Riverstone Energy first-half gain falls sharply as wind-down continues

Riverstone Energy Ltd on Wednesday reported a significantly reduced first-half gain as it continued its wind-down process.

In the six months that ended June 30, the Guernsey-based investor in energy companies reported a total comprehensive gain of USD400,000, down from USD3.0 million a year ago.

The fall reflected a USD1.0 million Group14 write-down, a reduction to the company's portfolio, higher costs at GoodLeap, as well as market volatility related to the US-Iran war, the company said.

Net asset value per share was USD16.04 at June 30, marginally down from USD16.07 at December 31.

Net cash was USD23.6 million at June 30, up from USD17.1 million at December 31 but down from USD73.0 million a year ago.

Earnings per share fell to 5.49 US cents from 12.16 cents a year ago.

Riverstone continues to sell its investments and return the proceeds to shareholders as part of its managed wind-down.

In January, it sold its entire interest in Onyx Power, raising USD50.0 million. Following the sale, Riverstone bought back 2.5 million shares at £11.94 each, returning £30.0 million to shareholders. The number of shares fell to 4.8 million from 7.3 million.

Its remaining investments were valued at USD56.0 million at June 30, down from USD58.0 million at December 31. Riverstone also held USD24.0 million in cash and cash equivalents.

As Riverstone manages its wind-down, the company said: "Capital allocation is now directed towards preserving value, supporting existing portfolio companies where appropriate and identifying disciplined exit opportunities capable of maximising returns for shareholders.

"While the timing of future realisations will inevitably depend upon market conditions and portfolio company-specific developments, the Investment Manager believes the remaining portfolio continues to comprise businesses operating in sectors supported by long-term demand for industrial electrification, energy efficiency and advanced manufacturing technologies."

Today, the company confirmed Karen McClellan as senior independent director and chair of the Nomination and Remuneration Committee with immediate effect, succeeding Jeremy Thompson, who retired as a non-executive director in May.

The company said: "Karen's experience across carbon policy, clean infrastructure finance and zero carbon technologies will continue to be valuable as the Company progresses through the remaining phase of its Managed Wind-Down."

Shares in Riverstone were 0.3% lower at 584.00 pence each on Wednesday afternoon in London.

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