Glenstone REIT PLC has announced that, as at 5.00 p.m. on 9 November 2026, it holds or has received valid acceptances in respect of approximately 89.31% of Alternative Income REIT PLC's (AIRE) existing issued ordinary share capital, bringing the acquirer to the threshold of a compulsory squeeze-out. With the offer already declared unconditional in September 2026, Glenstone is now pursuing a full delisting of AIRE from the London Stock Exchange's main market. Remaining AIRE shareholders who have not yet accepted the 70 pence per share cash offer face significant risks to the liquidity and eligibility of their holdings.

Key Points

  • Alternative Income REIT PLC (AIRE) is subject to a recommended cash takeover offer by Glenstone REIT PLC
  • Glenstone holds or has received valid acceptances covering 71,895,704 AIRE shares, equal to 89.31% of AIRE's issued share capital as at 9 November 2026
  • The final offer price is 70.0 pence per AIRE share in cash (or 71.4 pence before the fourth quarterly dividend of 1.4 pence was paid)
  • Investors should watch whether Glenstone crosses the 90% squeeze-out threshold, which would trigger compulsory acquisition of remaining shares

Glenstone's 89.31% Acceptance Level Puts Squeeze-Out Within Reach

As at 5.00 p.m. on 9 November 2026, valid acceptances had been received in respect of 48,151,973 AIRE shares, representing 59.81% of AIRE's existing issued ordinary share capital. Combined with the 24,546,476 AIRE shares already held by the Glenstone Group — representing approximately 30.49% of the existing ordinary share capital — Glenstone's aggregate position stands at 71,895,704 AIRE shares, or approximately 89.31%, based on 80,500,000 shares in issue. All acceptances due under the Adam Smith Irrevocable Undertaking and the Hawksmoor Letter of Intent, together covering approximately 7.97% of issued share capital, have now been received.

Offer Declared Unconditional in September 2026 After AIRE Board Changed Recommendation

The takeover process has moved through several stages since Glenstone's initial 70.0 pence per share offer was announced on 12 June 2026. On 6 July 2026, Glenstone increased the offer to 71.4 pence per share on a final basis, with the offer document published on the same date. On 23 July 2026, AIRE declared a fourth quarterly interim dividend of 1.4 pence per share for the three months ended 30 June 2026; shareholders who received that dividend and subsequently accepted the offer are entitled to 70.0 pence per share under the offer terms. On 9 September 2026, Glenstone confirmed all conditions had been satisfied or waived, and the AIRE board changed its recommendation in favour of acceptance.

Planned AIRE Delisting from London Stock Exchange and FCA Official List

Having exceeded the 75% voting rights threshold, Glenstone states it intends to procure applications to cancel AIRE's admission to trading on the London Stock Exchange's main market and to cancel its listing on the FCA's closed-ended investment funds category of the Official List. The announcement confirms the Glenstone board believes the delisting would significantly reduce the liquidity and marketability of any AIRE shares not assented to the offer. Following delisting, AIRE shares may also become ineligible for inclusion in ISAs and SIPPs, and retail platform or nominee accounts may be unable to hold them.

Non-Assenting AIRE Shareholders Face Compulsory Acquisition if 90% Threshold Is Met

Glenstone states it intends to use all reasonable endeavours to reach the 90% squeeze-out threshold, at which point it would exercise statutory rights under Chapter 3 of Part 28 of the Companies Act to compulsorily acquire any remaining AIRE shares on the same terms as the offer. Formal notices would then be dispatched to non-assenting shareholders, and on expiry of six weeks from those notices, shares would be acquired compulsorily unless a shareholder applies to the Court. Settlement for valid acceptances received while the offer remains open will occur within 14 calendar days of receipt. The offer will remain open until at least 14 days' notice of closure is given by announcement.