Insider Reporting
Pinetree has not reported, any major Cline sales on SEDI, during the last year.
Indirect Ownership Control
As of 31 December 2007 Pinetree indirectly controlled 8,760,600 shares. These shares are reported in Pinetree annual financials.
On 22 Feb 2008 Pinetree issues news stating they recently bought 1,239,400 Cline shares.
Therefore, Pinetree indirectly owns and controls of 10,000,000 million Cline shares.
Pinetree declares indirect control, because the holdings are governed by its investment council and are not owned by pinetree insiders.
Direct Ownership Control
SEDI and INK Research show that Pinetree directly owns and controls 5,720,000 shares.
Difference Between Direct & Indirect Ownership
Pinetree Ltd is an insider to Cline. As such by association, many Pinetree inside people are also insiders to Cline.
Pinetree people are independendent from Pinetree Ltd.
Pinetree declares these as direct ownership because, they are owned and controlled directly by Pinetree people. The decision to own and sell is directly made by the owner who is a Pinetree principal.
Insider Selling
No Pinetree insider has declared any selling SEDI
Therefore Pinetree directly and indirectly effectively control 20% of Cline.
Therefore SEDI , INK Research and Pinetree Financial statements are correct.
MP