Alternative Income REIT plc (AIRE) reported on Tuesday that only 17,849 of its shares—representing less than 0.025% of issued capital—had been validly accepted in Glenstone REIT plc’s unsolicited cash offer.
The 49-day acceptance period has now elapsed, with Glenstone’s offer terms remaining unchanged. The AIRE board reiterated its view that the £2.25 per share proposal undervalues the company and recommended shareholders neither accept the bid nor return a Form of Acceptance or submit an Electronic Acceptance via CREST.
Shareholders who have already tendered shares were advised to seek withdrawal where possible. Those holding stock through brokers, nominees, or CREST sponsors were directed to contact their intermediaries to process reversals. Certificated shareholders must deliver a signed written notice to the Receiving Agent as outlined in the Glenstone Offer Document.
Glenstone stated the financial terms of its offer are final and will not be increased, except in the event a third party announces a firm intention to make an offer for AIRE under Rule 2.7 of the City Code on Takeovers and Mergers. The company also noted that Adam Smith had provided an irrevocable undertaking covering 1.9 million AIRE shares, though these were excluded from the acceptance count.
