REG - Riverstone Energy Ld - 1Q22 Quarterly Portfolio Valuations & NAV
29/04/2022 07:00
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RNS Number : 7857J Riverstone Energy Limited 29 April 2022
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 1Q22 Quarterly Portfolio Valuations &
NAV
London, UK (29 April 2022) - Riverstone Energy Limited ("REL" or the
"Company") is issuing this Interim Management Statement ("IMS") for the period
from 1 January 2022 to 31 March 2022 (the "Period").
Highlights
· Key Financials (unaudited)
o NAV as at 31 March 2022 $809 million (£616 million) 1
o NAV per share as at 31 March 2022 $14.97 / £11.40(1)
o Profit/(loss) for Period ended $134.37 million
o Basic profit/(loss) per share for Period ended 245.38 cents
o Market capitalisation as at 31 March 2022 $460 million (£350 million)(1)
o Share price as at 31 March 2022 $8.51 / £6.48(1)
Highlights
· As of 31 March 2022, REL had a NAV per share of $14.97 (£11.40), an
increase in USD and GBP of 21 & 24 per cent., respectively, compared to 31
December 2021. The quarter end closing share price was $8.51 (£6.48), an
increase of 36 & 39 per cent., respectively, compared to 31 December 2021.
· Onyx, Centennial, Hammerhead and Enviva were the largest drivers of
REL's NAV improvement over the Period.
· During the Period, under the Company's modified investment programme,
REL invested an aggregate amount of $70 million in four new energy transition
and decarbonisation investments, bringing the total invested in this area to
over $184 million across thirteen investments, which in aggregate were valued
at $295 million, or 1.6x Gross MOIC, at 31 March 2022.
· Total invested capital during the Period of $70 million: Anuvia Plant
Nutrients Inc. ($20 million), T-Rex Group, Inc. ($17.5 million), an electric
motor company ($17.5 million), and Tritium DCFC Limited ($15 million).
· Total net realisations and distributions during the Period of $66.6
million: Pipestone ($41.7 million), Centennial ($22.2 million), Meritage III
($1.7 million), ILX III ($0.8 million), and GoodLeap ($0.2 million).
· REL finished the Period with a cash balance of $92.4 million and
remaining potential unfunded commitments of $13 million 2 .
· Since the initial announcement of the Share Buyback Programme on 1
May 2020, the Company has bought back a total of 25,863,209 ordinary shares at
an average price of approximately £3.54 per ordinary share, which has
contributed to the share price increase of ~195 per cent. from £2.20 to
£6.48 over the period to 31 March 2022.
Share Buyback Programme
With today's publication of the Company's IMS for the Period, the Board will
recommence its open market share buyback programme with Numis Securities
Limited and J.P. Morgan Securities plc. Since the Company's announcement
on 24 February 2022, 904,077 ordinary shares have been bought back at a total
cost of approximately £6 million ($7 million) at an average share price of
approximately £6.26 ($8.23), such that there is £44 million remaining of the
total authorised amount.
In addition, pursuant to changes to the Investment Management Agreement
announced on 3 January 2020, the Investment Manager agreed for the Company to
be required to repurchase shares or pay dividends equal to 20 per cent. of net
gains on dispositions. No further carried interest will be payable until the
$69 million of realised and unrealised losses to date at 31 March 2022 are
made whole with future gains. REL continues to seek opportunities to purchase
shares in the market at prices at or below the prevailing NAV per share at
intrinsic value. REL will continue to build value by monetising its
conventional assets and applying the proceeds to the decarbonisation of its
portfolio.
Richard Hayden, Chairman of Riverstone Energy Limited, commented:
"The war in Ukraine has introduced enormous risks into the energy markets and
global supply chains, creating further uncertainty for energy-linked
commodities which were already reeling from elevated levels of volatility. As
we look out to the rest of 2022, we suspect that these headwinds will provide
further impetus for continued investment into the transition to domestically
sourced renewable energy as countries seek to diminish their energy
dependencies on foreign states. Decarbonising the global economy goes hand
in hand with energy independence as nations, corporations and individuals seek
to reduce their carbon footprint and reliance on fossil fuels. Our pipeline
of investments that support an equitable and just transition to a low-carbon
economy remains very strong as the three investments consummated during the
first quarter indicate."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"Prior capital discipline and our work at the portfolio level to preserve
optionality in our commodity-linked investments has allowed for value creation
at all of REL's portfolio companies. While the conventional energy investments
have successfully capitalised on higher energy prices, we have been very
active on REL's modified investment programme, completing three exciting new
decarbonisation investments during the first quarter. Properly managing our
portfolio of legacy investments ensures portfolio resilience as REL continues
its transition to a decarbonised global economy. As always, preserving
shareholder value is a core priority as such REL's share buyback programme was
increased by £46 million at the Extraordinary General Meeting held in March."
Current Portfolio - Conventional
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2021 31 Mar 2022
Capital ($mm) Capital ($mm) 3 ($mm) 4 Gross MOIC(4) Gross MOIC(4)
Centennial(6) (Public) 268 268 194 101 295 0.98x 1.10x
Onyx (Private) 66 60 - 149 149 1.70x 2.50x
Hammerhead Resources (Private) 307 295 23 124 147 0.39x 0.50x
Carrier II (Private) 133 110 29 48 77 0.70x 0.70x
Total Current Portfolio - Conventional - Public 5 (, 6 ) $268 $268 $194 $101 $295 0.98x 1.10x
Total Current Portfolio - Conventional - Private(5) $507 $465 $52 $322 $374 0.63x 0.80x
Current Portfolio - Decarbonisation
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2021 Gross MOIC(4) 31 Mar 2022 Gross MOIC(4)
Capital ($mm) Capital ($mm)(3) ($mm)(4)
GoodLeap (formerly Loanpal) (Private) 25 25 2 67 69 2.75x 2.75x
Solid Power(6) (Public) 48 48 - 62 62 1.24x 1.29x
Enviva(6) (Public) 25 18 - 50 50 2.45x 2.79x
FreeWire (Private) 10 10 - 22 22 2.00x 2.17x
Tritium(6) 15 15 - 22 22 N/A 1.46x
(Public)
Anuvia Plant Nutrients 20 20 - 20 20 N/A 1.00x
(Private)
T-REX Group (Private) 18 18 - 18 18 N/A 1.00x
Electric motor company 18 18 - 18 18 N/A 1.00x
(Private)
Hyzon Motors(6) (Public) 10 10 - 6 6 0.65x 0.64x
DCRN/Tritium(6,) 7 (Public) 1 1 - 6 6 6.46x 9.54x
Ionic I & II (Samsung Ventures) (Private) 3 3 - 3 3 1.00x 1.00x
DCRD(6, 7) (Public) 1 1 - 1 1 1.00x 1.00x
Total Current Portfolio - Decarbonisation - Public(5, 6) $99 $92 - $147 $147 1.49x 1.59x
Total Current Portfolio - Decarbonisation - Private(5) $93 $93 $1 $147 $148 2.42x 1.60x
Cash and Cash Equivalents $92
Total Liquidity (Cash and Cash Equivalents & Public Portfolio) $340
Total Market Capitalisation $460
Realisations
Investment (Initial Investment Date) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm)( ) 31 Dec 2021 Gross MOIC(4) 31 Mar 2022
Capital ($mm) Capital ($mm)(3) ($mm)(4) Gross MOIC(4)
Rock Oil 8 (12 Mar 2014) 114 114 232 4 236 2.06x 2.06x
Three Rivers III (7 Apr 2015) 94 94 204 - 204 2.17x 2.17x
ILX III (8 Oct 2015) 179 179 172 - 172 0.96x 0.96x
Meritage III 9 (17 Apr 2015) 40 40 87 - 87 2.16x 2.20x
RCO 10 (2 Feb 2015) 80 80 80 - 80 0.99x 0.99x
Sierra (24 Sept 2014) 18 18 38 - 38 2.06x 2.06x
Aleph (9 Jul 2019) 23 23 23 - 23 1.00x 1.00x
Pipestone Energy (formerly CNOR) (29 Aug 2014) 90 90 58 - 58 0.58x 0.64x
Ridgebury 18 18 22 - 22 1.22x 1.22x
(19 Feb 2019)
Castex 2014 52 52 14 - 14 0.27x 0.27x
(3 Sep 2014)
Total Realisations(5) $709 $709 $932 $4 $936 1.31x 1.32x
Withdrawn Commitments and Impairments 11 350 350 9 - 9 0.02x 0.02x
Total Investments(5) $2,026 $1,976 $1,187 $721 $1,908 0.89x 0.97x
Total Investments & Cash and Cash Equivalents(5) $813
Draft Unaudited Net Asset Value $809
Total Shares Repurchased to-date 25,863,209 at average price per share of £3.54 ($4.65)
Current Shares Outstanding 54,033,522
Geopolitical Dynamics and Commodity Market Volatility
In the first quarter of 2022, the war in Ukraine drove energy commodity prices
to levels not seen in almost a decade. In response to Russian aggression,
European states weighed sanctions on Russian fuel while grappling with the
ethical and economic tradeoffs of their energy supply chain. On 7 March, the
prospect of sanctions, threats to infrastructure, and other systemic risks
drove natural gas prices in Europe to €345 per megawatt-hour, an all-time
high. To put the severity of those price moves in perspective, this would be
the equivalent price per unit of energy, converting on the basis of British
thermal units, of $600 barrel of oil equivalent. a
Across the Atlantic, the United States entered spring with the lowest levels
of natural gas storage in three years. b Withdrawals from gas stores in
January hit their highest levels since 2012 due to increased heating demand
and favorable prices for exports of US-produced liquefied natural gas. Despite
increased domestic production, Henry Hub prices increased by 105 per cent. and
117 per cent. quarter over quarter and year over year, respectively. Recent
geopolitical strife, in addition to the demands of post-pandemic economic
recovery, has also further elevated oil prices. At the end of the quarter,
West Texas Intermediate and Brent Crude spot prices reached their highest
levels since 2014, growing 44 per cent. and 46 per cent. respectively over the
quarter, and 70 per cent. year-on-year.
While a welcome change for energy investors, elevated crude oil prices, a
major input for the economy, contribute to inflation. In semiannual testimony
to the US Senate Banking Committee, Federal Reserve Chair Jerome Powell
stipulated that every $10 per barrel increase in oil prices raises inflation
by 0.2 per cent. and decreases economic growth by 0.1 per cent. c This
inflationary pressure, in addition to increasingly tight labor markets, supply
chain instability, and Federal Reserve plans to raise interest rates have
contributed to substantial equity market volatility-while the S&P 500 is
up 16 per cent. year over year as of the end of the first quarter, it is down
14 per cent. from its mid-December high. Consequently, investors have shifted
capital into defensive and value stocks at the expense of growth stocks
including most tech stocks and SPACs.
Despite pressure on the securities most likely to support decarbonisation
technologies, current events only further substantiate the thesis for
systematic progress toward the low-carbon economy. REL's investment manager
has always invested with a private equity mindset, focused on supporting
successful companies that will play a vital role in the energy transition.
REL's modified investment programme is capitalising on global decarbonisation
and energy transition efforts, which will require $1.2 to $3.3 trillion in
global annual investment between now and 2030 if we are to keep global warming
below 1.5 degrees celsius. The investment manager has identified five
investment verticals representing the most impactful decarbonisation
investment families with compelling near-term economic cases. Each of
these-grid flexibility and resilience, electrification of transport, next
generation fuels, agriculture and natural resources plays, and next horison
resources use-will be integral in reducing our reliance on carbon.
Quarterly Performance Commentary
REL's portfolio continues to benefit from the six-month-long rally in energy
commodity prices. The rise in oil prices to $90 or more per barrel, caused by
supply constraints in the US, a pick-up in demand globally post pandemic and
the war in the Ukraine has benefitted REL's legacy investments in conventional
energy and power. These investments still represent the majority of the gross
unrealised value and contributed to an approximately 18 per cent. increase in
NAV. While this increase might appear less than expected, continued debt
paydown and prudent hedging programs by our upstream oil and gas companies
have created a resilient and substantially de-risked portfolio of high-quality
assets.
In the first quarter of the year, each of REL's investments maintained or
improved valuation marks. Investments with exposure to European energy markets
and the electric vehicle industry performed particularly well. Onyx, an
independent power producer providing critical baseload capacity in Germany and
the Netherlands, improved its valuation by nearly 50 per cent. from year-end
2021. Hammerhead's valuation grew by 25 per cent., a consequence of increased
output any the company's efforts to satisfy increased demand for production.
While Centennial's valuation grew slowly relative to the other legacy
investments, REL's only publicly traded E&P investment produced record
free cash flows.
In response to growing electric vehicle charging needs-global electric vehicle
sales grew by over 100 per cent. between 2020 and 2021-governments and
charging network developers ramped efforts to install infrastructure. In
February, Tritium's CEO joined President Biden at the White House to announce
plans to build a charging station manufacturing plant in Lebanon, Tennessee.
The plant will have capacity to produce over 10,000 chargers annually,
expanding to 30,000 chargers at peak capacity. This development, as well as a
recently announced partnership with BP to supply chargers to the company's
global network, boosted the company's valuation by 46 per cent.
Over the quarter, REL invested $70 million in four decarbonisation companies,
which are described below. Strategic exits from several of REL's legacy
portfolio companies facilitated capital deployment. These included a full exit
from Pipestone Energy, which generated 53.0 million CAD in net proceeds, and a
partial exit from Centennial Resource Development, for $22.2 million.
Further information on REL's five largest positions, which account for 68 per
cent. of the portfolio's gross unrealised value is set forth below:
Onyx
The Gross MOIC for Onyx increased during the first quarter from 1.70x to
2.50x, primarily as a result of the continuous strengthening of the European
power market this quarter. Onyx is continuing to progress the voluntary
shutdown of the Rotterdam plant or alternative compensation arrangements. The
management team continues to work on several, organic growth initiatives,
including the implementation of operational performance improvements and the
development of accretive capital projects related to the energy transition.
Hammerhead
The Gross MOIC for Hammerhead increased from 0.39x to 0.50x during the first
quarter. Given the improved macro environment, Hammerhead plans to continue
ramping development in balance of 2022. Hammerhead has hedged approximately 44
per cent. of forecasted 2022 crude oil production at a weighted average price
of CAD$87.36 per barrel, 12 per cent. of forecasted 2023 crude oil production
at a weighted average price of CAD$91.96 per barrel, and approximately 31 per
cent. of forecasted 2022 natural gas production at a weighted average price of
CAD$4.28 per MMBtu. As of 1Q 2022, Hammerhead was producing approximately
32,700 Boepd.
Centennial Resource Development
The Gross MOIC for Centennial increased to 1.10x during the first quarter.
Supported by a highly constructive commodity environment and strong capital
efficiency, Centennial generated record free cash flow of $85 million in Q4
2021 and $207 million for the year. CDEV also made substantial progress in
de-leveraging, with Net Debt/LTM EBITDAX at 1.4x at YE 2021 compared to 4.1x
at YE 2020. Centennial also announced a $350 million stock repurchase
programme and will begin executing on the programme once they have achieved
leverage of ~1.0x or less.
In Q1 2022, REL successfully monetised some of its investment, selling ~2.7
million shares at an average price of $8.36/share. Total distributions from
the transaction were $22.2 million.
In 2022, CDEV's development plan calls to a continuation of the two-rig plan,
balancing disciplined production growth with strong free cash flow generation.
As of 18 February 2022, Centennial has hedged approximately 35 per cent. of
estimated oil production in 2022 with 9,984 bbl/d of WTI Fixed Price Swaps,
priced at $65.31 and 2,248 bbl/d of WTI Collars, priced at $68.60-$80.39. In
addition, CDEV has hedged approximately 44 per cent. of estimated gas
production in 2022 with 26,658 MMBtu/d of Henry Hub Fixed Price Swaps, priced
at $3.16 and 21,671 MMBtu/d of Henry Hub Collars priced at $3.54-$4.46.
GoodLeap (formerly Loanpal)
The Gross MOIC for GoodLeap remained flat at 2.75x during the first quarter.
During the quarter, the company closed on its 12(th) securitisation which was
oversubscribed with 22 unique investors participating. Management continues to
execute on its growth plans.
On 13 October 2021, GoodLeap announced a new investment round of over $800
million, which will support the company's operational improvements, technology
innovation efforts, and expansion. This funding round gives the company an
implied post-money valuation of $12 billion and informs our implied 2.8x
valuation.
Carrier II
The Gross MOIC for Carrier II remained flat at 0.70x during the fourth
quarter. The company continues to operate prudently and remains focused on
using free-cash-flow for high commodity prices to quickly reduce outstanding
indebtedness on the company's term loan. Carrier II has hedged approximately
54 per cent. of forecasted oil production during the remainder of 2022 at a
weighted average price of $57.64 per barrel WTI. As of 31 March 2022, the
company was producing approximately 2,723 boepd.
Other Investments
T-REX Group
On 26 January 2022, REL closed a $17.5 million lead preferred equity
investment in T-REX Group's $40 million Series C funding round. T-REX, a SaaS
provider supporting the asset-backed financing industry, brings together asset
class expertise, critical data management capabilities, and a platform for
deal structuring, cash flow modeling, scenario analysis, real-time performance
tracking, and reporting. By giving institutions the modernised tools and
validation they require to deploy capital, T-REX facilitates increased
investment allocations into sustainable, decarbonisation-related assets.
Anuvia
On 8 March 2022, REL invested $20 million into Anuvia Plant Nutrients' $65.5
million Series D funding round. Anuvia, a bio-based crop nutrition technology
company, produces a sustainable, organic fertiliser product that provides
delayed-release nutrient delivery better aligned with crop needs, allowing for
more efficient nutrient absorption in agriculture. Anuvia's products improve
soil health, reduce nutrient runoff, and reduce reliance on carbon-intensive
synthetic fertilisers.
Electric Motor Company
In February 2022, REL invested $17.5 million in conjunction with the first
closing of an electric motor company's latest financing round. The electric
motor company engineers and manufactures innovative axial flux, permanent
magnet electric motors for commercial, industrial, and mobility applications.
The company's electric motors meet the industry's highest efficiency standards
(IE5) at less than half the size and weight of comparable motors and
facilitate decarbonisation by consuming less electricity and raw material than
do existing models.
Tritium
In February 2022, REL funded an additional $15 million commitment to Tritium.
The funding event occurred three days after the company met with President
Biden to announce the construction of the Company's Lebanon, Tennessee
manufacturing plant. The plant will employ 500 over the next five years,
produce over 10,000 DC fast chargers units annually, and will ultimately reach
peak production capacity of 30,000 units annually.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
REL is a closed-ended investment company that invests exclusively in the
global energy industry across all sectors. REL aims to capitalise on the
opportunities presented by Riverstone's energy investment platform. REL's
ordinary shares are listed on the London Stock Exchange, trading under the
symbol RSE. REL has 17 active investments spanning decarbonisation, oil and
gas, renewable energy and power in the Continental U.S., Western Canada, Gulf
of Mexico and Europe.
For further details, see www.RiverstoneREL.com (http://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
Note:
The Investment Manager is charged with proposing the valuation of the assets
held by REL through the Partnership. The Partnership has directed that
securities and instruments be valued at their fair value. REL's valuation
policy follows IFRS and IPEV Valuation Guidelines. The Investment Manager
values each underlying investment in accordance with the Riverstone valuation
policy, the IFRS accounting standards and IPEV Valuation Guidelines. The
Investment Manager has applied Riverstone's valuation policy consistently
quarter to quarter since inception. The value of REL's portion of that
investment is derived by multiplying its ownership percentage by the value of
the underlying investment. If there is any divergence between the Riverstone
valuation policy and REL's valuation policy, the Partnership's proportion of
the total holding will follow REL's valuation policy. There were no valuation
adjustments recorded by REL as a result of differences in IFRS and U.S.
Generally Accepted Accounting Policies for the period ended 31 March 2022 or
in any period to date. Valuations of REL's investments through the Partnership
are determined by the Investment Manager and disclosed quarterly to investors,
subject to Board approval.
Riverstone values its investments using common industry valuation techniques,
including comparable public market valuation, comparable merger and
acquisition transaction valuation, and discounted cash flow valuation.
For development-type investments, Riverstone also considers the recognition of
appreciation or depreciation of subsequent financing rounds, if any. For those
early stage privately held companies where there are other indicators of a
decline in the value of the investment, Riverstone will value the investment
accordingly even in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the assistance of
the Riverstone Performance Review Team ("PRT") as part of the valuation
process. The PRT was formed to serve as a single structure overseeing the
existing Riverstone portfolio with the goal of improving operational and
financial performance.
The Board reviews and considers the valuations of the Company's investments
held through the Partnership.
a Natural gas prices in Europe hit an all-time high - Quartz (qz.com)
b The United States ended the winter with the least natural gas in storage
in three years - Today in Energy - U.S. Energy Information Administration
(EIA)
c hearing | Hearings | United States Committee on Banking, Housing, and Urban
Affairs (senate.gov)
1 GBP:USD FX rate of 1.313 as of 31 March 2022
2 Excludes the remaining unfunded commitments for Carrier II and Hammerhead
$36 million, in aggregate, which are not expected to be funded. The expected
funding of the remaining unfunded commitments at 31 March 2022 are $nil in
2022, 2023 and 2024. The residual amounts are to be funded as needed in 2025
and later years.
3 Gross realised capital is total gross proceeds realised on invested
capital. Of the $1,121 million of capital realised to date, $888 million is
the return of the cost basis, and the remainder is profit.
4 Gross Unrealised Value and Gross MOIC (Gross Multiple of Invested
Capital) are before transaction costs, taxes (approximately 21 to 27.5 per
cent. of U.S. sourced taxable income) and 20 per cent. carried interest on
applicable gross profits in accordance with the revised terms announced on 3
January 2020, but effective 30 June 2019. Since there was no netting of losses
against gains before the aforementioned revised terms, the effective carried
interest rate on the portfolio as a whole will be greater than 20 per cent. No
further carried interest will be payable until the $69 million of realised and
unrealised losses to date at 31 March 2022 are made whole with future gains,
so the earned carried interest of $0.8 million at 31 March 2022 has been
deferred and will expire in October 2023 if the aforementioned losses are not
made whole. Since REL has not yet met the appropriate Cost Benchmark at 31
March 2022, $42.0 million in Performance Allocation fees that would have been
due under the prior agreement were not accrued. In addition, there is a
management fee of 1.5 per cent. of net assets (including cash) per annum and
other expenses. Given these costs, fees and expenses are in aggregate expected
to be considerable, Total Net Value and Net MOIC will be materially less than
Gross Unrealised Value and Gross MOIC. Local taxes, primarily on U.S. assets,
may apply at the jurisdictional level on profits arising in operating entity
investments. Further withholding taxes may apply on distributions from such
operating entity investments. In the normal course of business, REL may form
wholly-owned subsidiaries, to be treated as C Corporations for US tax
purposes. The C Corporations serve to protect REL's public investors from
incurring U.S. effectively connected income. The C Corporations file U.S.
corporate tax returns with the U.S. Internal Revenue Service and pay U.S.
corporate taxes on its taxable income.
5 Amounts may vary due to rounding.
6 Represents closing price per share in USD for publicly traded shares of
Centennial Resource Development, Inc. (NASDAQ:CDEV - 31-03-2022: $8.07 price
per share / 31-12-2021: $5.98 price per share); Enviva, Inc. (NYSE:EVA -
31-03-2022: $79.15 price per share / 31-12-2021: $70.42 price per share);
Solid Power, Inc. (NASDAQ:SLDP - 31-03-2022: $8.67 price per share /
31-12-2021: $8.74 price per share); Hyzon Motors, Inc. (NASDAQ:HYZN -
31-03-2022: $6.39 price per share / 31-12-2021: $6.49 price per share); and
Tritium DCFC Limited (formerly Decarbonization Plus Acquisition Corporation
II) (NASDAQ:DCFC - 31-03-2022 $10.04 price per share / NASDAQ:DCRN -
31-12-2021: $9.97 price per share).
7 SPAC Sponsor investment for Tritium DCFC Limited (NASDAQ:DCFC) (formerly
Decarbonization Plus Acquisition Corporation II (NASDAQ:DCRN)) and
Decarbonization Plus Acquisition Corporation IV (NASDAQ:DCRD).
(8) The unrealised value of the Rock Oil investment consists of rights to
mineral acres.
9 Midstream investment.
(10 )Credit investment.
(11) Withdrawn commitments consist of Origo ($9 million) and CanEra III ($1
million), and impairments consist of Liberty II ($142 million), Fieldwood ($80
million), Eagle II ($62 million) and Castex 2005 ($48 million).
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