£20 million Share Buyback Programme

RNS Number : 1465Y

Riverstone Energy Limited

11 May 2021

 

LEI: 213800HAZOW1AWRSZR47

11 May 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Riverstone Energy Limited Announces

£20 million Share Buyback Programme

On 9 March 2021, the Board was pleased to confirm that the Share Buyback Programme had successfully completed with a total of 17,214,197 ordinary shares having been bought back at an average price of approximately £2.90 per ordinary share.

The Board and the Investment Manager believe in the continued desirability in this method of returning some of the Company's existing uninvested cash to shareholders.  The Board today announces that they are initiating a further buy back programme with the intention of returning up to £20 million to Shareholders via on market buybacks using the remaining unutilised authority obtained at its 2020 annual general meeting and, assuming that it is approved, the authority being sought at the forthcoming annual general meeting on 25 May 2021.  The buy back programme is expected to continue for the next 12 months.

The Company has appointed and entered into separate engagements with Numis Securities Limited and J.P. Morgan Securities plc to act as its joint brokers in respect of market purchases of its own shares pursuant to this programme (the "buybacks").  

The buy backs will be funded from the Company's resources. No maximum consideration payable has been determined by the Company for any buy back, but the Company is unable to pay a price for any shares pursuant to the buy backs which would equate to a premium on the net asset value.  

The buy backs will be undertaken for the purpose of the Company returning some of its excess uninvested cash to its Shareholders. 

This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares.

About Riverstone Energy Limited:

REL is a closed-ended investment company that invests exclusively in the global energy industry across all sectors.  REL aims to capitalise on the opportunities presented by Riverstone's energy investment platform.  REL's ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE.  REL has 13 active investments spanning decarbonisation, oil and gas, renewable energy and power in the Continental U.S., Western Canada, Gulf of Mexico and Europe.

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:

Jingcai Zhu Natasha Fowlie [phone]

 

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