Riverstone Energy Share Discussion Threads

[rambutan2] 07/5/2020 20:17

That was AGT cutting its considerable losses and getting out. No doubt the board/management happy not to have them on board and causing problems.

[spectoacc] 07/5/2020 15:00

Good spot, over £9m, should put a dent in it.

[konkel] 07/5/2020 13:14

Print of 4m+ @231p....I presume this is a Company buyback.

[konkel] 06/5/2020 11:52

I reckon it's on a c.45% discount so plenty of upside still.

[spectoacc] 06/5/2020 08:08

Interesting that no further buybacks RNS'd as yet. Does that mean it quickly went back over whatever the current NAV is? Or are they (sensibly) waiting for it to tick back.

Either way - acquiring £50m RSE in the market would be quite a feat.

[spectoacc] 04/5/2020 07:22

+40% for 842 shares - have to agree!

[konkel] 04/5/2020 07:03

Just means it's gonna keep running :-)

[spectoacc] 04/5/2020 06:36

Got to laugh. They're after £50m:


Date of purchase:

01/05/20


Number of ordinary shares purchased:

842


Lowest price per share

161.40


Highest price per share

161.40


Trading venue

LSE


Aggregate volume per date per trading venue:

842


Weighted average price per day per trading venue:

161.40

[spectoacc] 01/5/2020 12:42

This rise is on the back of the frankly nuts share buy-back - who on earth wants capital returning, £50m in this case, via a price-uncapped buy-back?

Well - anyone who bought cheap I guess - but strewth. Could potentially drive it all the way to NAV.

"Return of Capital

As advised on 23 April, the Board and the Investment Manager were in discussions around the desirability and method of returning some of the Company's existing uninvested cash to Shareholders. The Board today announce that they are initiating a buyback programme with the intention of returning £50 million to shareholders via on market buybacks..."

[konkel] 01/5/2020 12:38

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

[konkel] 23/4/2020 07:37

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

[spectoacc] 23/4/2020 07:25

$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 07:18

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 10:26

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 07:25

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

[lionheart79] 10/4/2020 15:13

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

[hsfinch] 30/3/2020 18:40

Trump likes cheap oil.

[spectoacc] 30/3/2020 14:20

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 14:18

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.