Business
Statement regarding possible offer from Glenstone
Alternative Income REIT plc has received an indicative, conditional, and non-binding proposal from Glenstone REIT plc, which holds approximately 24% of the issued share capital, for a possible cash offer for the entire issued share capital not already owned by Glenstone. The Independent Directors have concluded that the proposal lacks sufficient detail for evaluation, noting a prior rejected offer at 66.5 pence per share, a 20.8% discount to the Net Asset Value of 84 pence. Glenstone also requested access to confidential information and proposed a managed wind-down and a transfer of listing to TISE, which the Independent Directors oppose. The company remains confident in its fully let portfolio of 19 properties with long leases and index-linked rent reviews, and is on track to deliver its target annual dividend of not less than 5.6 pence per share. Glenstone must announce a firm intention to make an offer by 12 June 2026. Disclaimer*
About this update from Alternative Income Reit Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \nThis is an announcement of a possible offer under Rule 2.4 of the City Code on Takeovers and Mergers (the \"Code\") and is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that an offer will be made NOR AS TO THE TERMS.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n 18 May 2026\n \nAlternative Income REIT plc\n \n(\"Alternative Income\" or the \"Company\")\n \nStatement regarding possible offer from Glenstone\nThe Board of Alternative Income REIT plc notes the announcement made by Glenstone REIT plc (\"Glenstone\") on 15 May 2026 and confirms that it has received an indicative, conditional and non-binding proposal from Glenstone, which holds approximately 24% of the issued share capital of the Company, relating to a possible cash offer for the entire issued and to be issued share capital of the Company not already owned by Glenstone (the \"Possible Offer\").\nAny proposal from Glenstone will be considered by the independent directors of Alternative Income, being Simon Bennett, the Company's Chair and Stephanie Eastment, the other independent non-executive director (the \"Independent Directors\"). The Company's third director, who has been on Alternative Income's Board since March 2021, is Adam Smith, who is a non-independent non-executive director and who is also a director and major shareholder of Glenstone. In addition, Adam Smith owns 1.9 million ordinary shares in Alternative Income (\"Shares\"), equivalent to 2.36% of the issued share capital. As a result, Glenstone and Adam Smith own, in aggregate, approximately 26.4% of the Company's issued share capital.\nThe Independent Directors, who engaged with Glenstone and its advisers prior to its announcement, note that the Possible Offer does not include any offer price or range of prices, nor the terms and conditions on which any possible offer might be made. As a result, the Independent Directors have concluded that the proposal made to them by Glenstone does not include terms capable of detailed evaluation and accordingly the Independent ...