SUBJECT: PINETREE
The share count I quoted earlier was from CNBC Financial
https://data.cnbc.com/quotes/CRMXF/tab/8
CNBC Financial showed Pinetree Capital with 23.8 million shares. If we subtract the seven, (7) sells you posted above, which total 753,350 shares, we are left with 23,046,650 shares – The sale of 753,350 shares represents about 3.25% of holdings - It appears they have made recent sells that have not been filed yet, resulting in a new share count of 22,800,000 – I saw this total last week, they may have filed new totals since then – The new total, (22,800,000) tells us that Pinetree has reduced their CMA holdings by approximately 4.20%
I note that Pinetree has one of its directors on the CMA Board. Also noted, (as you have also pointed out) Pinetree’s CEO, Sheldon Inwentash, is a CMA insider.
You offered the actions of this Company, Pinetree, (and its CEO, Sheldon Inwentash, who happens to be a CMA insider) as just cause to question the value of CMA and CMA assets. Pinetree is having trouble defining and dealing with their Company assets. Pinetree appears to be a Company that makes questionable business decisions and I would say they, (and their CEO) as a result of same, appear to be in need of cash – Below, in bold type, you yourself comment on Pinetree’s ugly business results - Perhaps if you had shown CMA investors that Sprott was selling, I would have listened and definitely been concerned.
I note that Pinetree and the insider sold CMA shares on the day, (April 10, 2012) CMA’s CEO announced a delay in the release of the NI 43-101 – You listed the sales, (see below) – Perhaps you can tell me if Pinetree and the insider sold shares prior to April 10, 2012? – Regardless, selling on April 10, 2012 and after could be attributed to paranoia, a lack of business skills needed to deal with specific problems, (like CMA’s CEO) not having the patience to wait for verification of resources, or just needing the cash to fulfill other obligations..
I also note on their website lists, (Operations Team and Directors) the absence of a Geologist and yet they are investing substantial amounts of cash in mining companies – The point being, they are investing said substantial amounts of cash without in-house verification of the viability of the operations they are supporting.
I’m not going to touch on the shares that Sheldon Inwentash sold; I think I have covered his actions with mention of Pinetree and their CEO as the CMA insider. Regardless, Pinetree is and has been in decline; this gives cause to question not just the Company’s actions, but also the CEO’s actions and the CEO’s actions as a private investor.
Last but not least, it’s very possible that Pinetree and Sheldon’s actions, (selling CMA shares) initiated CMA’s share price decline.
Pinetree (PNP.TO) closed up today at $1.01, (November 19, 2012) after numerous declines. April 10, 2012 they were at $1.19. Their 1 year high and low is $1.89 and $0.78. In 2000 they were over $100 a share, then they dived and I mean dived, to a low of $.20+/- a share in 2001. They made a small recovery starting in 2006 and peaked on April 9, 2007 at $14.98. Since then they have been dribbling along, with a low in the $.30 range to a high of $4.00+ in 2010 – See Chart at link below.
https://finance.yahoo.com/echarts?s=PNP.TO+Interactive#symbol=pnp.to;range=2y;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
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FROM YOUR POSTS
“Just for You Pinetree Sales as follows:”
April 10 27,500 @.197
Sept 12 387,500 @. 10
Sept 27 238,500 @.07-.072
Sept 28 97,500 @.07
Oct 1 25,000 @.06
Oct 12 29,000 @.062
https://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31749755&l=0&r=0&s=CMA&t=LIST
“Oops missed 1”
Oct 4 163,000 .06
https://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31749761&l=0&r=0&s=CMA&t=LIST
“Your source probably got the number from Pinetree’s website given that it is a publicly traded company it actually lists all their investment and it is one ugly picture for the most part. That said the number your source is using is identical to the one on their website, however if you read their website carefully the list is current as of June 30th mine is current as of November 7th i.e. the selling has not been accounted for as yet until they update their list.”
https://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31750515&l=0&r=0&s=CMA&t=LIST