Riverstone Energy Share Discussion Threads

[hugepants] 30/7/2021 07:10

NAV update:


Discount to NAV over 45% now? (NAV now $582M up from $492M at end March. £/$ exchange rate the same. So NAV approx 670p with 355p of that being cash+marketable securities)

[hugepants] 22/7/2021 08:51

Interesting disposal news this morning. Valued now at cash + marketable securities? Discount still around 40%(?) given disposal (of biggest asset) at 23% premium.


Richard Hayden, Chairman and Non-Executive Independent Director of REL, commented: "The proceeds from REL's exit of ILX III provide additional funds to accelerate our investments in decarbonisation and low-carbon power generation. It also provides improved liquidity to support Board approved share repurchases. As of 30 June 2021, pro forma for this sale, REL holds total cash of $221 million. In addition, as of 30 June 2021, REL owns $86 million of freely marketable securities and $6 million of securities subject to a lock-up.

[rambutan2] 28/3/2021 20:51

Coincides with droop in share price this month:

Completion of Share Buyback Programme

Following the announcement on 1 May 2020 of the start of Company's GBP50 million Share Buyback Programme, the Board is pleased to confirm that the Share Buyback Programme has been successfully completed with a total of 17,214,197 ordinary shares having been bought back at an average price of approximately GBP 2.90 per ordinary share.

[cj2021] 16/2/2021 18:17

Interest starting to come with two consecutive days of good volumes. Break 309p and targets of 380 and 438p. That will still be below NAV of 445p.

[cj2021] 16/2/2021 13:48

Only stumbled across this recently and have positioned myself given the significant value disparity b/w NAV and current share price. NAV at June 2020 was £4.45 when Brent was $30, whilst Brent now is $63. Annual results expected before end of next week should show an increase in NAV to around £6 in my opinion. Thus current price per share of £3 will almost be a 50% discount to NAV!

[spectoacc] 11/12/2020 14:02

The buy-back is back, as expected - just £7.5m remaining, but at same time as oil gone well up, £ been on the slide. Fancy RSE to go higher.

[spectoacc] 30/10/2020 16:56

Posted without comment:


"Discontinuation Resolution

The Company's articles of incorporation require the Directors to propose to Shareholders a special resolution for the winding up of the Company if, on 29 October 2020, both of the following were true:

(a) the trading price for the Ordinary Shares had not met or exceeded £14.70 at any time following the Company's initial admission to listing on 29 October 2013; and

(b) the Company's "Invested Capital Target Return" had not been met.

The Company's "Invested Capital Target Return" is a gross internal rate of return of 8 per cent. on the capital raised in the Company's initial public offering from the date of commitment or investment of the relevant portion of that capital to 29 October 2020.

The Company's all time high trading price as at 29 October 2020 was £13.70 per ordinary share and the Company has delivered a gross internal rate of return of -16 per cent. on the capital raised in its initial public offering, calculated from the date of commitment or investment of the relevant portion of that capital to 29 October 2020.

Accordingly, the Company must now convene an extraordinary general meeting at which a special resolution will be proposed for the winding up of the Company (the "Discontinuation Resolution"). The Company's articles require that the extraordinary general meeting must be held by 10 December 2020 and a circular including the notice of the meeting will be dispatched to shareholders in the near future.

Shareholders should note that as the Discontinuation Resolution is a special resolution, it would require 75 per cent. of the votes cast on the resolution to be in favour to pass. The Company has received an irrevocable undertaking from its largest shareholder, AKRC Investments, LLC ("AKRC"), which holds approximately 31 per cent. of the Company's shares in issue on the date of this Circular, to vote against the Discontinuation Resolution. There are no circumstances in which AKRC can unilaterally revoke its voting undertaking. Further, affiliates of RIGL Holdings, LP, the Company's investment manager (the "Investment Manager"), which hold approximately 7 per cent. of the Company's shares in issue have also informed the Company that they intend to vote against the Discontinuation Resolution. Accordingly, although the Company is required to propose the Discontinuation Resolution to shareholders, it will not pass."

[solonic] 19/8/2020 12:03

Spectoacc you have a touching, if naive, belief in the robustness and validity of Net Asset Values. If you had worked in a significant way in the corporate field you would realise that they are, in fact, quite subjective and often only reflect what the management wishes shareholders to believe. Corporate valuation is not a science no matter what you think.

[baloo4] 19/8/2020 11:14

Company set to buy back £19m worth of shares so discount likely to narrow significantly. Share price already up today in anticipation.

[spectoacc] 19/8/2020 06:33

June 2019 NAV - £10.43/share
Dec 2019 NAV - £7.36/share
June 2020 NAV - £4.45/share

Well, they've reduced the discount at least. Just not in the way shareholders would like.

[baloo4] 13/8/2020 05:08

One of the best performing investment trusts of the past fortnight with a one third increase and that’s before the resumption of share buybacks which should begin at the end of next week.

[baloo4] 03/8/2020 21:57

Massive fall last week but company share buybacks due to resume in the second half of August.Simple mis-pricing by the market which has given a golden buying opportunity short term.

[apollocreed1] 03/8/2020 13:33

AVI global say that they sold out in May so the peak in May was 318, but they're disappointed because they bought in years ago and lost 75%

[apollocreed1] 03/8/2020 13:27

Highest riser in the FTSE All-Share is RSE. Up about 22%. On no news. What's going on and why so volatile? I sold out at 218 on Friday.

[spectoacc] 29/7/2020 19:43

Indeed - or not so much prevents, as looks like it'll probably happen, as gives a massive bonus for failure.

[apollocreed1] 29/7/2020 16:23

Looks decidedly crooked. Did you see the poison pill that prevents the company being wound up? Disgraceful!

hxxps://citywire.co.uk/investment-trust-insider/news/james-carthew-esg-riverstone-you-re-having-a-laugh/a1385123?ref=investment-trust-insider-comment-analysis-list

[spectoacc] 29/7/2020 15:12

Buyback was only buyer ;)

Presumably Enviva was planned all along, hence stopping it. Not sure I should comment on the director getting the chance to sell back to the co.

[spectoacc] 02/7/2020 05:59

Or - the co is basically the only buyer, and won't resume until August. :)

Must be some suspicion why they didn't leave the buyback running, on a non-discretionary basis.

[skyship] 01/7/2020 15:45

a 13% fall on what they say will be only a temporary interruption of the buybacks

[spectoacc] 29/5/2020 06:26

A 2m director sell, into the buyback, presumably to satisfy divorce terms. But how convenient there was a buyback to sell to.

[konkel] 11/5/2020 13:20

Buyback of AVI stake confirmed...£40m to go!!

[spectoacc] 08/5/2020 18:16

Thanks @konkel - Joe B will no doubt be glad to see the back of what's been a shocker for him!

Wonder if he had any influence on the return of capital being via buy-back?

[konkel] 08/5/2020 05:04

AVI the seller...Joe Bauendfreund normally a very astute investor. I guess he got this one wrong!
The consequence of the buyback,of course, is that the management and other founding investors will end up having pretty much full control (they already own c.50%) so will be firmly in the driving seat.
I'm hoping to ride this a bit longer then jump out before the buyback is complete...all best laid plans etc... lol!!