Alternative Income Reit — Response to Glenstone Acceptance Update

Glenstone’s offer for AIRE has attracted almost no shareholder support after 28 days.

Risk flags

• ●Lack of financial disclosure is a material risk, as the Board’s recommendation to reject the offer is not supported by any valuation, NAV, or performance data. This omission prevents shareholders from independently assessing whether the offer truly undervalues the company.
• ●Procedural focus without strategic or operational context raises governance concerns. The announcement provides no insight into the company’s financial health, future plans, or alternatives to the rejected offer, leaving investors with limited information to evaluate management’s stewardship.
• ●The Board’s assertion that the offer undervalues AIRE is subjective and unsupported. Without disclosure of the offer price or a comparative valuation, there is no basis for investors to judge the fairness of the Board’s position.

Bottom line

AIRE’s Board reports that Glenstone’s cash offer has been almost universally rejected by shareholders, with less than 0.025% of shares tendered after 28 days. The Board urges shareholders to withdraw acceptances and claims the offer undervalues the company, but provides no financial or valuation data to support this stance. The announcement is procedural and defensive, offering no insight into AIRE’s financial position, operational performance, or strategic alternatives. For investors, this update is not actionable without further disclosure: the single most important takeaway is that the Board’s recommendation rests on assertion rather than evidence. Any future assessment would require the company to publish concrete financials or a detailed valuation analysis.

Announcement summary

(NASDAQ:AIRE) Alternative Income REIT plc announced that after 28 days, the Glenstone Offer has received valid acceptances in respect of only 19,849 AIRE Shares. This represents less than 0.025 per cent of AIRE's issued share capital, excluding the AIRE Shares held by Glenstone and its concert parties and the 1,900,000 AIRE Shares subject to Adam Smith's irrevocable undertaking. The Board of AIRE continues to recommend that AIRE Shareholders do not accept Glenstone's unsolicited final cash offer. The financial terms of the Offer are final and will not be increased except that Glenstone reserves the right to revise the financial terms if a third party announces a firm intention to make an offer for AIRE under Rule 2.7 of the City Code on Takeovers and Mergers. Shareholders who have already accepted the Offer are advised to withdraw their acceptances as soon as possible, following the procedures outlined in the Offer Document. Shore Capital is acting as Financial Adviser to AIRE. 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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