Glenstone’s £3.80-per-share cash offer for Alternative Income REIT plc (AIRE) has received acceptances covering 1,780,566 shares, equivalent to 2.25% of the company’s issued ordinary share capital.
The bidder may count up to 30,453,466 AIRE shares—approximately 37.83% of the issued capital—toward satisfaction of the offer’s acceptance condition. This total includes Glenstone’s existing 19,325,461 shares (24% of the capital), a 2.36% stake held by director Adam Smith with an irrevocable undertaking to accept, and a 5.62% commitment from Hawksmoor Investment Management Limited via a letter of intent.
Between June 12 and the offer’s scheduled close in two days, Glenstone acquired an additional 2,924,439 AIRE shares through market purchases, representing 3.63% of the issued capital. The bidder has stated the financial terms are final and will not be increased unless a third party announces a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers.
AIRE’s board has unanimously recommended shareholders reject the offer, asserting it "fundamentally undervalues AIRE and its prospects." Shareholders who have not accepted the offer were advised to take no action, refrain from returning a Form of Acceptance, and avoid submitting an Electronic Acceptance through CREST. Those who have already accepted were instructed to withdraw their acceptances if legally permitted.
