The battle for Alternative Income REIT (AIRE) is drawing to a close, as major shareholder Glenstone REIT is approaching the 90% threshold needed to delist the company.
Glenstone currently holds roughly 87% of AIRE’s issued share capital, following the 59% acceptance of its cash offer and its existing stake. Under the terms of this offer, if AIRE shareholders accept, they will receive a payout of 70p per share.
“Glenstone will, accordingly, keep the offer for AIRE open to acceptances and will give at least 14 days’ notice of the closing of the offer,” according to an RNS released today.
The trust intends to acquire a further 5% of the company’s capital, putting it above the 90% ‘squeeze-out’ threshold. If reached, Glenstone will begin acquiring the remaining shares that did not accept its tender offer.
Following this, the Glenstone team will delist AIRE from the public market and re-register it as a private company.
This follows an extended battle for ownership of AIRE, with Glenstone having previously competed with AEW UK REIT for the firm’s share capital, before the latter declined to make an all-share offer.
See also: ‘This is a disappointing outcome for shareholders’ as AEW UK REIT declines to bid for AIRE
