I catch up with Sulliden Mining (SMC-T) this morning to hear about its new president, Paul Pint, and what working role he will fill. Sulliden - spun off from "old Sulliden," a predecessor company that was taken over by Rio Alto - owns stakes in a few juniors like Belo Sun and Falco, and also has some 100% gold properties in Canada. It trades at about half working capital to market cap and now plans to make more investments both in single assets and juniors. Stan Bharti is Chairman. Justin Reid is CEO.
Reid answers the call, and brings Paul Pint, next door to him, in to comment as well. Reid notes that the duo were partners for a couple years at National Bank (Pint's most recent home) and that over the years they've often worked together on deals. "We've been on the opposite side and the same side of the table over the years," Reid says.
Reid segues into Sulliden, setting up to describe why he hired Pint. He notes the Sulliden team (the same as the old Sulliden) have made some good investments in recent years. Among the better calls was to get involved at Aguia Resources (ASX:AGR). Sulliden bought a 16% stake at A$0.02 in what was then a ~$5 million market cap company. Aguia now boasts a market cap nearly 10 times that, a move he credits Sulliden's active management for helping create.
The active management in Aguia and other names is taking up a lot of his time, Reid says. Promotion of the company has languished as a result and Reid says the company needs to do better.
Hence Pint.
Reid says he's bringing Pint aboard to help pull in more of the institutional crowd, which Pint has come to know well over two decades in senior roles at Canadian banks and boutiques. He says Pint will help bring in new shareholders and in the meantime help manage the portfolio and assess new opportunities. At the moment they're looking for deals, with about $24m in working capital, and are close on some involving single assets, Reid says. With Pint, Sulliden can "spread ourselves farther afield."
Reid turns the call over to Pint now. Pint quips, "I tried to hire him (Reid) a number of years ago. We clicked from day one." Pint describes looking forward to a new challenge. He's been in banking and the like for two decades and this will be his first role in helping direct a junior. Still, it pairs with his experience, he says. He's worked with juniors on some 1,000 deals over the years and has built up a solid base of relationships in the field. He'll be leveraging those. He hopes to "use our strength and our relationships to get those investments" that pay massive dividends. For Pint, work at Sulliden will mean a greater focus on single assets. Getting his hands dirtier. "I'm ready for that," he says.
