Share Name Share Symbol Market Type Share ISIN Share Description
Riverstone Energy Limited LSE:RSE London Ordinary Share GG00BBHXCL35 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -4.50 -1.77% 249.50 15,601 16:35:25
Bid Price Offer Price High Price Low Price Open Price
248.00 251.00 251.00 251.00 251.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -188.97 -224.95 162
Last Trade Time Trade Type Trade Size Trade Price Currency
16:29:58 AT 46 251.00 GBX

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Date Time Title Posts
21/8/202015:15Riverstone Energy - Global Energy154

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Riverstone Energy Daily Update: Riverstone Energy Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker RSE. The last closing price for Riverstone Energy was 254p.
Riverstone Energy Limited has a 4 week average price of 248p and a 12 week average price of 218p.
The 1 year high share price is 530p while the 1 year low share price is currently 108p.
There are currently 65,109,227 shares in issue and the average daily traded volume is 20,792 shares. The market capitalisation of Riverstone Energy Limited is £162,447,521.37.
baloo4: Company set to buy back £19m worth of shares so discount likely to narrow significantly. Share price already up today in anticipation.
spectoacc: 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: 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: 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: 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: 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: $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: 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.
hugepants: For the share price to go from 1200p share price to 400p in 12 months is not very good for what is basically an investment trust
rambutan2: From AVT (5.1% stake) annual report (y/e 30/09) which out today: Riverstone Energy (‘RSE’) was by far our largest detractor for the year (-293bps) with a share price fall of -54%. A sharp decline in the NAV (-36%) was compounded by a near-doubling of the discount to 42%. Over the year, the price of West Texas Intermediate oil declined by -26%, with geo-political concerns outweighed by continued strong production levels. Sentiment to the US Oil & Gas sector is at all-time negative levels, with energy’s share of the S&P 500 at just 5% (down from a peak of 13% in 2008). Multiple compression in publicly traded peers (the S&P E&P Index trades at 5x EV/EBITDA vs 12x less than three years ago) has translated into write-downs for RSE’s private investments. More specific pain has been felt at Canadian holding Hammerhead Resources, RSE’s largest investment, due to government caps placed on production for companies such as Hammerhead that operate in Western Alberta. A shortage of pipelines and other infrastructure has depressed oil prices (when oil cannot be transported out of the Basin, this depresses local oil prices) within the Basin and led to the government action. Overall, RSE’s holdings were valued at a MOIC (multiple of investment cost) of 0.9x at June 2019 – this compares to a MOIC of 1.4x during the third quarter of 2018. RSE’s woes were further compounded by a -79% decline in the share price of its sole listed holding, Centennial Resources (‘CDEV’, 7% of NAV). CDEV was hit by the decline in oil prices over the period, which was compounded by guidance from management that it would be reducing production estimates by more than expected in response to the oil price slide. While this move is sensible insofar as it leaves oil in the ground when it is priced too low, it also means that CDEV is unlikely to break-even until at least 2022; previously, management had projected break even profitability in 2020. There were some points of positive news over the past year, including the realisation of two assets – Sierra and Meritage Midstream – accounting for 7% of NAV, and an announcement with the June 2019 results that the board continues to “evaluate options with the goal of reducing the discount”, and that it has been “holding discussions [...] regarding potential changes to the terms of the investment management agreement.” The RSE investment has been a difficult one for your Company to date, with weak NAV growth since the position was initiated in 2015, and discount widening impairing shareholder returns. While we would not want to pre-judge the announcement of the board’s measures to reduce the discount, we believe that structural solutions will be required to narrow the discount sustainably and we continue to engage with the board and management of RSE in order to achieve a satisfactory outcome for all parties.
Riverstone Energy share price data is direct from the London Stock Exchange
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