Pinetree's cash position as of September 30, 2008?

[whatsupdoc]

I saw that on PNP also 2.02 NAV, but in reading the "report" I saw no information on how much cash is on hand.  Do you have any idea about their cash position?  Somehow, looks like a steal.

Bottomfeeder - I moved your question to the Pinetree thread so that readers
who are not interested in pnp.to can skip this post. You are right that the cash
position for pinetree is not explicitly mentioned in the Sept_2008 report at 
   http://www.pinetreecapital.com/pdf/webreport08Q3.pdf

However, we can deduce a rough estimate based from the
"Consolidated Balance Sheet Highlights" shown below:

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Total Assets = (Investments at fair value) + (Equity accounted investment)
                            + (cash and cash equivalents & capital assets etc)

289,741 = 233,987 + 5,814 + (cash and cash equivalents & capital assets etc)

(cash and cash equivalents & capital assets etc) = 289,741 - 233,987 - 5,814 = $49,940 million

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In the Dec_2007 financial report at
http://www.pinetreecapital.com/pdf/fs_pnp07Q4.pdf
the "Total Assets" is listed with all of its components including cash.



3 of the  Dec_2007 Total Assets components (unspecified in the Sept_2008 report)
    - Prepaids and other receivables
    - Capital Assets
    - Income taxes receivable
total $8.519 million

The best I can do for now to get a rough estimate for the Sept_2008 cash position is to
use the Dec_2007 figures for 3 of the Sept_2008 unspecified "Total Assets" components:

   cash + cash equivalents = $49.94 million - $8.52 million = $41.4 million

We will know the actual numbers when the very detailed year end December_2008
comes out sometime in February 2009.

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Here is a little tidbit on the Nav calculation:

NAV = (Total_Assets - Total Liabilities)/Outstanding Shares
         = (289,741k - 24,190k)/131,314k
         = 2.02

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One very positive point about the Sept_2008 report is that Pinetree has
significantly reduced its liabilities from $143,252 million in Dec_2007 to
$24,190 million.
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[MetalMeister]

Excellent work, Doc!

[whatsupdoc]

yellowcaked - Thanks!   I just pursued Bottomfeeder's very good question on
Pinetree's cash status. Anyway, this morning I sent them an email requesting 
the dollar amount for their "cash and cash equivalents" as of September 30, 2008. 
Let's see if they reply with a response.

[whatsupdoc]

Bottomfeeder - I got a reply from Pinetree Corp. this morning, and so I finally have the
answer to your question regarding the "cash and cash equivalents" for the Sept_2008
financial report.  It is just $94,000.

My original rough estimate was way off because they have a Total assets component
"Future income tax assets" for $30.162 million.

You can get the 33 page "Nov 14, Interim financial statement"  at
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00004131

I have included below all the entries for the "Total Assets" along with note 11 on
page 26 that describes the "Future income tax assets".

[Bottomfeeder]

wow.....I was just stumbling around the site and completely missed these posts from DOC.

Anyway, hate to let anyones work go unnoticed, so thanks doc, if you ever get your butt back on this forum and read this!