22nd Jul 2021 14:40
Riverstone Energy Ltd - UK-based energy and power investor - Sells its entire one-third ownership interest in ILX Holdings III LLC venture to an institutional investment fund managed by Ridgewood Energy Corp. Says it no longer holds any stake in Houston-based joint-venture ILX, which it formed with Ridgewood to acquire non-operated oil exploration projects in the Gulf of Mexico.
Expects USD172 million total net proceeds from the sale, including prior realised distributions. Notes that the sale represents approximately 1.0 times gross multiple on invested capital.
Chair Richard Hayden says: "The proceeds from [Riverstone]'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 June 30, Riverstone holds total cash of USD221 million, plus USD86 million freely marketable securities and USD6 million of securities subject to a lock-up.
Current stock price: 349.00 pence, up 9.1% on Thursday
Year-to-date change: up 18%
By Scarlett Butler; [email protected]
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