Riverstone Energy Ltd on Thursday said it has proposed a $200 million tender offer of shares.

Shares in Riverstone Energy rose 13% to 902.00 pence each in London on Thursday morning.

The Guernsey-based investor in renewable and non-renewable energy companies priced the shares at £10.50 each.

The tender price represents a premium of approximately 31% to the closing market price per ordinary share of £8.00 on Thursday.

The company said it expects to launch the tender offer before the end of this month and that it will close during March.

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