Director dealings: Riverstone Energy directors continue buyback
While some of the major oil-producing nations pussy-footed about in the spotlight of the OPEC meeting this week, three directors of oil investor Riverstone Energy again showed their confidence in the company´s prospects with a combined £0.59m share purchase as part of a continued buyback effort by directors to reduce the discount to net asset value at which the shares had been trading.
Equity Investment Instruments
11,838.07
16:49 23/09/24
FTSE 250
20,845.12
16:39 23/09/24
FTSE 350
4,558.45
16:49 23/09/24
FTSE All-Share
4,515.00
17:04 23/09/24
Riverstone Energy Limited
784.00p
16:39 23/09/24
David Leuschen and Pierre Lapeyre, Jr, industry veterans and two of the managing partners of US parent company Riverstone Holdings, plus Kenneth Ryan, a Riverstone partner who was appointed to the board of the UK-listed vehicle earlier this year, bought three parcels of 15,000 shares apiece in FTSE 250-listed Riverstone Energy at prices varying between 1,303p and 1,315p.
Last week, the trio bought close to £1m worth in five batches either side of 1,300p, following seven other purchases since its third-quarter results were announced at the end of October.
Riverstone Energy, a closed-ended investment company set up by Riverstone Holdings to invest in oil and gas exploration and production and midstream sectors, mainly through opportunities presented by the parent's energy investment platform, at the time reported a NAV of $1.56bn, or $18.41 per share.
“Today's results highlight REL's ability to navigate challenging commodity price environments and deliver value to shareholders,” said chairman Richard Hayden said.
“The company's NAV per share [increased] 13% since June's results and 16% since December 2015.
“Furthermore, this does not reflect the uplift of REL's recent $175m investment in Centennial, which closed after the end of the quarter and is currently trading at a 45% premium to REL's cost base.”
Hayden said the board remained sensitive to the discount to NAV at which the REL shares were currently trading, and will continue to evaluate open market purchases as authorised by the shareholders at the AGM.
Top Director Buys
Riverstone Energy Limited (RSE)
Director name: Lapeyre Jr.,Pierre F
Amount purchased: 15,000 @ 1,315.15p
Value: £197,272.50
Riverstone Energy Limited (RSE)
Director name: Leuschen,David M
Amount purchased: 15,000 @ 1,308.99p
Value: £196,348.50
Riverstone Energy Limited (RSE)
Director name: Ryan,Ken
Amount purchased: 15,000 @ 1,302.59p
Value: £195,388.50
Marston's (MARS)
Director name: Glickman ,Catherine
Amount purchased: 25,000 @ 132.81p
Value: £33,201.35
Babcock International Group (BAB)
Director name: Martinelli ,Franco
Amount purchased: 2,994 @ 934.91p
Value: £27,991.14
Marston's (MARS)
Director name: Findlay,Ralph Graham
Amount purchased: 18,675 @ 133.13p
Value: £24,862.03
Marston's (MARS)
Director name: Findlay,Ralph Graham
Amount purchased: 18,727 @ 132.76p
Value: £24,861.97
Octagonal (OCT)
Director name: David Davison,Martin
Amount purchased: 1,000,000 @ 2.05p
Value: £20,500.00
Avon Rubber (AVON)
Director name: Ponsonby,Chloe
Amount purchased: 1,000 @ 1,021.00p
Value: £10,210.00
Halma (HLMA)
Director name: Barone Soares ,Daniela
Amount purchased: 634 @ 939.32p
Value: £5,955.28
Octagonal (OCT)
Director name: David Davison,Martin
Amount purchased: 250,000 @ 2.00p
Value: £5,000.00
Halma (HLMA)
Director name: Barone Soares ,Daniela
Amount purchased: 520 @ 954.00p
Value: £4,960.79
Oxford Biomedica (OXB)
Director name: Tallarigo ,Lorenzo
Amount purchased: 75,417 @ 3.50p
Value: £2,639.60
Centrica (CNA)
Director name: Valle,Margherita D.
Amount purchased: 980 @ 202.90p
Value: £1,988.42
Octagonal (OCT)
Director name: David Davison,Martin
Amount purchased: 50,000 @ 2.00p
Value: £1,000.00
Standard Life (SL.)
Director name: Matthews,Paul
Amount purchased: 64 @ 352.60p
Value: £225.66
Standard Life (SL.)
Director name: Savage,Luke
Amount purchased: 43 @ 352.60p
Value: £151.62
Standard Life (SL.)
Director name: Skeoch,Keith
Amount purchased: 35 @ 352.60p
Value: £123.41
Top Director Sells
Lindsell Train Inv Trust (LTI)
Director name: Landman,Rory
Amount sold: 102 @ 86,500.00p
Value: £88,230.00
Lindsell Train Inv Trust (LTI)
Director name: Landman,Rory
Amount sold: 100 @ 86,500.00p
Value: £86,500.00
Digital Globe Services Ltd (di) (DGS)
Director name: Flowers,David
Amount sold: 46,532 @ 58.00p
Value: £26,988.56