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LONDON - Riverstone Energy Limited (REL) has sold its entire stake in Permian Resources Corporation for $135 million, the company announced Tuesday.
REL participated in an underwritten public offering of Permian Resources, selling all 10,052,173 shares of its Class A common stock at $13.46 per share. The sale price represented a 1.75% discount to Permian Resources’ closing price on September 13.
This transaction follows REL’s recently announced sale of its entire investment in Whitecap Resources Inc. The two disposals will generate combined gross proceeds of approximately $200 million, slightly above their aggregate net asset value of $196 million as reported on June 30.
Following these transactions, REL will hold approximately $250 million in net cash. The company plans to return "a substantial proportion" of this amount to shareholders through a pro rata compulsory redemption of ordinary shares, according to the announcement.
The share redemption aligns with REL’s managed wind-down investment policy adopted on August 22. The company stated it will retain reasonable provisions for running costs during the expected wind-down period, with further details to be announced.
REL noted that it has already paid an adjustment payment to its investment manager, RIGL Holdings, LP, shortly after beginning the managed wind-down. No further adjustment payments will be required regarding the sales of either Permian Resources or Whitecap Resources investments.
The announcement was based on a company press release statement.
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