IN BRIEF: AIRE tells shareholders not ot back Glenstone offer

Alternative Income REIT PLC - real estate investment trust focused on specialised alternative property sectors - Says shareholders should not accept the takeover offer from 25.4%-shareholder Glenstone REIT PLC. Earlier on Wednesday, Glenstone asked shareholders to back its 71.4 pence per share offer, comprising 70.0 pence in cash plus Alternative Income REIT shareholders' entitlement to retain the 1.4 pence fourth-quarter dividend. This follows rival suitor AEW UK REIT PLC's announcement that it would not be making an offer.

AIRE says it is "deeply frustrated that Glenstone refused to support or engage constructively with AEWU regarding a possible combination, which the AIRE board believed had the potential to deliver a more attractive outcome" then the Glenstone offer. Reminds shareholders that the Glenstone offer remains at "a material discount" to its latest net asset value. Says Glenstone "is seeking control of AIRE without paying an appropriate premium for control" and provides "no certainty as to the timing, value or returns which would be delivered by its proposed managed wind-down" Glenstone's offer is currently open to acceptances until 13:00 BST on September 4, though retail investor platforms have earlier internal deadlines. Should the offer lapse, Glenstone said last week, it "intends to renew its support for a managed wind down of AIRE in order to return capital to AIRE Shareholders over the medium term."

Current share price: 70.00 pence, closed down 0.4% in London on Wednesday

12-month change: up 9.0%

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