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RNS Number : 0035F
Riverstone Energy Limited
11 November 2020
 

11 November 2020 

Riverstone Energy Limited (the "Company")

Notice of Extraordinary General Meeting in respect of Discontinuation Resolution and Proposals regarding the future of the Company

Further to the announcement made by the Company on 30 October 2020, the Company announces that it has today despatched to the Company's ordinary shareholders ("Shareholders") a circular (the "Circular") putting forward a special resolution for the winding up of the Company (the "Discontinuation Resolution") to be considered at an extraordinary general meeting (the "Extraordinary General Meeting").

The Extraordinary General Meeting will be held at Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 4LY on 9 December 2020 at 2.00 p.m. (London time).

As announced on 30 October 2020, the Company has received an irrevocable undertaking from its largest shareholder, AKRC Investments, LLC ("AKRC"), which holds approximately 31 per cent. of the Company's shares in issue on the date of this announcement, to vote against the Discontinuation Resolution.  There are no circumstances in which AKRC can unilaterally revoke its voting undertaking.  Accordingly, although the Company is required to propose the Discontinuation Resolution to Shareholders, it will not pass. 

The Company paused its share buyback programme on 1 October 2020, with £7.3 million of the £50 million originally announced as available for share buybacks remaining unused.  A further announcement regarding resumption of the share buyback programme will be made following the Extraordinary General Meeting.

The Circular has been despatched to all Shareholders. An electronic copy of the Circular is also available on the Company's website http://www.RiverstoneREL.com/investors/reports-and-presentations/.

A copy of the Circular and Form of Proxy can be inspected at the National Storage Mechanism website https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

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 9 active investments spanning 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

+44 20 3206 6300

 

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