Pinetree Capital Ltd T.PNP.DB

Primary Symbol: T.PNP Alternate Symbol(s): PNPFF

Financial Services Asset Management

Pinetree Capital Ltd. is a value-oriented investment and merchant banking company focused on the technology sector. The Company's objective is to maximize shareholder value. It invests primarily in equity, as well as debt and convertible securities. The Company holds approximately 8-12 investments, resulting in equity positions between 7% and 12% of assets (though its positions may at times reach or exceed 20%). Its subsidiaries include Pinetree Capital Investment Corp. (PCIC) and Emerald Capital Corp., and Pinetree Income Partnership (PIP).

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Pinetree Capital Ltd

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Comment by Braincells13on Dec 17, 2013 10:17pm

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Post# 22016451

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Debt covenant

I agree with Method. NAV = .70 O/S shares ~ 143M Net asset ~ 100M Liab at 30 sept (prob. similar now) ~ 56M Hence, asset ~ 156M Debt / Asset ~ 36% which is lower than the max. of 50% Estimated NAV to breach the covenant = 56M (56M in debt hence ~112M in assets to have a 50% ratio) or about 40 cents a share (using 143M O/S shares) But figures above may exclude issued debt that Pinetree may have purchased in the past few days.. although I doubt it will make a big difference

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