17th Aug 2023 12:03
Riverstone Energy Ltd - investor in renewable and non-renewable energy companies - Launches tender offer for up to 13.8 million shares, 30.4% of its total, at GBP5.78 per share, worth GBP80 million in total. Riverstone Energy notes the tender price is the same as the stock's market close in London on Wednesday, which in turn represents a 43.5% discount to the company's net asset value as of June 30 of USD12.90, or GBP10.23. On Wednesday, Riverstone Energy issued half-year results and noted its share price discount to NAV had widened from 40.8% in June last year. This was despite the company buying back over the past three years 41% of the shares it had outstanding in May 2020. Riverstone on Thursday also notes recent asset disposals and strong cashflow as reasons for the tender offer. It says it had USD123 million in cash as of Wednesday.
Current stock price: 578.00p, unchanged in London on Thursday
12-month change: down 13%
By Tom Waite, Alliance News editor
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