Pinetree Capital renews issuer bid for 8% convertible debentures

By Jennifer Chiou

New York, May 16 - Pinetree Capital Ltd. announced the renewal of its normal course issuer bid for its 8% convertible subordinated debentures due May 31, 2016.

The bid will begin on May 21, 2013 and end on May 20, 2014.

Under the terms of the bid, the company may purchase up to C$6,696,000 principal amount of the debentures, which represents 10% of the public float of the securities outstanding on May 13.

According to a news release, purchases under the bid can be made through the Toronto Stock Exchange, up to a maximum of C$16,602 principal amount per day, which represents 25% of the average daily trading volume of C$66,409 principal amount for the past six months.

On April 5, the company amended the terms of the bid that was set to end on May 17, raising the amount it was permitted to purchase to C$7.44 million principal amount from C$3.75 million.

As of May 13, an aggregate of C$67,560,000 principal amount was outstanding. During the prior 12 months, Pinetree purchased C$7.44 million of the debentures at a volume-weighted average price of C$79.81 per C$100 principal amount.

The investment banking company is based in Toronto.

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