Lindsell Train cuts its final dividend to 28p per share from 42p. The company pays no interim dividend.
Not in the SNOWBALL but leaves the Watch List at the next update.
Glenstone unveils £56.3m hostile bid for Alternative Income REIT
- 12 June 2026
- QuotedData
- Real Estate
- Alternative Income REIT : AIRE
- Gavin Lumsden
Glenstone, the largest shareholder in Alternative Income REIT (AIRE), has made a £56.3m cash bid for the company, three weeks after making a public approach.
The 70p per share offer is 3.5p, or 5.3%, higher than its previous offer of 66.5p which the AIRE board rejected in November 2025. However, it is just 0.4% above AIRE’s 69.7p share price on 14 May before Glenstone confirmed its approach and 1.4% more than last night’s closing price of 69p.
Moreover, it is pitched at 17% below net asset value at 31 March compared to the 3% discount AEW UK REIT (AEWU) offered in its potential proposal which the board deemed fair value but did not proceed after talks broke down in April.
Glenstone, a £97m REIT listed on Guernsey’s International Stock Exchange (TISE), owns 24% of AIRE’s shares and Adam Smith, a Glenstone director who sits on AIRE’s board, holds 2.4%, giving it a total stake of 26.4%.
In addition, Glenstone has received a written indication of support from Hawksmoor Investment Management, holder of a 6.2% stake.
Glenstone said it was a long-standing shareholder of AIRE, having first bought shares in a tender offer in November 2020. In the light of AIRE’s performance and failure to grow since its flotation in 2017, Glenstone said it was “disappointed” that a transaction capable of delivering an exit for shareholders had yet to be achieved, despite a period of sector consolidation that has seen other sub-scale real estate investment trusts be sold or taken private.
It repeated its demand to know why talks with AEWU had broken down in April during the due diligence process.
Our view
James Carthew, head of investment company research, said: “Glenstone REIT has made its opening offer for Alternative Income REIT and it looks a bit mean, coming at a 17% discount to a NAV that has been edging up recently. The question is, will anyone else step into the fray?”
The SNOWBALL has booked a ‘profit’ of £250 from its recent purchase of SUPR
| 欧博最新地址 m-web-jjb.comx BennyMarotto53418@gmail.com 45.3.47.156 | Heya are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and set up my own. Do you need any coding expertise to make your own blog? Any help would be really appreciated! |
Yep, Word Press thru Fast Hosts, no coding required.GL
The Glenstone Board is pleased to announce the terms of an all-cash offer by Glenstone to acquire the entire issued and to be issued ordinary share capital of AIRE that the Glenstone Group does not already hold (the “Acquisition“).
· As at close of business on 11 June 2026, being the Latest Practicable Date, the Glenstone Group held in aggregate 19,325,461 AIRE Shares, representing approximately 24.00 per cent. of AIRE’s issued ordinary share capital. These figures do not include the 1,900,000 AIRE Shares, representing approximately 2.36 per cent. of AIRE’s issued ordinary share capital, held by Adam Smith, a director of Glenstone and AIRE who has provided an irrevocable undertaking to (amongst other things) accept the Takeover Offer.
· It is intended that the Acquisition will be implemented by means of a Takeover Offer under the applicable provisions of the Code and the Companies Act 2006 with a 50 per cent. threshold for the Acceptance Condition.
· Under the terms of the Acquisition, which will provide liquidity for AIRE Shareholders, each AIRE Shareholder will be entitled to receive:
for each AIRE Share: 70.0 pence in cash (the “Offer Price”)
Keep waiting and watching.
Here’s how long it could take to go from zero to a £1m Stocks and Shares ISA
Ben McPoland sees this dividend-paying ETF as a solid contender for inclusion in a diversified Stocks and Shares ISA today.
Posted by Ben McPoland
Published 7 June
You’re reading a free article with opinions that may differ from The Twelfth Magpie’s Premium Investing Services.
Growing a Stocks and Shares ISA from nothing to £1m is arguably similar to planting an oak tree.
When you first put a small acorn in the ground, it hardly looks capable of becoming something remarkable. Sprouting takes many months, and then it takes years to even become a sapling. For a long time, it impresses nobody.
Building wealth through investing is similar for most people. In the early years, portfolio gains are modest, even if you’re regularly adding money. A £550 return here, a £43 dividend there. Reaching £50k can take a lot of patience and discipline.
But over time, something miraculous starts to happen underneath. Just like an oak tree develops a powerful root system underground, a portfolio can eventually start compounding. In other words, returns begin generating their own returns!
But how long could it realistically take to become an ISA millionaire?
Running the numbers
The annual ISA allowance is currently £20,000, and the long-term average return from a global index tracker is around 9% (with dividends reinvested).
Putting these things together then, it would take roughly 19 years to hit the £1m mark, starting from scratch.
But hang on. Not everyone can afford to invest £20k a year (the equivalent of £1,666 every month). Especially as the UK’s cost-of-living squeeze gets ever tighter.
Let’s assume then that someone could only invest £600 every month. In this scenario, assuming the same 9% annualised total return, it would take more like 29 years to reach £1m.
Building a solid foundation
Coincidentally, many oak trees begin producing their first acorns after a couple of decades. But imagine the roots were not solid. What would happen to a tree during a really heavy storm?
Exactly — it would likely come crashing down.
That’s how I feel about portfolio construction. I don’t want to be invested in a load of firms with flimsy financials, whose share prices may crash 50%+ during every market meltdown.
So I hold solid businesses like Visa, AstraZeneca, Aviva, and BAE Systems. These have been consistently profitable and pay out dividends.
On top of this firm foundation, I’ve layered on higher-risk, higher-reward growth stocks, including On Holding (the premium sportswear brand), Applied Nutrition, Nu Holdings (Brazil’s Nubank), and digital healthcare platform Hims & Hers.
A dividend ETF to consider
For someone who doesn’t want to pick individual stocks, though, it would make sense to consider investing in index trackers, investment trusts, and thematic exchange-traded funds (ETFs).
One ETF I like today is iShares UK Dividend ETF (LSE:IUKD). Through this fund, investors get exposure to the 50 highest yielding dividend stocks in the FTSE 350 (excluding investment trusts).
These include Legal & General, BP, British American Tobacco, Rio Tinto, ITV, and Lloyds. So there’s a lot of built-in diversification here.
The ETF’s share price has done really well recently, but that doesn’t include dividends (obviously the main attraction here). Right now, the yield is a solid 4.55%.
As for risks, the main one is that 100% of the companies in this ETF are listed in the UK. And while they’re mostly global firms, they could still be dragged down by domestic issues like a severe recession or political instability.
On balance though, I think this ETF is worth assessing closely for a balanced ISA portfolio.
I’m 64 and thought I was ready to retire, but the 4% rule says I’m way short—could I really run out of money?
by Jesse Singer
I’m a retirement expert and this is why you don’t need to panic if your pension slumps© Getty Images
When we think of investing money long term, for example in a pension, we talk about interest rates and compound growth, with the expectation that our money will increase over time.
This isn’t always the case though. As the caveat on financial articles often says: “The value of your investment can rise or fall.” This is a simple concept to grasp in abstract, but what happens when you face this situation in reality? When you check your pension account and find, to your horror, that the value has dropped?
Hannah Martin is a pensions expert and the founder of Rich Retiree
In fact, long-term investors often benefit from slumps like these, as they are able to buy more investments for the same cost. So if you are investing for your future, you may find that dips in the market actually help your money to grow.
You may also like
Here’s another thing to remember: until you ‘crystallise’ your money (take it out of your pension), any losses are just on paper.
Which brings us to the three scenarios you could be in regarding your pension, and how they may influence the impact of a stock market slump on your finances, and what action you may decide to take – or not.
Scenario one: You are saving into your pension for your future
If you are a few years away from taking money from your pension, a stock market slump shouldn’t unduly worry you. In fact, as described above, it may even help you in the long term.
If you are regularly paying into your pension, or planning on investing a lump sum, and can afford to do so, there’s no indication why a market drop right now should put you off.
Don’t be tempted to keep checking the value of your pension. You aren’t taking the money out now, and seeing numbers fall will only worry you – you’re human after all! Your investment should have plenty of time to recover and hopefully grow as the markets rebound.
Scenario two: You want to take your 25% tax-free lump sum
Once you have reached the age of 55 (rising to 57 in 2028) you can withdraw up to 25% of your pension tax-free. This can either be taken as a lump sum, or over time.
If you had planned to take out a lump sum from your pension right now, a slump in the markets will impact you as the value of your investment could be lower. If you can wait a few weeks or months, you may find that your 25% is worth more.
Scenario three: You are already drawing on your pension
If you are already taking money from your pension to live on, a slump in the market right now will be more frustrating. However, there are still actions you can take to protect yourself as much as you can.
If you have cash savings, such as ISAs or Premium Bonds, you might choose to switch to them and take less from your stocks and shares investments. You can always top them up later once the markets recover and you are happy to withdraw more from your pension again.
If you don’t have savings to fall back on, you might decide to tighten your belt for the moment and avoid any big purchases until the market bounces back and the value of your investments hopefully grows again.
If only you had invested your pension in a dividend re-investment plan.
Are we in a market bubble? It depends on what you’re reading or whom you ask.
Some valuation measures suggest the US market is more expensive than at almost any other point in history, perhaps beginning to match levels seen during the dotcom boom or before the 1929 crash.
Yet ask a technologist and they may tell you we are on the foothills of a once-in-a-generation investment boom, driven by advances in artificial intelligence (AI) through to the frontier of space commercialisation. This time it is different, they say.
As the billionaire investor Warren Buffett, a veteran of nearly eight decades of boom and bust, once said: ‘As bandwagon investors join any party, they create their own truth – for a while.’
For the average individual investor, the response to these versions of the truth can see-saw in our heads daily: ‘I should be reducing my exposure to all this froth. But I have a terrible fear of missing out.’
Are we in a market bubble? It depends on what you’re reading or whom you ask
I have been battling my FOMO – a nagging trait we investors must constantly fend off – and have taken steps that felt sensible for my portfolio and my aims.
They may not be right for you, and a financial adviser will be best placed to judge your specific situation.
For me, it is part of how an engaged DIY investor tweaks a portfolio to retain balance and improve outcomes – by being constantly aware of valuation.
1. Adjust geographically from expensive to cheap
I closely watch valuations and nudge my portfolio away from expensive stock markets and toward cheaper ones.
One measure is a comparison of current prices to average inflation-adjusted earnings over the past ten years.
Known as CAPE – cyclically adjusted price-to-earnings – it is a more sophisticated twist on the more commonly used price-to-earnings ratio. As with p/e ratios, a lower number suggests better value.
Historically, lower CAPE valuations have tended to be associated with stronger returns over the following decade or more. That is not a forecast of the future, but an observation.
As the table below shows, published by Taunus Trust, a German investment company, real returns from the US stock market have been around 12 per cent or 13 per cent for investments made when CAPE was below 15, but -0.2 per cent on the rare occasions it has been above 30. It is currently at 40, according to data from Research Affiliates.
Bear in mind that these annual returns factor in inflation making the 4.9 per cent figure for the UK, when CAPE was 15-20, pretty decent.
The UK market is currently on a CAPE of 17.5, according to Research Affiliates. I have angled my own portfolio toward the UK but also toward Europe, on a CAPE of 21.5, and emerging markets, which are on 22.2 but were much cheaper last year (more on this below).
CAPE vs subsequent 10-to-15-year annual average stock market returns: 1979 to 2026
| Country | 0-10 | 10-15 | 15-20 | 20-25 | 25-30 | 30+ |
|---|---|---|---|---|---|---|
| UK | 12.1% | 6.8% | 4.9% | 1.3% | 0.7% | n/a |
| US | 11.6% | 12.7% | 9.1% | 6.4% | 4.2% | – 0.2% |
| World | 11.5% | 8.2% | 6.6% | 5.1% | 4% | 1% |
2. Trim your winners
It is difficult to sell investments that have served you well. One compromise is to slice away some of the hotter areas of your portfolio, locking in profits and restoring some balance.
Andrew Oxlade has taken steps to taken steps to adjust his portfolio
A large proportion of the portfolio backs private companies, including Elon Musk’s SpaceX and Anthropic, the AI company behind Claude.
Edinburgh Worldwide, another investment trust run by Baillie Gifford, is also heavily invested in technological innovators.
I have trimmed my Scottish Mortgage exposure, taking it from 9 per cent to 6 per cent of my pension, and sold Edinburgh Worldwide.
I also plan to reduce the modest amount I have in the VanEck Space Innovators exchange-traded fund (ETF), which has handed me a 76 per cent return this year.
These decisions alone have left me feeling more relaxed about what might happen next.
3. Check your emerging markets funds for AI exposure
Emerging markets were regarded as cheap up until this year. A recent surge in prices has narrowed much of that valuation gap.
Much of the rally has been driven by three AI-related stock: Taiwan Semiconductor Manufacturing Company (TSMC), plus Samsung and SK Hynix of South Korea. The chipmaker stocks represent 14 per cent, 8 per cent and 7 per cent of the EM index, respectively.
You may be deliberately investing in emerging markets for exposure to these stocks, but I suspect most people are not.
I wasn’t and so have sold down some of the general EM funds I hold and reinvested some of the money into the BlackRock Latin American investment trust. The region remains cheap. Brazil, for example, is on a CAPE of 11, according to Research Affiliates.
Andrew Oxlade
Andrew Oxlade is a director at Fidelity Personal Investing, a former This is Money editor, and writes a regular column for This is Money on investment and financial planning.
4. Consider active over passive
Index-tracking funds have rightly surged in popularity due to their low cost and simplicity.
However, during times of fervour, you may find your future fortunes overly beholden to a handful of oversized stocks.
The so-called ‘Magnificent Seven’ in the US account for over a fifth of the MSCI World Index, which is commonly the basis for global tracker funds.
Nvidia is the top holding in the Legal & General Global Equity Index Fund, making up more than 5 per cent of the portfolio.
To labour the point, a £100,000 investment gives you about £5,000 of exposure to Nvidia. Would you choose to invest that much after the extraordinary rally it has enjoyed?
Funds that seek out undervalued stocks, known as value funds, could serve as a counterweight.
Dodge & Cox Worldwide Global Stock, which makes our Fidelity Select 50 list of favoured funds, only holds two of the ‘Magnificent 7’ stocks in its top 10, for example.
There is another, slightly more sledgehammer-like, approach to reducing your exposure to the concentration of stocks at the top end of the market – by putting some of your tracker money in so-called ‘equal-weighted’ index trackers.
They spread your money evenly across all stocks within a given index rather than reflecting company valuations, as traditional trackers do.
Examples include the Legal & General S&P 500 US Equal Weight Index Fund or the Invesco MSCI World Equal Weight ETF.
5. Increase your alternatives
Diversification is important at any time, but especially during periods of froth.
You might consider modest allocations to real estate or infrastructure investment trusts.
They may perform differently to stock market funds if a bubble were to burst. They also tend to pay relatively high levels of income.
The International Public Partnerships investment trust is one example that I hold. It offers a yield of 5.7 per cent, which isn’t guaranteed.
Gold remains the classic diversifier, especially during times of strife. I hold a small amount of my pension in the iShares Physical Gold ETC.
You could also consider funds and investment trusts that aim at wealth preservation rather than the best returns. The Personal Assets investment trust, which I hold, has just over a third of its portfolio in shares and 44 per cent in bonds.
6. Increase your cash holdings
For the very nervous investor, there is wisdom in moving some of the frothy profits you have realised into cash.
You could park your profits in money market funds, also known as cash funds. These now mostly yield less than 4 per cent, which is not guaranteed, and returns will change as interest-rate expectations shift.
The key problem with going to cash is that you may not hold your nerve if the market continues to inflate and you find yourself buying back in at a higher price. Or you may hold the cash indefinitely waiting for a crash that never comes.
Our Fidelity Be Invested survey found UK investors aiming for annual returns of 9.2 per cent a year over the next five years, yet they hold an average 17 per cent of their portfolio in cash.
These are all conundrums we face as we wrestle with our investment biases and shifting perceptions of value.
Most importantly, any revaluation of your portfolio is an opportunity to think about your actual aims – to consider the returns you need rather than those you want – and to make sure your investments still allow you to sleep at night.
Ultimately, I don’t think this time is different.
Hire the Bond King’s Heir for 15.8%, Paid Monthly
Brett Owens, Chief Investment Strategist
Updated: June 10, 2026
Remember Bill Gross? The financial media still quotes him here and there. Otherwise, he’s kicking around on X, tweeting a bit, looking (and flailing) to stay relevant.
A far cry from his previous life! Bill Gross was the man who built PIMCO into the biggest bond shop on planet Earth. He’s kind of a quirky guy—hung out near the beach in Southern California, practiced yoga in his office. A little prickly to work with, but definitely a great mind in the fixed-income space. He built PIMCO by himself, and he got all the best bond deals.
But as the years went by and the company grew, Bill started to weigh on the people he worked with. (He was a lot, by many reports—Mary Childs’ The Bond King documents just how much.) Such a handful that, eventually, in 2014, PIMCO ousted the king. He was gone. He was shown the door at the firm he created himself.
PIMCO could send Bill off to an early retirement because they had his successor waiting in the wings. Dan “the Beast” Ivascyn is not as flashy as Bill, but he’s equally good—maybe even better. The Beast has run PIMCO quietly ever since. He’s the best bond investor most people have never heard of. (And he’s reported to be low maintenance!)
The beauty of the Beast is that we don’t need millions to put him to work. For the price of literally a single share—less than 20 bucks!—we can “hire” Ivascyn! And he’ll send us a double-digit dividend paycheck every single month. (How’s that for a deal? He works for us—and pays us!)
These are retirement makers we’re talking about. A $100,000 position dishes $11,750 to $15,800 per year.
Let’s start with the biggest of the dividend beasts: PIMCO Dynamic Income Fund (PDI), which dishes a fantastic 15.8% per year in dividends. On a $100,000 stake, that’s the $15,800 I mentioned at 22 cents a share.
PDI raised its payout in its early, formative years, locked it in around 22 cents a month and has never cut it. So, for over a decade that included the COVID crash and 2022 bond bloodbath, this dividend was rock solid. Which is exactly what we income investors want. The steady, unrelenting payout. And even better when it appears monthly!
Now, is the 15.8% risk-free? Not quite—but it doesn’t require outsized heroics from the Beast. Here’s where PDI stands from an income standpoint.
Net investment income (NII) covers about 90% of the payout over the last fiscal year, or 90 cents on the dollar. In the latest single month, though, it slipped to 71%, so we’ll keep an eye on it. It also carries a growing return-of-capital slice: 29% in the latest month versus 9% over the prior year—the fund handing back some of your own principal. It hasn’t overdone it lately. And here’s the catch: it’s worth it—even at 90% coverage, that’s not bad.
PDI levers up some to pump its payout, borrowing about 32% of its portfolio. When the Fed is cutting rates, this is a tailwind to income because PDI’s lending costs become cheaper. High oil prices have derailed this party for a bit, but I expect oil to come back down eventually. At which point the Fed will resume cutting (because AI is deflationary!) and PDI’s margins will happily grow.
The fund invests in mortgage bonds, high-yield debt, and emerging-market debt. It comes with lots of volatility—a bit of a “cardiac kid.” When there’s a scare in high-yield, PDI sells off. Which is why it’s as cheap as it has been in the last year, and the main reason the yield is so high. Others are scared, but we salivate.
Yes, PDI still trades at a premium to net asset value—about 5.9%—but that’s actually cheap by PDI’s lofty standards.
Granted, it’s the richest premium of PIMCO’s four big taxable-bond CEFs. Everybody wants the biggest yield. So, let’s also talk about its quieter, cheaper sibling…
PIMCO Dynamic Income Opportunities Fund (PDO) trades at just a 2.6% premium to net asset value, versus PDI’s 5.9%. PDO is also trading below its usual premium.
PDO covers 93% of its dividend with investment income. Its portfolio is a bit steadier than PDI’s (its bonds are less volatile) but with security comes a pay cut. It’s not drastic—11.7% is still elite by any measure!
So, choose your PIMCO payout weapon! (Hint: there is no wrong answer here.)
Think you could find a place for double-digit monthly payers in your retirement portfolio ?
