AIRE closed at 74p, when the share opens today, you will not be able to trade at that price and book the profit of £558.

If AEW makes a bid, it might be possible to book a similar profit.

GLENSTONE’S ALREADY NEGLIGIBLE SHAREHOLDER ACCEPTANCES FALL FURTHER

The Board of AIRE (“AIRE Board”) notes yesterday’s announcement by Glenstone REIT plc (“Glenstone”) regarding the acceptance level for its unsolicited final* cash offer for AIRE (the “Glenstone Offer”).

ACCEPTANCES FROM INDEPENDENT AIRE SHAREHOLDERS FALL FURTHER TO LESS THAN 0.025%

After 35 days, 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, Glenstone has only received valid acceptances in respect of only 17,849 AIRE Shares, rather than the 19,849 acceptances previously announced. This represents a negligible proportion of AIRE’s issued share capital, representing less than 0.025 per cent.

After five weeks, Glenstone has therefore secured negligible net acceptance of its Offer from AIRE Shareholders other than its own director.

The AIRE Board’s view continues to be that the Glenstone Offer fundamentally undervalues the Company and as a result, the AIRE Board continues to recommend that AIRE Shareholders:

DO NOT ACCEPT GLENSTONE’S OFFER

The Glencore bid looks like a dead deal. The SNOWBALL will have to keep watching and waiting.