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Cash Offer for Alternative Income REIT PLC
Glenstone REIT PLC has provided an update regarding its cash offer for Alternative Income REIT PLC, clarifying the impact of a partial sale of shares by Hawksmoor Investment Management Limited. Hawksmoor has sold 68,200 AIRE Shares and will no longer accept the offer for an additional 382,164 shares, reducing the total AIRE Shares subject to Hawksmoor's letter of intent to 4,523,000, representing approximately 5.61% of AIRE's issued ordinary share capital. Consequently, the total number of AIRE Shares subject to irrevocable undertakings and letters of intent has decreased to 6,423,000, or approximately 7.97% of AIRE's issued ordinary share capital. Disclaimer*
About this update from Alternative Income Reit Plc
NOT 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 THAT JURISDICTION FOR IMMEDIATE RELEASE 25 June 2026 Disclosure under Rule 2.10(c) of the City Code on Takeovers and Mergers (the "Code") in respect of the CASH OFFER for ALTERNATIVE INCOME REIT PLC ("AIRE") by GLENSTONE REIT PLC ("GLENSTONE") to be implemented by means of a takeover offer under Part 28 of the Companies Act 2006 Update on letter of intent given by Hawksmoor Investment Management Limited ("Hawksmoor") On 12 June 2026, the board of directors of Glenstone announced the terms of a cash to acquire the entire issued and to be issued ordinary share capital of AIRE that the Glenstone Group does not already hold (the "Acquisition") (the "Rule 2.7 Announcement"). Unless otherwise defined in this announcement, capitalised words and phrases used in this announcement shall have the same meanings given to them in the Rule 2.7 Announcement. As set out in the Rule 2.7 Announcement, Glenstone had received (i) an irrevocable undertaking from Adam Smith and (ii) a non-binding letter of intent from Hawksmoor (the "Hawksmoor Letter of Intent"), to, amongst other things, accept or procure acceptance of the Takeover Offer in respect of its entire holding of AIRE Shares. The Hawksmoor Letter of Intent related to a total of 4,973,364 AIRE Shares which represent approximately 6.17 per cent. of AIRE's issued ordinary share capital, and approximately 8.13 per cent. of AIRE Shares excluding the AIRE Shares held by the Glenstone Group, in each case excluding any shares held in treasury and as at the Latest Practicable Date. On 24 June 2026, Hawksmoor announced that it sold 68,200 AIRE Shares that were subject to the Hawksmoor Letter of Intent at prices ranging from 68.0 to 68.4 pence per Share (the "Sold Shares"). The Sold Shares were held by Hawksmoor on behalf of private clients. On 24 June 2026, Hawksmoor confirmed to Glenstone that it was no longer in a position to accept, or procure the acceptance of, the Offer in respect of (i) the Sold Shares or (ii) an additional 382,164 AIRE Shares which are held by Hawksmoor on behalf of private clients on a discretionary basis. As a result of the foregoing: · ...
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