SDIP has been added to the Watch List.

As some of the lower yielders drop out of the watch list, they will be replaced with selected ETF’s.

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

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

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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

IUKD

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. 

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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.