TIDMRSE
RNS Number : 5945Q
Riverstone Energy Limited
19 October 2023
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 3Q23 Quarterly Portfolio
Valuations & NAV
London, UK (19 October 2023) - Riverstone Energy Limited ("REL"
or the "Company") is issuing this Interim Management Statement
("IMS") for the period from 1 July 2023 to 30 September 2023 (the
"Period").
Highlights
-- Key Financials (unaudited)
o NAV as at 30 September 2023 $659 million (GBP540 million)
[1]
o NAV per share as at 30 September $15.57 / GBP12.76(1)
2023
o Profit/(loss) for Period ended $87.24 million
o Basic profit/(loss) per share for 190.74 cents
Period ended
o Market capitalization as at 30 September $336 million (GBP276 million)(1)
2023
o Share price as at 30 September 2023 $7.95 / GBP6.52(1)
-- As of 30 September 2023, REL had a NAV per share of $15.57
(GBP12.76), an increase in USD and GBP of 21 & 25 per cent.,
respectively, compared to 30 June 2023. The quarter end closing
share price was $7.95 (GBP6.52), a decrease of 3 & 4 per cent.,
respectively, compared to 30 June 2023.
-- The increase of REL's NAV over the Period was due to gains in
the Permian Resources and Hammerhead investments, which were
partially offset by declines in the fair value of Enviva and
FreeWire.
-- During the Period, under the Company's modified investment
programme, REL invested an aggregate amount of $13.8 million in
energy transition and decarbonisation investments, bringing the
total invested in this area to over $227.6 million across thirteen
investments, which in aggregate were valued at $153 million, or
0.69x Gross MOIC, at 30 September 2023.
-- Total invested capital in follow-on investments to existing
portfolio companies during the Period of $13.8 million: Infinitum
($10.0 million) and T-Rex ($3.8 million).
-- Total net realisations and distributions during the Period of
$21.1 million: Onyx ($19.8 million), Permian Resources ($1.1
million), and DCFC Loan ($0.2 million).
-- REL finished the Period with a cash balance of $127 million
and remaining potential unfunded commitments of $6 million [2]
.
-- Since the initial announcement of the Share Buyback Programme
on 1 May 2020, the Company has bought back a total of 34 ,408,339
ordinary shares at an average price of approximately GBP4.18 per
ordinary share , over the same period the share price has increased
by 194 per cent. from GBP2.20 to GBP6.46 to 30 September 2023.
-- On 29 September 2023, Riverstone Energy Limited acquired
3,182,196 of the Company's ordinary shares (the "Shares"), pursuant
to the tender offer announced on 17 August 2023 (the "Tender
Offer"). All Shares repurchased by the Company have been cancelled.
Each Share acquired by the Company in the Tender Offer was
purchased at the Tender Price of GBP5.78 per Share. This represents
approximately 22 per cent. of the available GBP80 million earmarked
for the Tender Offer.
Share Buyback Programme
At the Company's AGM on 23 May 2023, the authorized increase of
GBP30 million for the share buyback programme was approved. Since
then, 3,015,616 ordinary shares have been bought back at a total
cost of approximately GBP17.0 million ($21.7 million) at an average
share price of approximately GBP5.65 ($7.19). As of 30 September
2023, GBP22.2 million was available for repurchasing.
In addition, pursuant to changes to the Investment Management
Agreement announced on 3 January 2020, the Investment Manager
agreed for the Company to be required to repurchase shares or pay
dividends equal to 20 per cent. of net gains on dispositions. No
further carried interest will be payable until the $103.2 million
of realised and unrealised losses to date at 30 September 2023 are
made whole with future gains . REL continues to seek opportunities
to purchase shares in the market at prices at or below the
prevailing NAV per share.
Richard Horlick, Chair of Riverstone Energy Limited,
commented:
"The Tender Offer announced on 17 August 2023 and closed on 29
September 2023, resulted in in 3,182,196 shares being acquired at a
total cost of approximately 18.4 million. This represents
approximately 22 per cent. of the available GBP80 million earmarked
for the Tender Offer. All shares repurchased by the Company have
been cancelled. We will continue to provide opportunities for
investors to access liquidity and will continue to assiduously
deploy capital where we see the most attractive risk-reward uses of
our capital, and the most compelling growth prospects. We continue
to follow closely the deeply unfortunate events developing in
Israel and Palestine and our thoughts go out to all affected."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of
Riverstone, added:
"Continued geopolitical turmoil and tight supply dynamics due to
underinvestment from the industry and production cuts from Saudi
Arabia continue to support our two investments in oil and gas
companies. Our conventional energy investments continue to drive
positive returns in REL's portfolio while rising interest rates
have simultaneously taken their toll on earlier stage growth
companies, namely our decarbonization related investments. Higher
rates globally are negatively impacting growth-stage companies'
ability to raise capital and finance their growth. While rates
remain high and investors' return expectations remain elevated (or
risk appetite remains subdued...), the environment will remain
challenging for our decarbonisation investments. Only those
companies with the best prospects will retain the ability to
finance themselves. We believe that our earlier stage growth
companies are well-positioned to survive this higher rate
environment, tighter financing markets and muted investor risk
appetite. It is our belief that the secular tailwinds supporting
the energy transition will continue driving the shift from fossil
fuels to lower-carbon sources of energy."
Current Portfolio - Conventional
Gross
Gross Gross Realised 30 June
Gross Invested Realised Unrealised Capital & 2023 30 Sep
Investment Committed Capital Capital Value Unrealised Gross 2023
(Public/Private) Capital ($mm) ($mm) ($mm) [3] ($mm) [4] Value ($mm) MOIC(4) Gross MOIC(4)
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Permian
Resources(6)
(Public) 268 268 224 140 364 1.24x 1.36x
Onyx (Private) 66 60 101 78 179 3.00x 3.00x
Hammerhead
Energy (6)
(Public) 308 296 24 185 209 0.46x 0.71x
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Total Current
Portfolio
- Conventional
- Public
[5] (, [6]) $576 $564 $247 $326 $573 0.83x 1.02x
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Total Current
Portfolio
- Conventional
- Private(5) $66 $60 $ 101 $78 $179 3.00x 3.00x
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Total Current
Portfolio
- Conventional
- Public
& Private(5) $642 $624 $404 $349 $753 1.04x 1.21x
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Current Portfolio - Decarbonisation
Gross Gross Gross Gross Realised
Committed Invested Realised Unrealised Capital & 30 Jun 30 Sep
Investment Capital Capital Capital Value Unrealised 2023 Gross 2023 Gross
(Public/Private) ($mm) ($mm) ($mm)(3) ($mm)(4) Value ($mm) MOIC(4) MOIC(4)
--------------------- -------------- --------- ---------- -------------- -------------- ----------- -----------
GoodLeap (formerly
Loanpal) (Private) 25 25 2 36 38 1.50x 1.50x
Infinitum
(Private) 27 27 - 29 29 1.05x 1.05x
T-REX Group
(Private) 21 21 - 21 21 1.00x 1.00x
Solid Power(6)
(Public) 48 48 - 15 15 0.39x 0.31x
Our Next Energy
(Private) 13 13 - 13 13 1.00x 1.00x
Tritium DCFC(6) 25 25 1 11 12 0.56x 0.47x
(Public)
FreeWire (Private) 10 10 - 10 10 2.00x 1.00x
Enviva(6) (Public) 22 22 0 6 6 0.41x 0.29x
Group 14 (Private) 4 4 - 4 4 1.00x 1.00x
Ionic I & II
(Samsung Ventures)
(Private) 3 3 - 3 3 1.00x 1.00x
Hyzon Motors(6)
(Public) 10 10 - 1 1 0.10x 0.13x
Anuvia Plant
Nutrients
(Private) 20 20 - - - 0.00x 0.00x
Total Current
Portfolio -
Decarbonisation
- Public(5,
6) $105 $105 $1 $33 $34 0.41x 0.32x
--------------------- -------------- --------- ---------- -------------- -------------- ----------- -----------
Total Current
Portfolio -
Decarbonisation
- Private(5) $123 $123 $2 $115 $117 1.03x 0.95x
--------------------- -------------- --------- ---------- -------------- -------------- ----------- -----------
Total Current
Portfolio -
Decarbonisation
- Public &
Private(5) $228 $228 $3 $148 $151 0.73x 0.66x
--------------------- -------------- --------- ---------- -------------- -------------- ----------- -----------
Total Current
Portfolio -
Conventional
& Decarbonisation
- Public &
Private(5) $870 $851 $352 $552 $904 0.96x 1.06x
--------------------- -------------- --------- ---------- -------------- -------------- ----------- -----------
Cash and Cash
Equivalents $127
--------------------- -------------- --------- ---------- -------------- -------------- ----------- -----------
Total Liquidity (Cash and Cash Equivalents
& Public Portfolio) $486
------------------------------------------------------------ -------------- -------------- ----------- -----------
Total Market
Capitalisation $336
--------------------- -------------- --------- ---------- -------------- -------------- ----------- -----------
Realisations
Gross
Gross Gross Realised 30 Sep
Investment Committed Invested Gross Realised Unrealised Capital & 30 Jun 2023
(Initial Investment Capital Capital Capital Value Unrealised 2023 Gross Gross
Date) ($mm) ($mm) ($mm)(3) ($mm)(4) Value ($mm) MOIC(4) MOIC(4)
---------------------- ------------ ------------ ----------------- ----------- ------------ ------------ ------------
Rock Oil
[7] (12 Mar
2014) 114 114 233 4 237 2.06x 2.08x
Three Rivers
III (7 Apr
2015) 94 94 204 - 204 2.17x 2.17x
ILX III (8
Oct 2015) 179 179 172 - 172 0.96x 0.96x
Meritage
III [8] (17
Apr 2015) 40 40 88 - 88 2.20x 2.20x
RCO [9] (2
Feb 2015) 80 80 80 - 80 0.99x 0.99x
Carrier
II (22 May
2015) 110 110 67 - 67 0.61x 0.61x
Pipestone
Energy (formerly
CNOR) (29
Aug 2014) 90 90 58 - 58 0.64x 0.64x
Sierra (24
Sept 2014) 18 18 38 - 38 2.06x 2.06x
Aleph (9
Jul 2019) 23 23 23 - 23 1.00x 1.00x
Ridgebury
(19 Feb 2019
) 18 18 22 - 22 1.22x 1.22x
Castex 2014 52 52 14 - 14 0.27x 0.27x
(3 Sep 2014)
---------------------- ------------ ------------ ----------------- ----------- ------------ ------------ ------------
Total
Realisations(5) $819 $819 $1,000 $4 $1,004 1.22x 1.23x
---------------------- ------------ ------------ ----------------- ----------- ------------ ------------ ------------
Withdrawn
Commitments
and Impairment
[10] 350 350 9 - 9 0.02x 0.02x
---------------------- ------------ ------------ ----------------- ----------- ------------ ------------ ------------
Total Investments(5) $2,038 $2,020 $1,360 $557 $1,917 0.90x 0.95x
---------------------- ------------ ------------ ----------------- ----------- ------------ ------------ ------------
Total Investments & Cash and Cash Equivalents(5) $684
--------------------------------------------------------------------- ----------- ------------ ------------ ------------
Draft Unaudited Net Asset Value [11] $659
--------------------------------------------------------------------- ----------- ------------ ------------ ------------
Total Shares Repurchased to-date 42,173,868 at average price per share of
GBP5.15 ($6.58)
--------------------------------------------------------------------- ----------- ----------------------------------------
Current Shares Outstanding 42,306,196
--------------------------------------------------------------------- ----------- ------------ ------------ ------------
Rates, rates, rates...
While the United States Federal Reserve left rates unchanged at
its September meeting, it indicated that that it still expects one
more hike before the end of the year and fewer cuts than previously
indicated next year. While this provided some relief to the market,
it represents only a pause after four rate hikes this year for a
100bps increase to the Fed Funds target rate and has come on the
back of a blistering seven rate hikes in 2022 representing a total
of 425bps. The last 18 months have seen the benchmark rate go from
0.20 per cent. to the current target range of 5.25-5.50 per cent.
While turbulent geo-political events continue to roil investor
sentiment, the real impact on financial markets is being played out
through the current rate-hiking cycle we find ourselves in. This
global phenomenon has had an impact on fund-raising, depriving
growth-stage companies from much needed capital, and on the
appetite for growth as an investment factor. Higher "risk-free"
rates require higher returns from earlier stage companies. The
inverse correlation between risk-free rates and risk appetite is
being felt through our decarbonization growth equity companies,
with our publicly traded decarbonization growth portfolio companies
down measurably during the third quarter.
In mid-August, Saudi Arabia's crude oil exports hit a 28-month
low after they extended their "additional voluntary production
cuts" of one million barrels a day first announced in July. This
reduction of 1 per cent of daily global demand will likely last
through the end of the year supporting crude prices at their
current levels. West Texas Intermediate (WTI) crude oil prices are
up 13.2 per cent. year-to-date and 28.5 per cent.
quarter-over-quarter, Brent Crude is similarly up 10.9 per cent.
year-to-date and 27.2 per cent. quarter-over-quarter. Henry Hub
natural gas spot prices on the other hand are down 23.9 per cent.
year-to-date and up just 8.1 per cent. quarter-over-quarter,
reflecting mild seasonal temperatures and, increased production and
reserves. Global production quotas providing support for oil prices
and a continued focus on energy security has increased investment
and supported a renewed interest in the sector. Announced after the
quarter's end, Exxon's $59.5 billion acquisition of Pioneer Natural
Resources speaks to a pick-up in capital market activities for the
Oil & Gas sector. All of these factors are a net positive for
our listed conventional energy companies, Permian Resources Corp.
and Hammerhead Energy Inc., which have performed very well over the
quarter.
Quarterly Performance Commentary
REL's conventional energy portfolio performed well, gaining 16
per cent. in value over the quarter. This improvement was driven
largely by Hammerhead's 64.6 per cent. improvement in share price,
from $7.25 to $11.32 quarter-over-quarter. Permian Resources
enjoyed a bump as well, with a share price improvement of 27.4 per
cent over the quarter, from $10.96 to $13.96.
The decarbonisation portfolio lost 9.6 per cent. of value,
driven entirely by publicly traded positions in Enviva, Solid
Power, and Tritium (despite a slight rise in the share price of
Hyzon). Despite downward pressure on share price and smaller market
capitalization, these underlying companies continue to pursue their
growth plans and meet their target benchmarks. Tritium customer,
evyve completed its 150(th) Tritium fast charger installation in
the UK, achieving 98 per cent. uptime, and received a major order
from Driveco, delivering 200 fast chargers to the leading French
charging network. FreeWire announced an exclusive partnership with
Virginia Automobile Dealers Association to offer chargers to
franchisees.
Enviva continues to prosecute its turnaround following its
disappointing financial guidance at the end of the first quarter,
and announced in August the appointment of Glenn Nunziata, in the
role of Chief Financial Officer.
Further information on REL's five largest positions, which
account for 84 per cent. of the portfolio's gross unrealised value
is set forth below:
Permian Resources
The valuation for Permian Resources (NYSE: PR) increased from
1.24x to 1.36x Gross MOIC in the third quarter of 2023. In Q3 2023,
Permian Resources agreed to acquire Earthstone Energy, Inc. (NYSE:
ESTE) in an all-stock transaction valued at $4.5 billion. PR will
issue 211 million shares of stock in the transaction and will own
73% of the pro-forma company. The company expects to close the
transaction by YE 2023 and expects leverage at closing to be
<1.0x. The pro-forma company has hedged approximately 36 per
cent. of forecasted 2023 crude oil production at a weighted average
price of $79.00 per barrel and 35 per cent. of forecasted 2023
natural gas production at a weighted average price of $4.83 per
mcf.
Onyx
The valuation multiple for Onyx remained flat in the third
quarter at 3.00x Gross MOIC. Power prices in Europe have softened
since the highs of late 2022. However, the prospect of ongoing
volatility remains due to gas demand recovery, global LNG pricing,
nuclear availability and hydro levels. During the quarter a new COO
was recruited and joined Onyx (following predecessor retirement),
his focus will be on ensuring safe and reliable operations. In
addition to prioritising plant availability, the management team
continues to work on several organic growth initiatives, including
the implementation of operational performance improvements and the
development of potential capital projects related to the energy
transition.
Hammerhead
Hammerhead's valuation increased from 0.46x to 0.71x Gross MOIC
during the third quarter of 2023. This increase in value reflects
the performance of its publicly-traded stock and is reflective of
its underlying operating performance which remains strong and on
plan. Given the supportive macro environment, Hammerhead plans to
continue ramping development in 2023. Hammerhead has hedged
approximately 52 per cent. of forecasted 2023 crude oil production
at a weighted average price of $75.94 per barrel and 44 per cent.
of forecasted 2023 natural gas production at a weighted average
price of $3.34 per MMBtu. In Q2 2023, the Company produced 39,009
boe/d (46% liquids) representing 15% growth on a year over year
basis. Crude oil production of 13,389 bbl/d in the quarter
represents 34% growth on a year over year basis.
GoodLeap (formerly Loanpal)
The valuation multiple for GoodLeap remained flat during the
third quarter at 1.50x Gross MOIC, the company returned to
profitability as the former macro inflation headwinds are beginning
to shift towards neutral and potential tailwinds.
Infinitum
The valuation multiple for Infinitum remained flat at 1.05x
Gross MOIC during the third quarter of 2023. The Company has made
substantial progress in increasing manufacturing capacity,
producing more motors in 1Q23 than in all of 2022. Additionally,
the Company acquired Circuit Connect, a printed circuit board (PCB)
fabricator based in New Hampshire. The acquisition supports
Infinitum's strategy to become vertically integrated and increase
the production capacity of PCB stators. The Company is ahead of
schedule with production cost reductions and is implementing a
semi-automated line to ensure continuity of operations while the
Company transitions to fully automated manufacturing. Early in the
third quarter, the Company closed a $160 million Series E funding
round led by Just Climate.
Other Investments
Enviva
Subsequent to the close of the second quarter, on August 2(nd) ,
Enviva's management released its second quarter 2023 earnings
results, which reflected results in line with expectations and
progress with initiatives to reduce costs and improve productivity.
In Q3 2023, Enviva heightened its focus on initiatives to improve
productivity and costs across its current platform in conjunction
with progressing contract negotiations, including repricing certain
legacy contracts. Enviva completed a reduction in force designed to
reduce cash costs by approximately $16 million on an annualized
basis. The Company lowered its FY 2023 total capital expenditures
guidance range to $335-$365 million from $365-$415 million,
representing a decrease of 10 per cent. at the midpoint of the
ranges; total capital expenditures reductions were primarily driven
by updated timing of cash flow spending on the Epes and Bond
projects, partially offset by higher expected spending on several
smaller growth projects.
Tritium DCFC
In September 2023, Tritium secured a financing commitment of up
to $75 million, with an initial funding of $25 million. The company
plans to use proceeds to continue its investment in working capital
to meet expected continued strong customer demand in the 2024
calendar year.
Tritium achieved record revenue of $112 million for H1 2023, a
286 per cent. increase from H1 2022. Tritium announced it will
change its fiscal year-end from June 30 to December 31, effective
beginning in the 2024 calendar year.
The company is projecting 2023 revenue in excess of $200
million, corresponding to a 100+ per cent. YoY increase with
expected gross margins of 10 per cent. to 12 per cent. as the
company benefits from manufacturing scale up, improved product
pricing, and planned produce suite streamlining. The company
expects to become EBITDA positive during the first half of the 2024
calendar year.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
REL is a closed-ended investment company which invests in the
energy industry that has since 2020 been exclusively focussed on
pursuing and has committed $207 million to a global strategy across
decarbonisation sectors presented by Riverstone's investment
platform. REL's ordinary shares are listed on the London Stock
Exchange, trading under the symbol RSE. REL has 16 active
investments spanning decarbonisation, oil and gas, renewable energy
and power in the Continental U.S., Western Canada, Europe and
Australia.
For further details, see www.RiverstoneREL.com
Neither the contents of Riverstone Energy Limited's website nor
the contents of any website accessible from hyperlinks on the
websites (or any other website) is incorporated into, or forms part
of, this announcement.
Media Contacts
For Riverstone Energy Limited:
Josh Prentice
+44 20 3206 6300
Note:
The Investment Manager is charged with proposing the valuation
of the assets held by REL through the Partnership. The Partnership
has directed that securities and instruments be valued at their
fair value. REL's valuation policy follows IFRS and IPEV Valuation
Guidelines. The Investment Manager values each underlying
investment in accordance with the Riverstone valuation policy, the
IFRS accounting standards and IPEV Valuation Guidelines. The
Investment Manager has applied Riverstone's valuation policy
consistently quarter to quarter since inception. The value of REL's
portion of that investment is derived by multiplying its ownership
percentage by the value of the underlying investment. If there is
any divergence between the Riverstone valuation policy and REL's
valuation policy, the Partnership's proportion of the total holding
will follow REL's valuation policy. There were no valuation
adjustments recorded by REL as a result of differences in IFRS and
U.S. Generally Accepted Accounting Policies for the period ended 30
September 2023 or in any period to date. Valuations of REL's
investments through the Partnership are determined by the
Investment Manager and disclosed quarterly to investors, subject to
Board approval.
Riverstone values its investments using common industry
valuation techniques, including comparable public market valuation,
comparable merger and acquisition transaction valuation, and
discounted cash flow valuation.
For development-type investments, Riverstone also considers the
recognition of appreciation or depreciation of subsequent financing
rounds, if any. For those early stage privately held companies
where there are other indicators of a decline in the value of the
investment, Riverstone will value the investment accordingly even
in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the
assistance of the Riverstone Performance Review Team ("PRT") as
part of the valuation process. The PRT was formed to serve as a
single structure overseeing the existing Riverstone portfolio with
the goal of improving operational and financial performance.
The Board reviews and considers the valuations of the Company's
investments held through the Partnership.
[1] GBP:USD FX rate of 1.2197 as of 30 September 2023
[2] Excludes the remaining unfunded commitments for Hammerhead
of $12 million, which is not expected to be funded. The expected
funding of the remaining unfunded commitments at 30 September 2023
are $nil in 2023 and 2024. The residual amounts are to be funded as
needed in 2025 and later years.
[3] Gross realised capital is total gross proceeds realised on
invested capital. Of the $1,360 million of capital realised to
date, $1,017 million is the return of the cost basis, and the
remainder is profit.
[4] Gross Unrealised Value and Gross MOIC (Gross Multiple of
Invested Capital) are before transaction costs, taxes
(approximately 21 to 27.5 per cent. of U.S. sourced taxable income)
and 20 per cent. carried interest on applicable gross profits in
accordance with the revised terms announced on 3 January 2020, but
effective 30 June 2019. Since there was no netting of losses
against gains before the aforementioned revised terms, the
effective carried interest rate on the portfolio as a whole will be
greater than 20 per cent. No further carried interest will be
payable until the $103.2 million of realised and unrealised losses
to date at 30 September 2023 are made whole with future gains, so
the earned carried interest of $0.8 million at 30 September 2023
has been deferred and expired in October 2023 as the aforementioned
losses were not made whole. Since REL has not yet met the
appropriate Cost Benchmark at 30 September 2023, $33.2 million in
Performance Allocation fees that would have been due under the
prior agreement were not accrued. In addition, there is a
management fee of 1.5 per cent. of net assets (including cash) per
annum and other expenses. Given these costs, fees and expenses are
in aggregate expected to be considerable, Total Net Value and Net
MOIC will be materially less than Gross Unrealised Value and Gross
MOIC. Local taxes, primarily on U.S. assets, may apply at the
jurisdictional level on profits arising in operating entity
investments. Further withholding taxes may apply on distributions
from such operating entity investments. In the normal course of
business, REL may form wholly-owned subsidiaries, to be treated as
C Corporations for US tax purposes. The C Corporations serve to
protect REL's public investors from incurring U.S. effectively
connected income. The C Corporations file U.S. corporate tax
returns with the U.S. Internal Revenue Service and pay U.S.
corporate taxes on its taxable income.
[5] Amounts may vary due to rounding.
[6] Represents closing price per share in USD for publicly
traded shares Permian Resources Corporation (formerly Centennial
Resource Development, Inc.) (NASDAQ:PR - 30-09-2023: $13.96 per
share / 30-06-2023: $10.96 per share); Enviva, Inc. (NYSE:EVA -
30-09-2023: $7.47 per share / 30-06-2023: $10.85 per share); Solid
Power, Inc. (NASDAQ:SLDP - 30-09-2023: $2.02 per share /
30-06-2023: $2.54 per share); Hyzon Motors, Inc. (NASDAQ:HYZN -
30-09-2023: $1.25 per share / 30-06-2023: $0.96 per share); Tritium
DCFC Limited (NASDAQ:DCFC - 30-09-2023: $0.30 per share /
30-06-2023: $1.09 per share); and Hammerhead (NASDAQ: HHRS -
30-09-2023: $11.93 per share / 30-06-2023: $7.25)
[7] The unrealized value of Rock Oil Investment consists of
rights to mineral acres.
[8] Midstream investment
[9] Credit Investment
[10] Withdrawn commitments consist of Origo ($9 million) and
CanEra III ($1 million), and impairments consist of Liberty II
($142 million), Fieldwood ($80 million) Eagle II ($62 million) and
Castex 2005 ($48 million)
[11] Since REL has not yet met the appropriate Cost Benchmark at
30 September 2023, $33.2 million in Performance Allocation fees
that would have been due under the prior agreement were not accrued
and thereby would have reduced the NAV on a pro forma basis to $626
million or $14.79 per share
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END
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