Glenstone FII PLC has reduced its cash offer for Alternative Income FII PLC to 70 pence per share, citing a 1.4 pence dividend paid by AIRE to shareholders on Aug. 15.
The revised bid, down from an initial 71.4 pence, follows the Aug. 31 record date for the dividend, which shareholders holding shares on that date received in full. Glenstone’s offer remains structured as a contractual takeover under the City Code on Takeovers and Mergers, with acceptance required by 6 p.m. London time on Sept. 4.
Shareholders must submit acceptance instructions through their brokerage platforms, including Hargreaves Lansdown, Interactive Investor and AJ Bell. Acceptance volumes reported daily reflect submissions processed by the receiving agent, with most bundled near the offer’s end due to platform procedures.
Glenstone has reserved the right to adjust financial terms if a third party announces a firm intention to make a competing offer for AIRE. AEW UK FII PLC, which disclosed a possible all-share offer for AIRE on July 16, is expected to confirm its intentions or withdraw by the end of this week.
The transaction’s mechanics require individual shareholder action, with no automatic acceptance mechanism in place. Investors holding shares before the Aug. 31 record date retain eligibility for the dividend, while the revised 70p offer applies to all accepted shares regardless of dividend receipt.
