Riverstone Energy Share Discussion Threads

[bench2] 08/2/2024 09:45

Well done the board . The last tender was pathetic and below the share price . Circa 36% tender at £10.50 is still NAV enhancing , but gives all shareholders a fair exit price . Sadly hold outside ISA/SIPP so CGT to consider . Will there be a full take up , or undersubscription ??

[hugepants] 08/2/2024 07:47

Here it is. And a tender for $200M at £10.50

[ntv] 05/2/2024 17:19

About time we had a portfolio update as it is months since we had the last one

[ntv] 26/1/2024 18:42

thinking around 1280 but whatever it is it is a large discount
We have picked up a few more
Happy to wait and see what happens

[hugepants] 08/1/2024 11:12

bitgold, Its an estimate only based on the portfolio valuations at end sept. I see some of the small listed investments have had a tough final 3 months of the year share price wise which would take about 1.5% off NAV but I think 1300p NAV is a decent ball park.

[bitgold] 06/1/2024 14:32

Great portfolio breakdown analysis there Hugepants. Whatever they do with the cash, this trust remains on a huge discount and a great example of how sentiments change, considering it used to trade close to NAV about 8 years ago. I continue holding, let's see if a large dividend or tender offer is coming.

[hugepants] 02/1/2024 08:23

Riverstone Energy Limited
02 January 2024

Receipt of Proceeds

...The disposal of REL's investment in Hammerhead Energy Inc. to Crescent Point Energy Corp. ("Crescent Point") completed on 22 December 2023 and REL has now received cash proceeds of US$173,163,643 and 8,301,862 shares of Crescent Point common equity.

As announced on 7 November 2023, REL is exploring the most efficient means of returning its excess capital to shareholders. The distribution of capital requires both the consent of the Board of Directors and the Company's investment manager, RIGL Holdings LP ("RIGL"). The Board and RIGL are in discussions on how best to progress a distribution of capital.

[hugepants] 12/12/2023 15:51

Is oil price that important given O&G will be only about 20% of the NAV once hammerhead completes? The capital return when announced should help close the discount imo.

[bench2] 12/12/2023 14:06

Not sure what has triggered todays rise to 800p , is it time to peel a few off , as Oil price is off the top .

[hugepants] 13/11/2023 09:42

My estimate of portfolio breakdown when Hammerhead sale completes next month. Accounts for 4% reduction in dollar/sterling since end sept.

NAV 1315p
Cash = 560p
Permian Resources (listed)= 270p
Onyx = 150p
Crescent Point (listed) = 120p
Goodleap = 70p
Infinitum = 55p
T-REX = 40p
Solid Power (listed) = 29p
Our Next Energy = 24p
Tritium (listed) = 21p
Freewire = 18p
Enviva (listed) = 11p
Other = 10p
Liabilities=60p

[hugepants] 07/11/2023 09:41

"...Following the expected completion of the Hammerhead transaction in late December 2023, approximately 43% of REL's net asset value is expected to consist of cash"

NAV should be over £13 when this completes with 500p+ in cash

"...REL is currently exploring the most efficient means of returning its excess capital to shareholders (while also taking into account the anticipated on-going requirements of its other portfolio companies) and will make a further announcement in due course."

[lionheart79] 22/8/2023 08:13

Got a corporate action notice that these guys are looking to buy back up to 30% of issued shares at £5.78 or something. Can't see any value in participating in that surely, what with the large discount to NAV? Who are they trying to entice? Would represent a 50% loss for me.

[the millipede] 13/7/2023 09:28

To be honest, some of these investments are/were very speculative and there is always a chance of failure.

This news isn’t really about the investment but about whether investors understood the risks they were taking.

Share price fall seems overdone to me. Anuvia was a very small part of overall NAV.

[coolen] 11/7/2023 14:48

After today's failure, marks out of 10 for the investment analyst?

[apollocreed1] 21/5/2023 16:43

Looks good value to me but worth bearing in mind that they have been moving heavily into renewables which aren't as profitable, and they have always traded on a large discount due to the high management fees and I believe due to the opacity of the private firms they own (a bit like private equity ITs).

Any idea when the next continuation vote is, and if it were to be discontinued I wonder if there is still a huge payment due to the Investment Manager on that contingency (as was the case for the 2020 vote)?

[mrscruff] 21/5/2023 14:55

RSE has been going side ways for 47 days. Its at a level where a massive seller and buyer are at. Its not been like this since Jan 2022 and then it went up. A reversal is possible to the upside. The buy backs are strong. Revenue from the oil companies is feuling buy backs and growth. 1 year 30% to 40% upside possible. 20% of the share price growth from pure NAV closing.

[dickiehhh] 20/4/2023 19:31

Looks like two massive buys today?

[the millipede] 18/4/2023 08:56

Some quite good articles about Permian on seekingalpha.com under the following headlines.

“Permian Resources: $1 Billion In Positive Cash Flow Likely In 2023“

“Permian Resources: Improved Cost Structure Enhances Its Value“

“Permian Resources: Catering To Growth And Mr. Market“

I think you can read 1 article per month for free.

[mrscruff] 11/2/2023 10:26

No GBP of NAV, you can simply ask Google to convert it as the exchange rates in these days change massively all the time and the only constant is the USD as these are USD companies.

[coolen] 08/2/2023 18:28

Anywhere we can view a current estimated NAV and in pence, as opposed to historic and then only in $ ?

[mrscruff] 01/2/2023 14:13

At this level of discount I would be happy buybacks and re-investment into the current portfolio commitments and new growth. If there was a dividend the portfolio is too concentrated and we would be worrying about maintainability especially with the traditional energy being slowly sold down over time.

[the millipede] 01/2/2023 10:04

Discount still massive.

Could probably generate more interest for potential new shareholders if they paid a dividend.

[cousinit] 31/1/2023 14:46

I did try to buy back in with IG the other day, but they seem to feel that the tax position for US residents makes it too complicated to allow for anyone... May partly explain just why it drifts down so easily

[mrscruff] 31/1/2023 14:38

See everyone in the morning. I expect the NAV in GBP to fall and our discount narrows. I expect the NAV in USD rises indicating a continuation of the bullish trend. I expect buyers to then buy in expectation of future growth. Best of luck.