TIDMRSE
RNS Number : 7857J
Riverstone Energy Limited
29 April 2022
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 1Q22 Quarterly Portfolio
Valuations & NAV
London, UK (29 April 2022) - Riverstone Energy Limited ("REL" or
the "Company") is issuing this Interim Management Statement ("IMS")
for the period from 1 January 2022 to 31 March 2022 (the
"Period").
Highlights
-- Key Financials (unaudited)
o NAV as at 31 March 2022 $809 million (GBP616 million)[1]
o NAV per share as at 31 March 2022 $14.97 / GBP11.40(1)
o Profit/(loss) for Period ended $134.37 million
o Basic profit/(loss) per share for 245.38 cents
Period ended
o Market capitalisation as at 31 March $460 million (GBP350 million)(1)
2022
o Share price as at 31 March 2022 $8.51 / GBP6.48(1)
Highlights
-- As of 31 March 2022, REL had a NAV per share of $14.97
(GBP11.40), an increase in USD and GBP of 21 & 24 per cent.,
respectively, compared to 31 December 2021. The quarter end closing
share price was $8.51 (GBP6.48), an increase of 36 & 39 per
cent., respectively, compared to 31 December 2021.
-- Onyx, Centennial, Hammerhead and Enviva were the largest
drivers of REL's NAV improvement over the Period.
-- During the Period, under the Company's modified investment
programme, REL invested an aggregate amount of $70 million in four
new energy transition and decarbonisation investments, bringing the
total invested in this area to over $184 million across thirteen
investments, which in aggregate were valued at $295 million, or
1.6x Gross MOIC, at 31 March 2022.
-- Total invested capital during the Period of $70 million:
Anuvia Plant Nutrients Inc. ($20 million), T-Rex Group, Inc. ($17.5
million), an electric motor company ($17.5 million), and Tritium
DCFC Limited ($15 million).
-- Total net realisations and distributions during the Period of
$66.6 million: Pipestone ($41.7 million), Centennial ($22.2
million), Meritage III ($1.7 million), ILX III ($0.8 million), and
GoodLeap ($0.2 million).
-- REL finished the Period with a cash balance of $92.4 million
and remaining potential unfunded commitments of $13 million[2].
-- Since the initial announcement of the Share Buyback Programme
on 1 May 2020, the Company has bought back a total of 25,863,209
ordinary shares at an average price of approximately GBP3.54 per
ordinary share , which has contributed to the share price increase
of 195 per cent. from GBP2.20 to GBP6.48 over the period to 31
March 2022.
Share Buyback Programme
With today's publication of the Company's IMS for the Period,
the Board will recommence its open market share buyback programme
with Numis Securities Limited and J.P. Morgan Securities plc. Since
the Company's announcement on 24 February 2022, 904,077 ordinary
shares have been bought back at a total cost of approximately GBP6
million ($7 million) at an average share price of approximately
GBP6.26 ($8.23), such that there is GBP44 million remaining of the
total authorised amount.
In addition, pursuant to changes to the Investment Management
Agreement announced on 3 January 2020, the Investment Manager
agreed for the Company to be required to repurchase shares or pay
dividends equal to 20 per cent. of net gains on dispositions. No
further carried interest will be payable until the $69 million of
realised and unrealised losses to date at 31 March 2022 are made
whole with future gains . REL continues to seek opportunities to
purchase shares in the market at prices at or below the prevailing
NAV per share at intrinsic value. REL will continue to build value
by monetising its conventional assets and applying the proceeds to
the decarbonisation of its portfolio .
Richard Hayden, Chairman of Riverstone Energy Limited,
commented:
"The war in Ukraine has introduced enormous risks into the
energy markets and global supply chains, creating further
uncertainty for energy-linked commodities which were already
reeling from elevated levels of volatility. As we look out to the
rest of 2022, we suspect that these headwinds will provide further
impetus for continued investment into the transition to
domestically sourced renewable energy as countries seek to diminish
their energy dependencies on foreign states. Decarbonising the
global economy goes hand in hand with energy independence as
nations, corporations and individuals seek to reduce their carbon
footprint and reliance on fossil fuels. Our pipeline of investments
that support an equitable and just transition to a low-carbon
economy remains very strong as the three investments consummated
during the first quarter indicate."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of
Riverstone, added:
"Prior capital discipline and our work at the portfolio level to
preserve optionality in our commodity-linked investments has
allowed for value creation at all of REL's portfolio companies.
While the conventional energy investments have successfully
capitalised on higher energy prices, we have been very active on
REL's modified investment programme, completing three exciting new
decarbonisation investments during the first quarter. Properly
managing our portfolio of legacy investments ensures portfolio
resilience as REL continues its transition to a decarbonised global
economy. As always, preserving shareholder value is a core priority
as such REL's share buyback programme was increased by GBP46
million at the Extraordinary General Meeting held in March."
Current Portfolio - Conventional
Gross
Gross Gross Realised
Gross Invested Realised Unrealised Capital & 31 Dec 2021
Investment Committed Capital Capital Value Unrealised Gross 31 Mar 2022
(Public/Private) Capital ($mm) ($mm) ($mm)[3] ($mm)[4] Value ($mm) MOIC(4) Gross MOIC(4)
------------------- ------------- --------- ------------- ------------ ------------ ------------- -------------
Centennial(6)
(Public) 268 268 194 101 295 0.98x 1.10x
Onyx (Private) 66 60 - 149 149 1.70x 2.50x
Hammerhead
Resources
(Private) 307 295 23 124 147 0.39x 0.50x
Carrier
II (Private) 133 110 29 48 77 0.70x 0.70x
Total Current
Portfolio
- Conventional
- Public[5]
(, [6]) $268 $268 $ 194 $101 $295 0.98x 1.10x
------------------- ------------- --------- ------------- ------------ ------------ ------------- -------------
Total Current
Portfolio
- Conventional
- Private(5) $507 $465 $ 52 $322 $374 0.63x 0.80x
------------------- ------------- --------- ------------- ------------ ------------ ------------- -------------
Current Portfolio - Decarbonisation
Gross
Gross Gross Gross Realised
Committed Invested Realised Unrealised Capital & 31 Dec
Investment Capital Capital Capital Value Unrealised 2021 Gross 31 Mar 2022
(Public/Private) ($mm) ($mm) ($mm)(3) ($mm)(4) Value ($mm) MOIC(4) Gross MOIC(4)
GoodLeap (formerly
Loanpal) (Private) 25 25 2 67 69 2.75x 2.75x
Solid Power(6)
(Public) 48 48 - 62 62 1.24x 1.29x
Enviva(6) (Public) 25 18 - 50 50 2.45x 2.79x
FreeWire (Private) 10 10 - 22 22 2.00x 2.17x
Tritium(6) 15 15 - 22 22 N/A 1.46x
(Public)
Anuvia Plant
Nutrients
(Private) 20 20 - 20 20 N/A 1.00x
T-REX Group
(Private) 18 18 - 18 18 N/A 1.00x
Electric motor
company
(Private) 18 18 - 18 18 N/A 1.00x
Hyzon Motors(6)
(Public) 10 10 - 6 6 0.65x 0.64x
DCRN/Tritium(6,)
[7] (Public) 1 1 - 6 6 6.46x 9.54x
Ionic I & II
(Samsung Ventures)
(Private) 3 3 - 3 3 1.00x 1.00x
DCRD(6, 7)
(Public) 1 1 - 1 1 1.00x 1.00x
--------------------- ------------- --------- ------------- ------------ ------------ ----------- -------------
Total Current
Portfolio -
Decarbonisation
- Public(5,
6) $99 $92 - $147 $147 1.49x 1.59x
--------------------- ------------- --------- ------------- ------------ ------------ ----------- -------------
Total Current
Portfolio -
Decarbonisation
- Private(5) $93 $93 $1 $147 $148 2.42x 1.60x
--------------------- ------------- --------- ------------- ------------ ------------ ----------- -------------
Cash and Cash
Equivalents $92
--------------------- ------------- --------- ------------- ------------ ------------ ----------- -------------
Total Liquidity (Cash and Cash Equivalents
& Public Portfolio) $340
-------------------------------------------------------------- ------------ ------------ ----------- -------------
Total Market
Capitalisation $460
--------------------- ------------- --------- ------------- ------------ ------------ ----------- -------------
Realisations
Gross
Gross Gross Gross Realised
Investment Committed Invested Realised Unrealised Capital & 31 Dec 2021 31 Mar 2022
(Initial Investment Capital Capital Capital Value Unrealised Gross Gross
Date) ($mm) ($mm) ($mm)(3) ($mm)(4) Value ($mm) MOIC(4) MOIC(4)
Rock Oil[8]
(12 Mar 2014) 114 114 232 4 236 2.06x 2.06x
Three Rivers
III (7 Apr
2015) 94 94 204 - 204 2.17x 2.17x
ILX III (8
Oct 2015) 179 179 172 - 172 0.96x 0.96x
Meritage
III[9] (17
Apr 2015) 40 40 87 - 87 2.16x 2.20x
RCO[10] (2
Feb 2015) 80 80 80 - 80 0.99x 0.99x
Sierra (24
Sept 2014) 18 18 38 - 38 2.06x 2.06x
Aleph (9
Jul 2019) 23 23 23 - 23 1.00x 1.00x
Pipestone
Energy (formerly
CNOR) (29
Aug 2014) 90 90 58 - 58 0.58x 0.64x
Ridgebury
(19 Feb 2019
) 18 18 22 - 22 1.22x 1.22x
Castex 2014 52 52 14 - 14 0.27x 0.27x
(3 Sep 2014)
---------------------- ------------ --------- ------------ ------------ ------------ ------------ ------------
Total
Realisations(5) $709 $709 $932 $4 $936 1.31x 1.32x
---------------------- ------------ --------- ------------ ------------ ------------ ------------ ------------
Withdrawn
Commitments
and Impairments[11] 350 350 9 - 9 0.02x 0.02x
---------------------- ------------ --------- ------------ ------------ ------------ ------------ ------------
Total Investments(5) $2,026 $1,976 $1,187 $721 $1,908 0.89x 0.97x
---------------------- ------------ --------- ------------ ------------ ------------ ------------ ------------
Total Investments & Cash and Cash Equivalents(5) $813
------------------------------------------------------------- ------------ ------------ ------------ ------------
Draft Unaudited Net Asset Value $809
------------------------------------------------------------- ------------ ------------ ------------ ------------
Total Shares Repurchased to-date 25,863,209 at average price per share of
GBP3.54 ($4.65)
------------------------------------------------------------- ------------ ----------------------------------------
Current Shares Outstanding 54,033,522
------------------------------------------------------------- ------------ ------------ ------------ ------------
Geopolitical Dynamics and Commodity Market Volatility
In the first quarter of 2022, the war in Ukraine drove energy
commodity prices to levels not seen in almost a decade. In response
to Russian aggression, European states weighed sanctions on Russian
fuel while grappling with the ethical and economic tradeoffs of
their energy supply chain. On 7 March, the prospect of sanctions,
threats to infrastructure, and other systemic risks drove natural
gas prices in Europe to EUR345 per megawatt-hour, an all-time high
. To put the severity of those price moves in perspective, this
would be the equivalent price per unit of energy, converting on the
basis of British thermal units, of $600 barrel of oil
equivalent.[a]
Across the Atlantic, the United States entered spring with the
lowest levels of natural gas storage in three years.[b] Withdrawals
from gas stores in January hit their highest levels since 2012 due
to increased heating demand and favorable prices for exports of
US-produced liquefied natural gas. Despite increased domestic
production, Henry Hub prices increased by 105 per cent. and 117 per
cent. quarter over quarter and year over year, respectively. Recent
geopolitical strife, in addition to the demands of post-pandemic
economic recovery, has also further elevated oil prices. At the end
of the quarter, West Texas Intermediate and Brent Crude spot prices
reached their highest levels since 2014, growing 44 per cent. and
46 per cent. respectively over the quarter, and 70 per cent.
year-on-year.
While a welcome change for energy investors, elevated crude oil
prices, a major input for the economy, contribute to inflation. In
semiannual testimony to the US Senate Banking Committee, Federal
Reserve Chair Jerome Powell stipulated that every $10 per barrel
increase in oil prices raises inflation by 0.2 per cent. and
decreases economic growth by 0.1 per cent.[c] This inflationary
pressure, in addition to increasingly tight labor markets, supply
chain instability, and Federal Reserve plans to raise interest
rates have contributed to substantial equity market
volatility-while the S&P 500 is up 16 per cent. year over year
as of the end of the first quarter, it is down 14 per cent. from
its mid-December high. Consequently, investors have shifted capital
into defensive and value stocks at the expense of growth stocks
including most tech stocks and SPACs.
Despite pressure on the securities most likely to support
decarbonisation technologies, current events only further
substantiate the thesis for systematic progress toward the
low-carbon economy. REL's investment manager has always invested
with a private equity mindset, focused on supporting successful
companies that will play a vital role in the energy transition.
REL's modified investment programme is capitalising on global
decarbonisation and energy transition efforts, which will require
$1.2 to $3.3 trillion in global annual investment between now and
2030 if we are to keep global warming below 1.5 degrees celsius.
The investment manager has identified five investment verticals
representing the most impactful decarbonisation investment families
with compelling near-term economic cases. Each of these-grid
flexibility and resilience, electrification of transport, next
generation fuels, agriculture and natural resources plays, and next
horison resources use-will be integral in reducing our reliance on
carbon.
Quarterly Performance Commentary
REL's portfolio continues to benefit from the six-month-long
rally in energy commodity prices. The rise in oil prices to $90 or
more per barrel, caused by supply constraints in the US, a pick-up
in demand globally post pandemic and the war in the Ukraine has
benefitted REL's legacy investments in conventional energy and
power. These investments still represent the majority of the gross
unrealised value and contributed to an approximately 18 per cent.
increase in NAV. While this increase might appear less than
expected, continued debt paydown and prudent hedging programs by
our upstream oil and gas companies have created a resilient and
substantially de-risked portfolio of high-quality assets.
In the first quarter of the year, each of REL's investments
maintained or improved valuation marks. Investments with exposure
to European energy markets and the electric vehicle industry
performed particularly well. Onyx, an independent power producer
providing critical baseload capacity in Germany and the
Netherlands, improved its valuation by nearly 50 per cent. from
year-end 2021. Hammerhead's valuation grew by 25 per cent., a
consequence of increased output any the company's efforts to
satisfy increased demand for production. While Centennial's
valuation grew slowly relative to the other legacy investments,
REL's only publicly traded E&P investment produced record free
cash flows.
In response to growing electric vehicle charging needs-global
electric vehicle sales grew by over 100 per cent. between 2020 and
2021-governments and charging network developers ramped efforts to
install infrastructure. In February, Tritium's CEO joined President
Biden at the White House to announce plans to build a charging
station manufacturing plant in Lebanon, Tennessee. The plant will
have capacity to produce over 10,000 chargers annually, expanding
to 30,000 chargers at peak capacity. This development, as well as a
recently announced partnership with BP to supply chargers to the
company's global network, boosted the company's valuation by 46 per
cent.
Over the quarter, REL invested $70 million in four
decarbonisation companies, which are described below. Strategic
exits from several of REL's legacy portfolio companies facilitated
capital deployment. These included a full exit from Pipestone
Energy, which generated 53.0 million CAD in net proceeds, and a
partial exit from Centennial Resource Development, for $22.2
million.
Further information on REL's five largest positions, which
account for 68 per cent. of the portfolio's gross unrealised value
is set forth below:
Onyx
The Gross MOIC for Onyx increased during the first quarter from
1.70x to 2.50x, primarily as a result of the continuous
strengthening of the European power market this quarter. Onyx is
continuing to progress the voluntary shutdown of the Rotterdam
plant or alternative compensation arrangements. The management team
continues to work on several, organic growth initiatives, including
the implementation of operational performance improvements and the
development of accretive capital projects related to the energy
transition.
Hammerhead
The Gross MOIC for Hammerhead increased from 0.39x to 0.50x
during the first quarter. Given the improved macro environment,
Hammerhead plans to continue ramping development in balance of
2022. Hammerhead has hedged approximately 44 per cent. of
forecasted 2022 crude oil production at a weighted average price of
CAD$87.36 per barrel, 12 per cent. of forecasted 2023 crude oil
production at a weighted average price of CAD$91.96 per barrel, and
approximately 31 per cent. of forecasted 2022 natural gas
production at a weighted average price of CAD$4.28 per MMBtu. As of
1Q 2022, Hammerhead was producing approximately 32,700 Boepd.
Centennial Resource Development
The Gross MOIC for Centennial increased to 1.10x during the
first quarter. Supported by a highly constructive commodity
environment and strong capital efficiency, Centennial generated
record free cash flow of $85 million in Q4 2021 and $207 million
for the year. CDEV also made substantial progress in de-leveraging,
with Net Debt/LTM EBITDAX at 1.4x at YE 2021 compared to 4.1x at YE
2020. Centennial also announced a $350 million stock repurchase
programme and will begin executing on the programme once they have
achieved leverage of 1.0x or less.
In Q1 2022, REL successfully monetised some of its investment,
selling 2.7 million shares at an average price of $8.36/share.
Total distributions from the transaction were $22.2 million.
In 2022, CDEV's development plan calls to a continuation of the
two-rig plan, balancing disciplined production growth with strong
free cash flow generation. As of 18 February 2022, Centennial has
hedged approximately 35 per cent. of estimated oil production in
2022 with 9,984 bbl/d of WTI Fixed Price Swaps, priced at $65.31
and 2,248 bbl/d of WTI Collars, priced at $68.60-$80.39. In
addition, CDEV has hedged approximately 44 per cent. of estimated
gas production in 2022 with 26,658 MMBtu/d of Henry Hub Fixed Price
Swaps, priced at $3.16 and 21,671 MMBtu/d of Henry Hub Collars
priced at $3.54-$4.46.
GoodLeap (formerly Loanpal)
The Gross MOIC for GoodLeap remained flat at 2.75x during the
first quarter. During the quarter, the company closed on its 12(th)
securitisation which was oversubscribed with 22 unique investors
participating. Management continues to execute on its growth
plans.
On 13 October 2021, GoodLeap announced a new investment round of
over $800 million, which will support the company's operational
improvements, technology innovation efforts, and expansion. This
funding round gives the company an implied post-money valuation of
$12 billion and informs our implied 2.8x valuation.
Carrier II
The Gross MOIC for Carrier II remained flat at 0.70x during the
fourth quarter. The company continues to operate prudently and
remains focused on using free-cash-flow for high commodity prices
to quickly reduce outstanding indebtedness on the company's term
loan. Carrier II has hedged approximately 54 per cent. of
forecasted oil production during the remainder of 2022 at a
weighted average price of $57.64 per barrel WTI. As of 31 March
2022, the company was producing approximately 2,723 boepd.
Other Investments
T-REX Group
On 26 January 2022, REL closed a $17.5 million lead preferred
equity investment in T-REX Group's $40 million Series C funding
round. T-REX, a SaaS provider supporting the asset-backed financing
industry, brings together asset class expertise, critical data
management capabilities, and a platform for deal structuring, cash
flow modeling, scenario analysis, real-time performance tracking,
and reporting. By giving institutions the modernised tools and
validation they require to deploy capital, T-REX facilitates
increased investment allocations into sustainable,
decarbonisation-related assets.
Anuvia
On 8 March 2022, REL invested $20 million into Anuvia Plant
Nutrients' $65.5 million Series D funding round. Anuvia, a
bio-based crop nutrition technology company, produces a
sustainable, organic fertiliser product that provides
delayed-release nutrient delivery better aligned with crop needs,
allowing for more efficient nutrient absorption in agriculture.
Anuvia's products improve soil health, reduce nutrient runoff, and
reduce reliance on carbon-intensive synthetic fertilisers.
Electric Motor Company
In February 2022, REL invested $17.5 million in conjunction with
the first closing of an electric motor company's latest financing
round. The electric motor company engineers and manufactures
innovative axial flux, permanent magnet electric motors for
commercial, industrial, and mobility applications. The company's
electric motors meet the industry's highest efficiency standards
(IE5) at less than half the size and weight of comparable motors
and facilitate decarbonisation by consuming less electricity and
raw material than do existing models.
Tritium
In February 2022, REL funded an additional $15 million
commitment to Tritium. The funding event occurred three days after
the company met with President Biden to announce the construction
of the Company's Lebanon, Tennessee manufacturing plant. The plant
will employ 500 over the next five years, produce over 10,000 DC
fast chargers units annually, and will ultimately reach peak
production capacity of 30,000 units annually.
LEI: 213800HAZOW1AWRSZR47
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 17
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:
Josh Prentice
+44 20 3206 6300
Note:
The Investment Manager is charged with proposing the valuation
of the assets held by REL through the Partnership. The Partnership
has directed that securities and instruments be valued at their
fair value. REL's valuation policy follows IFRS and IPEV Valuation
Guidelines. The Investment Manager values each underlying
investment in accordance with the Riverstone valuation policy, the
IFRS accounting standards and IPEV Valuation Guidelines. The
Investment Manager has applied Riverstone's valuation policy
consistently quarter to quarter since inception. The value of REL's
portion of that investment is derived by multiplying its ownership
percentage by the value of the underlying investment. If there is
any divergence between the Riverstone valuation policy and REL's
valuation policy, the Partnership's proportion of the total holding
will follow REL's valuation policy. There were no valuation
adjustments recorded by REL as a result of differences in IFRS and
U.S. Generally Accepted Accounting Policies for the period ended 31
March 2022 or in any period to date. Valuations of REL's
investments through the Partnership are determined by the
Investment Manager and disclosed quarterly to investors, subject to
Board approval.
Riverstone values its investments using common industry
valuation techniques, including comparable public market valuation,
comparable merger and acquisition transaction valuation, and
discounted cash flow valuation.
For development-type investments, Riverstone also considers the
recognition of appreciation or depreciation of subsequent financing
rounds, if any. For those early stage privately held companies
where there are other indicators of a decline in the value of the
investment, Riverstone will value the investment accordingly even
in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the
assistance of the Riverstone Performance Review Team ("PRT") as
part of the valuation process. The PRT was formed to serve as a
single structure overseeing the existing Riverstone portfolio with
the goal of improving operational and financial performance.
The Board reviews and considers the valuations of the Company's
investments held through the Partnership.
[a] Natural gas prices in Europe hit an all-time high - Quartz
(qz.com)
[b] The United States ended the winter with the least natural
gas in storage in three years - Today in Energy - U.S. Energy
Information Administration (EIA)
[c] hearing | Hearings | United States Committee on Banking,
Housing, and Urban Affairs (senate.gov)
[1] GBP:USD FX rate of 1.313 as of 31 March 2022
[2] Excludes the remaining unfunded commitments for Carrier II
and Hammerhead $36 million, in aggregate, which are not expected to
be funded. The expected funding of the remaining unfunded
commitments at 31 March 2022 are $nil in 2022, 2023 and 2024. The
residual amounts are to be funded as needed in 2025 and later
years.
[3] Gross realised capital is total gross proceeds realised on
invested capital. Of the $1,121 million of capital realised to
date, $888 million is the return of the cost basis, and the
remainder is profit.
[4] Gross Unrealised Value and Gross MOIC (Gross Multiple of
Invested Capital) are before transaction costs, taxes
(approximately 21 to 27.5 per cent. of U.S. sourced taxable income)
and 20 per cent. carried interest on applicable gross profits in
accordance with the revised terms announced on 3 January 2020, but
effective 30 June 2019. Since there was no netting of losses
against gains before the aforementioned revised terms, the
effective carried interest rate on the portfolio as a whole will be
greater than 20 per cent. No further carried interest will be
payable until the $69 million of realised and unrealised losses to
date at 31 March 2022 are made whole with future gains, so the
earned carried interest of $0.8 million at 31 March 2022 has been
deferred and will expire in October 2023 if the aforementioned
losses are not made whole. Since REL has not yet met the
appropriate Cost Benchmark at 31 March 2022, $42.0 million in
Performance Allocation fees that would have been due under the
prior agreement were not accrued. In addition, there is a
management fee of 1.5 per cent. of net assets (including cash) per
annum and other expenses. Given these costs, fees and expenses are
in aggregate expected to be considerable, Total Net Value and Net
MOIC will be materially less than Gross Unrealised Value and Gross
MOIC. Local taxes, primarily on U.S. assets, may apply at the
jurisdictional level on profits arising in operating entity
investments. Further withholding taxes may apply on distributions
from such operating entity investments. In the normal course of
business, REL may form wholly-owned subsidiaries, to be treated as
C Corporations for US tax purposes. The C Corporations serve to
protect REL's public investors from incurring U.S. effectively
connected income. The C Corporations file U.S. corporate tax
returns with the U.S. Internal Revenue Service and pay U.S.
corporate taxes on its taxable income.
[5] Amounts may vary due to rounding.
[6] Represents closing price per share in USD for publicly
traded shares of Centennial Resource Development, Inc. (NASDAQ:CDEV
- 31-03-2022: $8.07 price per share / 31-12-2021: $5.98 price per
share); Enviva, Inc. (NYSE:EVA - 31-03-2022: $79.15 price per share
/ 31-12-2021: $70.42 price per share); Solid Power, Inc.
(NASDAQ:SLDP - 31-03-2022: $8.67 price per share / 31-12-2021:
$8.74 price per share); Hyzon Motors, Inc. (NASDAQ:HYZN -
31-03-2022: $6.39 price per share / 31-12-2021: $6.49 price per
share); and Tritium DCFC Limited (formerly Decarbonization Plus
Acquisition Corporation II) (NASDAQ:DCFC - 31-03-2022 $10.04 price
per share / NASDAQ:DCRN - 31-12-2021: $9.97 price per share).
[7] SPAC Sponsor investment for Tritium DCFC Limited
(NASDAQ:DCFC) (formerly Decarbonization Plus Acquisition
Corporation II (NASDAQ:DCRN)) and Decarbonization Plus Acquisition
Corporation IV (NASDAQ:DCRD).
(8) The unrealised value of the Rock Oil investment consists of
rights to mineral acres.
9 Midstream investment.
(10) Credit investment.
(11) Withdrawn commitments consist of Origo ($9 million) and
CanEra III ($1 million), and impairments consist of Liberty II
($142 million), Fieldwood ($80 million), Eagle II ($62 million) and
Castex 2005 ($48 million).
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END
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