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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 £5.78 per share, worth £80 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 $12.90, or £10.23. 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 $123 million in cash as of Wednesday. Current stock price: 578.00p, unchanged in London on Thursday 12-month change: down 13% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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