July 11, 2013) Listed Warrants: PNP.WT.B 8.6 M ($3.50, expiry July 11, 2013) Market Capitalization $88.7 M (@C$0.65 as at Mar. 7, 2013) Shareholder’s Equity $212.2 M Net Asset
Slide 4: Driven by Macro Themes / Commodity Themes
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 Uranium & Coal - El
Slide 5: Unique Approach to Resource Investing
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 Grow.
Slide 6: We bring a unique approach to resource investing
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 value-added partner to management teams In certai
Slide 7: Pinetree Capital investment approach
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 Diligence Proprietary In-house t
Slide 8: Impressive Returns Leading to Shareholder Value
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 response Demonstrat
Slide 9: Management Team
Management Team Sheldon Inwentash, B.Comm.,CA., CPA., LL.D. – Chairman and CEO Over 30 years investing (resource, technology, biotech) experience Finance, Operations & Governance Research & Investments Gerry Feldman, C.A. , CPA – VP of Mat Wilson, M.Fin. – Special Situations Analyst Corporate De
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$4.40 $4.84$4.97 4.20 4.66 $4.24 4.14 $4.05 4.263.72 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 $1.48$1.87 1.91 2.14 2.27 2.
Slide 12: Pinetree's Track Record: P/NAV
Pinetree’s Track Record 3.00 Series1 2.41 2.41 2.50 1.91 2.00 1.60 1.64 1.57 1.40 1.50 1.01 0.61 0.91 0.87 0.60 0.85 0.84 0.83 0.790.84 1.00 0.47 0.69 0.68 0.63 0.62 0.60 0.56 0.53 0.49 0.63 0.55 PNP P/NAV 0.49 0.53 0.48 0.50 0.00 Jun. 2007 Dec.2005 Dec. 2012 Mar. 2007 Jun. 2008 Jun. 2009 Sept.2004
Slide 13: Pinetree's Track Record: Index Performance
Pinetree’s Track Record 1 Year Performance (December 2011 – December 2012) 3 Year Performance (December 2009 – December 2012) - CAGR 20.0% 13.4% 15.0% 10.0% 7.3% 4.0% 10.0% 0.0% 5.0% 8.5% 7.9% 1.9% -10.0% 0.0% -7.5% -5.0% -3.2% -5.8% -7.0% -20.0% -15.9% -17.7% -10.0% -15.3% -30.0% -15.0% -40.0% -20.
Slide 14: Value Holdings
100.00% Core Positions •10% of the holdings •50% of the value 75.00% Value Seed Positions 50.00% •75% of holdings Emerging Positions •25% of the value •15% of holdings •25% of the value 25.00% 0.00% Holdings www.pinetreecapital.com 14 Pinetree Capital Ltd. Venture to Grow.
Slide 15: Investment criteria
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 Capital Ltd. Venture to Grow.
Slide 16: Portfolio Sector Breakout
Portfolio Sector Breakout (Percentages are of total portfolio fair value) www.pinetreecapital.com Pinetree Capital Ltd. Venture to Grow. 16
Slide 17: Unique Investment Approach to Resource Investing
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. Venture to Grow.
Slide 18: Precious metals sector themes
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 development companies, given
Slide 19: Base and specialty metals sector themes
• 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 general remains positive, driven by the ec
Slide 20: Oil and gas sector themes
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 oil prices allow high
Slide 21: Uranium and coal sector themes
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 companies with “real” assets and jun
Pinetree Capital — Investor Presentation (March 2013) on 6ix