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QuotedData’s morning briefing 7 November 2023 – RSE, SONG

In QuotedData’s morning briefing 7 November 2023:

  • Riverstone Energy Limited (RSE) announced that Hammerhead Energy Inc has finalised the sale of Hammerhead to Crescent Point Energy Corp, a Calgary based energy company, for an enterprise value of C$2.55 billion. RSE invested in Hammerhead, alongside Riverstone Global Energy and Power Fund V, holding approximately 15.5 million shares today, which represents an approximate 17% interest in Hammerhead, representing a carrying value of US$209 million against total invested capital of US$295 million. At the agreed transaction price, RSE’s interest in Hammerhead is valued at US$260 million, or 0.88x Gross MOIC inclusive of prior distributions. This valuation represents a 24% uplift to the gross MOIC as of 30 September 2023.
  • Following the failure of its recent continuation vote, Hipgnosis Songs Fund (SONG) has announced the appointment of Robert Naylor as chairman of the board and non-executive director and Francis Keeling as non-executive director, with immediate effect. Rob has over 25 years’ experience in capital markets, most recently as a non-executive chairman of Round Hill Music Royalty Fund. Francis is an experienced media and music industry professional. He previously served as SVP International Digital for Discovery, and as Global Head of Licensing at Spotify.

We also have annual reports from International Biotechnology Trust, Scottish Oriental Smaller Companies, and Fidelity Special Values, and updates from Sirius Real Estate and 3i Infrastructure.

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