Pinetree Capital Announces Completion Of Share Consolidation And Split
Toronto, ON, July 12, 2021 – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announced the completion of its previously announced 100 to 1 share consolidation of its common shares followed immediately by a 1 to 50 share split. Shareholders who held less than 100 common shares at the close of business on July 9, 2021 are entitled to receive a cash payment in exchange for their common shares equal to C$2.02 per common share (the “Cash Proceeds”). The Cash Proceeds are based on the average trading price of the common shares on the Toronto Stock Exchange (the “TSX”) during the 20 consecutive trading days ending on and including July 9, 2021.
The common shares are expected to commence trading on a post-consolidation and split basis on the TSX on or about July 14, 2021 under a new CUSIP number and the same trading symbol.
As previously announced, letters of transmittal were mailed to registered shareholders on May 28, 2021 providing instructions to surrender their common shares to Pinetree’s transfer agent, TSX Trust Company (“TSX Trust”), for (a) in the case of holders of 100 or more common shares as at close of business on July 9, 2021, replacement certificates representing the same number of common shares they currently hold and (b) in the case of holders of less than 100 common shares as at close of business on July 9, 2021, the Cash Proceeds. Registered shareholders are requested to submit their share certificates, together with their completed applicable letter of transmittal, to TSX Trust. Copies of the letters of transmittal are available on SEDAR under Pinetree’s issuer profile at www.sedar.com. Registered shareholders may also contact TSX Trust to request a copy of the letters of transmittal at (416) 342-1091 (or 1-866-600-5869), or email@example.com.
Non-registered shareholders who hold their Pinetree common shares through an intermediary such as a bank, trust company, securities dealer or broker should note that these intermediaries may have their own procedures for processing the share consolidation and share split which may differ from those described above for registered shareholders. Non-registered shareholders who have questions should contact their intermediary for more information.
Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Pinetree or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and are made as of the date hereof and Pinetree assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances. Accordingly, when relying on forward-looking statements to make decisions, Pinetree cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to the date Pinetree expects its common shares to begin trading on a post-consolidation and split basis.
About Pinetree Capital Ltd.
Pinetree is a value-oriented investment and merchant banking company focused on the technology sector. Pinetree’s common shares are listed on the TSX under the symbol “PNP”.
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