Riverstone Energy Share Discussion Threads

[konkel] 01/5/2020 13:38

So I was right...it should have gapped up !!

[konkel] 23/4/2020 08:37

At least shareholders needn't factor in any "accrued performance fees" lol!!

[spectoacc] 23/4/2020 08:25

$135m of undrawn commitments tho (not expecting all to be drawn).

Results to only 31st Dec could be largely ignored.

I was trying to make sense of:

"the Board expects a Discontinuation Resolution Vote EGM to take place in Q4 2020, as defined in the Prospectuses and Investment Management Agreement. For the vote to pass, it requires 75 per cent. of the votes cast in favour. The Investment Manager and Cornerstone Investors have 8.35 per cent. and 40.4 per cent., respectively, of the votes and can block approval. However, if the vote is passed, both the Investment Manager and Cornerstone Investors would share (83 per cent. / 17 per cent.) in the exit fee of twenty times the most recent quarterly Management Fee plus accrued performance fees, if any. If the Discontinuation Resolution Vote is not passed, the Investment Management Agreement will continue in perpetuity. However, both the Board and Shareholders aggregating 10 per cent. of the vote will still be able to call for an EGM to vote on a wind-up (75 per cent. of the votes cast in favour required) or a run-off (50 per cent. of the votes cast in favour required). In March 2020, the Investment Manager contacted one of the Cornerstone Investors regarding its voting intentions in respect of the Discontinuation Resolution, but did not receive a firm indication. No Cornerstone Investor has yet expressed how it would intend to vote on the Discontinuation Resolution Vote. As the direction of the EGM vote is not known at this time, there is a material uncertainty. The Board and Investment Manager remain highly focussed on working for our Shareholders, and I look forward to providing you with additional updates on progress over the course of the year."

20x the fee on wind-up??

[konkel] 23/4/2020 08:18

Following results, surely share price should be gapping up?
$211m in cash, probable return to shareholders in some shape or form and possible wind up.

[robizm] 22/4/2020 11:26

I feel sorry for any long term holders. Even at this price all the portfolio companies must be in severe distress. If you could rely on the net asset value they would be a buy at a lower price but not for me yet.

[spectoacc] 21/4/2020 08:25

Not sure I'd want to be in RSE atm. Oil - the one market they can't easily fix.

[lionheart79] 10/4/2020 16:13

bunch of clowns managing this. well I hope they've enjoyed their fancy lunches. idiots

[hsfinch] 30/3/2020 19:40

Trump likes cheap oil.

[spectoacc] 30/3/2020 15:20

Some talk of oil going negative (seriously), but you'd think Trump may help out his Texan mates.

Not sure what cash there is on the b/s, was a disposal recently.

[hsfinch] 30/3/2020 15:18

Avoid this share.

[spectoacc] 13/3/2020 18:46

I'm stuck in some, tbh can't bring myself to sell down here and simply can't keep up with the holdings. Perhaps the oil price war will fizzle out quickly, but if it doesn't, I agree it looks pretty bad. Not sure on relative cash position either.

[spectoacc] 28/2/2020 12:50

I should have avg'd after all. Never feels like the time!

[robizm] 28/2/2020 11:14

This share is toxic.took all that money with mainly rubbish assets. Drop it to a £1 and I might take a look but no value as NAV way overstated.

[spectoacc] 28/2/2020 09:40

Oil well down, can't say the further falls aren't justified. Sitting on it, but haven't added.

[spectoacc] 30/1/2020 08:07

Anyone analyse the valuation update?

[spectoacc] 27/1/2020 15:06

And back down. Probably about right, with Corona virus effect on oil price/world economy. Hopefully RSE's holdings might now be relatively defensive.

[sirrux] 21/1/2020 13:11

How ironic that they picked up most assets around $50 oil average? Well the oil price rose but their "cheap" assets just got cheaper. The investors' money, well that's in the pockets of high flying oil executives running loss-making oil cos and these guys managing it all for you - does that sound right?

[spectoacc] 16/1/2020 07:00

Flogging the frackers & buying renewables would certainly put a rocket under it! But I think our best hope is a revaluation of non-Middle East producers, which Trump appears to have kicked off.

[rambutan2] 15/1/2020 19:57

Yes, should be. And then at end of Feb, the annual report. The board will be under pressure to offer shareholders some hope, to say the least.

It crossed my mind that perhaps a shift to investing in renewable energy assets might be one way to bring about a rerating?

"Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $39 billion of capital raised. We conduct buyout and growth capital investments in the exploration & production, midstream, oilfield services, power, and renewable sectors of the energy industry."

[spectoacc] 15/1/2020 16:25

All gone a bit quiet, guessing next qtrly valution towards end of this month?

[spectoacc] 07/1/2020 15:19

Don't know if it's enough to save RSE at this relatively late stage, but US (particularly on-shore) has got to be a lot more valuable post-Soleimani. Whatever premium was in the price previously, is now going to be higher, even before any further escalation. That's over & above the general rise in the oil price.