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The following is a round-up of trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News: ---------- Value and Indexed Property Income Trust PLC - investor in UK commercial property - At September 30, independent valuation by Savills and CBRE of VIP’s portfolio is £132.3 million at a net initial yield of 6.5%. This compares with a valuation by Savills of £146.0 million and a net initial yield of 6.3% at March 31. Total return in the six months to September is 2.5% with an income return of 3.2% less a capital decline of 0.7%. Says hotels and the garden centre rose in value with bowling, industrials, supermarkets and the health club stable. The values of the pubs and the caravan park decline as ‘a more cautious approach’ was taken by the new independent valuer CBRE. Sells four properties in the period for £12.95 million. All 26 properties in the portfolio are now held freehold, and the portfolio’s weighted average unexpired lease term is now 13.4 years to the earliest break options. VIP continues to have no unlet properties. At September 30 the portfolio is 32% supermarkets, 20% warehouses/industrials, 13% garden centre, 11% bowling, 10% hotels, 3% pubs and 11% other leisure. Half-year results are expected mid-November. Projects the total return to be in line with its performance benchmark, the MSCI UK Quarterly Property Index. Elsewhere, the new £15 million, 5-year revolving credit facility is undrawn following its recent tender offer. Only 3.3% of share capital was tendered at 204 pence per share, at a total cost of £3.05 million, which has been funded from existing cash balances. ---------- Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Well test at Gazelle-1 exceeds expectations. As such the company aims to complete the well for production. The service rig will remain on site to run the completion string after which surface production facilities will be installed. Says neighbouring operator PetroChina has made available equipment from its inventory to allow it to expedite the well completion and production start up and is targeting the start of production from Gazelle-1 before the end of October. Further, the oil sales agreement with Block XIX has provisions within it for additional wells to be brought onstream and discussions have started regarding Gazelle-1. Chief Executive Mike Buck says ‘we are now prioritising getting the well onstream as it shows the potential to significantly increase our daily production and revenue.’ At Heron-2, the installation of the beam pump and temporary offloading facilities has been completed and pumping has commenced. As expected, ‘the beam pump is proving much more efficient at recovering the remaining frack and acid wash fluids than [Daqing Oilfield Engineering Company’s] swabbing operation’. As such, expects to complete the well clean out and to determine the flowing formation fluid and the rate capability of the well quicker and more cost effectively. Elsewhere, the connection of the Heron-1 production facility to the grid has been completed and it plans to energise the line by mid-October. Plans to connect both Heron-2 and Gazelle-1 to the grid ‘should it be deemed advantageous’. ---------- Metals One PLC - critical and precious metals exploration and development company - Invests C$500,000 (about £268,240) in Fidelity Minerals Corp, a porphyry copper-gold focused firm that has assembled a portfolio of high development potential and large-scale appraisal projects. Investment is made via subscription of 5 million shares in two tranches at C$0.10 each, part of Fidelity’s C$1.5 million private placement. Metals One will afterwards own 13.61% of Fidelity. Attached to each share is one-half transferable warrant, with each full warrant exercisable at a price of C$0.20 per share until October 7 2027. Metals One investee company Lions Bay Capital also participates in the placement and will own 36.66% of Fidelity on completion. ---------- Marwyn Acquisition Co III Ltd - Tortola, Virgin Islands-registered acquisition vehicle established by Marwn Partners - Enters non-binding heads of terms on a share-for-share acquisition of private capital administrator Palmer Street Ltd. ‘A combination with MAC III provides Palmer with immediate access to additional long-term investment capital to pursue strategic opportunities, led by the Palmer management team,’ Marwyn says. A deal is not expected to be completed until 2026. Shares have been suspended until a prospectus is published or if the transaction does not proceed. ---------- Zephyr Energy PLC - Rocky Mountain region-focused oil and gas company that aims for responsible resource development and carbon-neutral operations - Receives approval of the initial investments under its $100 million partnership with a US-based capital provider to fund growth in its non-operated asset portfolio. Under the agreement announced in May, Zephyr will acquire assets and the investor will make available up to $100 million to fund capital expenditure related to the drilling, completing and equipping of those assets. The first investment is at the core US Rocky Mountain basins acquired by Zephyr in August. This includes 13 newly drilled wells at which the investor will fund 100% of capex, expected to be $2.5 million. Once the investor has achieved its threshold return on the initial wells, Zephyr expects the interests to deliver future life of well undiscounted cashflows, net to Zephyr, of about $1.8 million. Company believes this to be the first of many investments. ---------- Copyright 2025 Alliance News Ltd. All Rights Reserved.
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