Riverstone Energy (LSE:RSE), which is being managed through a wind-down process, reported a profit of $0.4 million for the half year ended 30 June, with basic earnings per share of 5.48 cents.
The London-listed energy and energy transition investor's net asset value per share stood at $16.04 (£12.12) at period end, down 0.2% in dollar terms but up 1.5% in sterling compared with 31 December. The company received $50 million in net realisations and distributions from its Onyx Power investment during the period, ending with a cash balance of $24 million and no unfunded commitments.
Consistent with the wind-down process, approved by shareholders last August, Riverstone completed a second compulsory partial redemption in April, returning £30 million by redeeming 2.51 million shares, roughly 34.26% of issued share capital, at £11.94 per share, cutting shares outstanding from 7.33 million to 4.82 million.
"The company has remained focused on our strategy: to execute the Managed Wind-Down and return capital to shareholders in an orderly manner," said Richard Horlick, chair of the board, citing the Onyx Power sale as a highlight of the period.
Co-founders David M. Leuschen and Pierre F. Lapeyre Jr. said the firm's primary focus remains "executing the Managed Wind-Down and orderly realisation of the remaining portfolio" to maximise shareholder value.
The remaining portfolio includes private holdings Infinitum Electric, GoodLeap and Group14 Technologies, alongside a legacy stake tied to RCO's tax receivable.
