Alternative Income Reit — Extension of Glenstone Offer Timetable

AIRE extends Glenstone offer deadline as acceptances near 46% of shares.

What the company is saying

Alternative Income REIT plc (AIRE) is communicating that Glenstone REIT plc's unsolicited final cash offer for AIRE shares has reached 36,948,031 acceptances, representing approximately 45.89% of AIRE's issued ordinary share capital as of 6.00 p.m. on 3 September 2026. The company frames this as Glenstone being very close to satisfying the acceptance condition for its 70.0 pence per share offer. The AIRE Board emphasizes that the extension of the offer deadline to 1.00 p.m. on 11 September 2026 is a procedural step to avoid administrative delays, not a change in their stance on the offer. The Board reiterates its unanimous view that the Glenstone Offer materially undervalues AIRE and continues to recommend that shareholders reject it. The announcement is formal in tone, focusing on process and regulatory compliance, and names Simon Bennett as Chair, with Shore Capital acting as financial adviser. No new financial or operational performance data is provided.

What the data suggests

The hard data shows Glenstone has secured acceptances for 36,948,031 AIRE shares, equating to 45.89% of the company's issued ordinary share capital. The offer price remains 70.0 pence per share, and the acceptance deadline has been extended by eight days, from 1.00 p.m. on 4 September to 1.00 p.m. on 11 September 2026. The company does not disclose the exact threshold required to satisfy the acceptance condition, only that Glenstone is 'very close' to it. No financial statements, earnings, or asset values are disclosed. The Board's claim that the offer undervalues AIRE is not supported by any valuation data or comparative figures. The process is at a late stage, with the outcome hinging on whether Glenstone can secure the remaining acceptances within the new timeframe.

Analysis

The announcement is a factual update regarding the extension of the acceptance deadline for Glenstone REIT plc's unsolicited cash offer for Alternative Income REIT plc. The language is procedural and does not contain promotional or exaggerated claims about future performance, synergies, or value creation. All key numerical disclosures (share count, percentage, offer price, deadlines) are directly relevant to the transaction and are supported by the data. The only forward-looking statement is the administrative note about website publication, which is routine and not investment-relevant. There is no attempt to inflate the company's value or prospects, nor is there any discussion of operational or financial performance. No large capital outlay by AIRE is disclosed, and the extension is a short-term, process-driven event.

Risk flags

• ●There is a risk that the outcome of the offer could be determined by administrative or processing delays, as highlighted by the Board's decision to extend the deadline. This could affect the fairness and finality of the process.
• ●Shareholders face uncertainty regarding the final outcome, as the acceptance condition threshold is not disclosed and Glenstone is only described as 'very close' to meeting it. This lack of transparency limits investors' ability to assess the likelihood of the offer succeeding.
• ●The Board's assertion that the offer 'materially undervalues' AIRE is not substantiated by any valuation data or financial metrics, leaving investors without a factual basis to judge the recommendation.

Bottom line

The extension of the Glenstone offer deadline means shareholders now have until 11 September 2026 to decide whether to accept 70.0 pence per share for their AIRE holdings. With 45.89% of shares already tendered, the outcome is finely balanced, but the exact acceptance threshold remains undisclosed. The Board continues to oppose the offer, calling it materially undervalued, but provides no supporting numbers or alternative valuation. Investors are left to weigh the cash offer against the lack of disclosed financials or future prospects. The most important takeaway is that a decision point is imminent, and the lack of transparency on both the acceptance threshold and valuation leaves significant uncertainty for investors.

Announcement summary

(NASDAQ:AIRE) Alternative Income REIT plc announced that, as at 6.00 p.m. on 3 September 2026, Glenstone REIT plc may count 36,948,031 AIRE Shares, representing approximately 45.89 per cent. of AIRE's issued ordinary share capital, towards satisfaction of its acceptance condition for its unsolicited final cash offer of 70.0 pence in cash for each AIRE Share. Following a request from Glenstone and being informed that acceptances received had taken Glenstone very close to satisfying the acceptance condition, the AIRE Board consented to an extension of Day 60 of the offer timetable under Rule 31.3 of the City Code on Takeovers and Mergers. The Panel on Takeovers and Mergers has consented to this request. The latest time and date by which acceptances of the Glenstone Offer may be received has been extended from 1.00 p.m. today to 1.00 p.m. on Friday, 11 September 2026. The extension does not reflect any change in the AIRE Board's view that the Glenstone Offer materially undervalues AIRE, or its unanimous recommendation that AIRE Shareholders should not accept it. Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited are acting exclusively for AIRE in connection with the subject matter of this announcement. A copy of this announcement will be available on the website of AIRE at www.alternativeincomereit.com/investors/offer-for-aire-by-glenstone/ by no later than 12 noon (London time) on the business day following the date of this announcement.

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