Quarterly Dividend, NAV and Compulsory Redemption
Riverstone Credit Opportunities Income Plc
("RCOI" or the "Company")
Quarterly Dividend Declaration, Unaudited Net Asset Value and Compulsory Redemption
Quarterly Dividend Declaration
The Directors of Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, have declared a distribution for the quarter ending 30 June 2024 of 0.7 cents per share, payable on 20 September 2024 to holders of Ordinary Shares on the register at the close of business on 16 August 2024 (ex-distribution date is 15 August 2024).
Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts. Of this dividend declared of 0.7 cents per share, nil cents is declared as dividend income with 0.7 cents treated as qualifying interest income.
Unaudited Net Asset Value
On 19 July 2024, the Company announced an estimated unaudited net asset value ("NAV") per Ordinary Share as at 30 June 2024 of $1.02. The Company today announces that its final unaudited NAV per Ordinary Share as at 30 June 2024 was $1.01. This slight reduction was due a provision for liquidation expenses being made in relation to the commencement of the Company's managed wind-down.
Compulsory Redemption
The Company also announces its intention to return approximately US$23,033,221 to holders of Ordinary Shares by way of a compulsory redemption of 22,701,309 Ordinary Shares (the "Compulsory Redemption"), equal to approximately 25 per cent of the Company's issued share capital as at the date of this announcement.
The Compulsory Redemption will be effected pro rata to each Shareholder's registered holding of Ordinary Shares as at the close of business on the redemption date for the Compulsory Redemption, at a redemption price equal to US$1.017 per Ordinary Share redeemed, being equivalent to the prevailing NAV per Ordinary Share of $1.01, together with the accrued but unpaid dividend of 0.7 cents per Ordinary Share declared today.
Further details of the Compulsory Redemption will be announced by the Company in the near future.
Reuben Jeffery III, Chairman of RCOI commented:
"RCOI is pleased to declare a dividend of 0.7 cents in respect of the second quarter of the current year, and its first proposed return of cash to Shareholders since the commencement of its managed wind-down at the conclusion of its Annual General Meeting on 22 May 2024 ."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
Media Contacts:
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Buchanan |
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Helen Tarbet Henry Wilson Verity Parker |
Tel: +44 (0) 20 7466 5109 Tel: +44 (0) 20 7466 5111 Tel: +44 (0) 20 7466 5197 Email: rcoi@buchanan.uk.com |
About Riverstone Credit Opportunities Income Plc:
RCOI lends to companies that build and operate the infrastructure used to generate, transport, store and distribute both renewable and conventional sources of energy, and companies that provide services to that infrastructure. RCOI is strategically repositioning towards companies seeking to facilitate the energy transition by decarbonizing the energy, industrial and agricultural sectors, building sustainable infrastructure and reducing or sequestering carbon emissions. The Company seeks to ensure that its investments are having a positive impact on climate change by structuring each deal as either a green loan or a sustainability-linked loan, documented using industry best practices.
As previously announced, on January 2, Riverstone Holdings LLC, and their affiliate Riverstone Investment Group (collectively, "Riverstone") entered into a sub management agreement for RCOI with Breakwall Capital LP. Breakwall is an independent asset manager regulated by the SEC as a Registered Investment Advisor. It is owned and operated by the former members of the Riverstone Credit Partners team.
For further details, see https://www.riverstonecoi.com/.
Neither the contents of RCOI'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.
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