Alternative Income REIT says Glenstone bid lacks independent support

Alternative Income REIT PLC reiterated its called for shareholders to rebuff a takeover approach from Glenstone REIT PLC.

Shares in AIRE, a real estate investment trust focused on specialised alternative property sectors, closed 1.8% lower at 70.00 pence each on Tuesday in London.

AIRE prefers a rival all-share bid from AEW UK REIT PLC.

Glenstone is offering 71.4 pence per share, comprising 70.0 pence in cash plus Alternative Income REIT shareholders’ entitlement to retain the 1.4 pence fourth-quarter dividend.

In July, AIRE said an alternative offer from AEW was more attractive, with an implied value of around 77.4 pence per share.

Glenstone had supported a previous offer from AEW, which did not go through, but said in July: “Should AEWU continue to pursue, again, a possible offer for AIRE it would be without the support of Glenstone.”

As of Monday, Glenstone reported that its own offer had received valid acceptances for 1.92 million shares, representing 2.4% of Alternative Income REIT’s issued share capital.

Glenstone already owns 20.44 million shares, or 25.4% of the company, it said on Monday. This includes acceptances for all 1.90 million shares covered by an irrevocable undertaking from director Adam Smith, but none for the 4.52 million shares subject to a letter of intent from Hawksmoor Investment Management.

Glenstone’s final offer requires acceptances representing more than 50% of Alternative Income REIT’s voting rights to become unconditional.

AIRE responded on Tuesday by saying that acceptances of Glenstone’s offer from “independent” shareholders remained below 0.025%. That figure excludes the shares held by Glenstone and concert parties, as well as the shares subject to Smith’s irrevocable undertaking.

“The AIRE board’s view continues to be that the Glenstone offer fundamentally undervalues the company and as a result, the AIRE board continues to recommend that AIRE shareholders: do not accept Glenstone’s offer.”

AIRE also urged shareholders who had already accepted the offer to withdraw their acceptances as soon as possible.

Glenstone’s offer is currently open to acceptances until 13:00 BST on September 4, though retail investor platforms have earlier internal deadlines.

AEW has until 17:00 BST on Friday to confirm its position. Its shares closed 0.2% lower at 105.80 pence on Tuesday in London.

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