TRADING UPDATES: Asiamet says Indokal sale still progressing
The following is a round-up of trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Vaalco Energy Inc - Canada and Africa-focused hydrocarbon explorer - Issues an operational update regarding its ongoing drilling programme in offshore Gabon. Notes that it has successfully drilled, completed and placed on production the ETBNM-3 gas-supply well in the crestal portion of the North Tchibala structure from the Dentale D-15 reservoir. Says the reservoir properties were above pre-drill estimates, with strong porosity and permeability coupled with over 10 meters of net reservoir pay, and it provides sufficient gas supply for field operations, liftings and power needs. Says evaluation continues to assess the potential of the shallower pay intervals encountered in D-9 and D-12, and that these appear to contain wet gas to light oil pay. Drilling campaign continues, the rig having moved to a new platform slot to drill the ETSEM-3PH pilot hole and development well. The pilot hole is designed to test the original field's oil water contact and the underlying Dentale formation's potential. The planned completion length of the horizontal development well is 300 meters within the Gamba sands. Chief Executive George Maxwell says that "the newly successful gas well won't add production or sales directly but will reduce costs associated with using higher priced diesel, this should improve field uptime and potentially add production uplift to existing wells over time."
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Alternative Income REIT PLC - real estate investment trust focused on specialised alternative property sectors - Reiterates its opposition to Glenstone REIT PLC's final cash offer. Glenstone had, in July, increased its offer to 71.4p per share from 70.0p, but AIRE said: "If AIRE declares a fourth interim dividend of 1.4 pence...and Glenstone reduces the Glenstone Offer consideration accordingly, the cash consideration payable under the Glenstone Offer would fall to 70.0 pence per AIRE share." It added that an all-share proposal announced by AEW UK that month, offering 0.725 of an AEW UK share for each Alternative Income share held, may be a "more attractive alternative". On Wednesday, AIRE says that Glenstone has only received valid acceptances in respect of 19,849 AIRE shares. Says this represents a negligible proportion of its issued share capital, less than 0.03%. Says it still believes that Glenstone's offer "fundamentally undervalues" it and continues to recommend that shareholders do not accept Glenstone's offer. Advises those who have accepted it to withdraw their acceptances as soon as possible, to the extent that they remain entitled to do so.
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IP Group PLC - London-based investor in the science and technology sectors - Non-Executive Chair Michael Queen buys 200,000 shares at 66.20 pence each, for £132,400, on Tuesday in London. Also, Chief Executive Officer Greg Smith buys 45,000 shares at 67.97p, and Chief Financial & Operating Officer David Baynes buys 26,368 shares at 67.89p, both on Wednesday.
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JTC PLC - Jersey-based professional services company - Says the sanction hearing for its agreed acquisition, by funds advised by Permira Advisers LLP and Canada Pension Plan Investment Board, is scheduled for August 19. Expects its shares to be suspended from trading on the London Stock Exchange's Main Market, effective before the open on August 20.
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Asiamet Resources Ltd - company focused on the development of a portfolio of large copper, copper-gold and polymetallic deposits in Indonesia - Releases an update on the proposed sale of subsidiary Indokal Ltd, which owns the KSK Project, to Norin Mining (Hong Kong) Ltd. Says that the remaining Indonesian regulatory processes and associated completion workstreams continue to progress. Says it is working closely with the relevant Indonesian authorities to advance the deal towards completion "as soon as is practically possible." Says it and Norin remain fully committed to completing the sale, and have agreed to extend the long stop date under their sale & purchase agreement to September 7 from Thursday, August 6.
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Gresham House Renewable Energy VCT 1 PLC and VCT 2 PLC - London-based venture capital trusts - Both firms publish circulars setting out their recommended proposals for members' voluntary liquidations. VCT 1 notes that shareholders voted for a managed wind-down at a general meeting on July 13, and that it has returned £6.6 million to shareholders at 26.0p per 'pair' of ordinary and 'A' shares. The liquidation and associated resolutions will be proposed at a general meeting on September 2. VCT 1 has concluded its managed wind-down strategy following the sales of its remaining solar and small wind assets. Wishes to change its name to The Renewable Energy VCT 1 PLC as soon as possible following its entry into liquidation, which will be proposed as a GM special resolution. Shares will be suspended in London with effect from September 2, followed by their cancellation if the liquidation is approved. VCT 2 will also hold its general meeting on September 2, and also expects its shares to be suspended on that date. It has returned £6.8 million to shareholders in total, at the same price per pair. Will be changing its name to The Renewable Energy VCT 2 PLC, if approved.
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Sabre Insurance Group PLC - Dorking, Surrey-based motor insurance underwriter - Confirms that it has completed its up to £5 million buyback programme. Says it repurchased 2.9 million shares for £5.0 million in total, at an average price of 174.05p per share.
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