Riverstone Energy Limited Sale of Hammerhead to Crescent Point (5663S)
07 11월 2023 - 4:00PM
UK Regulatory
TIDMRSE
RNS Number : 5663S
Riverstone Energy Limited
07 November 2023
LEI: 213800HAZOW1AWRSZR47
This announcement contains inside information
7 November 2023
Riverstone Energy Limited
REL Portfolio Company Hammerhead Announces Sale of Company to
Crescent Point
Riverstone Energy Limited ("REL") is pleased to announce that
Hammerhead Energy Inc. ("Hammerhead") has announced today the sale
of Hammerhead to Crescent Point Energy Corp. ("Crescent Point"), a
Calgary based energy company, for an enterprise value of C$2.55
billion, or C$21.00 per share (approximately US$15.26 per share
based on a C$1.38 CAD/USD f/x rate). Each Hammerhead share will be
exchanged for (i) C$15.50 (approximately US$11.26) per share in
cash consideration and (ii) C$5.50 (approximately US$4.00) per
share in Crescent Point common shares.
The transaction is subject to customary closing conditions and
completion is anticipated to take place in late December 2023.
REL invested in Hammerhead, alongside Riverstone Global Energy
and Power Fund V, L.P. ("Fund V"). REL holds approximately 15.5
million shares today, which represents an approximate 17% interest
in Hammerhead, at a 0.71x Gross MOIC as of 30 September 2023,
representing a carrying value of US$209 million against total
invested capital of US$295 million. At the agreed transaction
price, REL's interest in Hammerhead is valued at US$260 million, or
0.88x Gross MOIC inclusive of prior distributions. Total proceeds
to REL will consist of US$198 million of realised cash, inclusive
of US$23 million of prior distributions, and US$62 million from 8
million shares of Crescent Point common equity. This valuation
represents a 24% uplift to the Gross MOIC as of 30 September 2023,
which was based on US$11.93 per Hammerhead share on the NASDAQ.
This transaction represents the culmination of months of
discussion and negotiation with several potential acquirors of
Hammerhead, ultimately resulting in an offer by Crescent Point that
was viewed as extremely attractive based on (i) headline valuation,
(ii) amount of cash consideration, and (iii) ownership of a highly
liquid minority stock position. Crescent Point is a C$9 billion
upstream company with 2023 production of approximately 150,000
boe/d and forecasted 2023 EBITDA of C$2.4 billion across assets in
the Montney and Duvernay Trends and Saskatchewan. REL's ownership
in the pro forma company will be approximately 1%.
As of 30 September 2023, REL's published cash balance was US$127
million. Following the expected completion of the Hammerhead
transaction in late December 2023, approximately 43% of REL's net
asset value is expected to consist of cash. REL is currently
exploring the most efficient means of returning its excess capital
to shareholders (while also taking into account the anticipated
on-going requirements of its other portfolio companies) and will
make a further announcement in due course.
About Hammerhead:
Hammerhead is a Calgary, Canada-based energy company, with
assets and operations in Alberta targeting the Montney formation.
Hammerhead Resources Inc., the predecessor entity to Hammerhead
Resources ULC, a wholly owned subsidiary of Hammerhead, was formed
in 2009.
For further details, see www.hhres.com
About Riverstone Energy Limited:
REL is a closed-ended investment company which invests in the
energy industry that has since 2020 been exclusively focussed on
pursuing and has committed US$211 million to a global strategy
across decarbonisation sectors presented by Riverstone's investment
platform. REL's ordinary shares are listed on the London Stock
Exchange, trading under the symbol RSE. REL currently has 15 active
investments spanning decarbonisation, oil and gas, renewable energy
and power in the Continental U.S., Western Canada, Europe and
Australia.
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
J.P. Morgan Cazenove - Joint Corporate Broker
William Simmonds
Jeremie Birnbaum
+44 (0) 203 493 8000
Deutsche Numis - Joint Corporate Broker
Hugh Jonathan
Matt Goss
+44(0) 20 7260 1000
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