9th Oct 2014 15:41
LONDON (Alliance News) - Riverstone Energy Ltd Thursday said it has issued 5 million shares to Kendall Family Investments LLC under a cornerstone subscription deal agreed at the time of its initial public offering.
Kendall Family Investments paid for and acquired GBP100 million of shares in two equal tranches as part of Riverstone Energy's IPO. The first tranche was payable on Riverstone Energy's admission to trading, while the second was payable on the earlier of two events.
The first of those was for the company to have invested or committed half of the net proceeds of the IPO, while the other was marked out as the second anniversary of admission. Riverstone Energy raised GBP760.3 million under its initial public offering in October 2013.
Riverstone Energy is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors.
Riverstone Energy shares Thursday closed down 1.5% at 886 pence.
By Samuel Agini; [email protected]; @samuelagini
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