The company said that 50.42% of AIRE’s issued ordinary share capital have accepted its 70p per share offer on September 8. 

AIRE shareholders who have not accepted the offer yet will be given 14 days’ notice via an announcement before the offer is closed for acceptances. Glenstone has urged AIRE shareholders who have not yet accepted to avoid losing out on the 70p per share offer.

It said in a statement: “Glenstone now has significant control over AIRE and is in a position to ensure the approval or rejection of ordinary resolutions of AIRE and determine the overall strategy of the AIRE Group.

“The Glenstone board intends to engage with the AIRE board in relation to such matters shortly.  Glenstone also intends to appoint directors to the AIRE board.”

Glenstone confirmed it will make “immediate changes” AIRE’s admission to trading on the main market and listing on the closed‑ended investment funds category of the official list.

The fund added: “AIRE shareholders are reminded that, as stated in the offer document, now that the offer has been declared unconditional, if Glenstone receives acceptances under the offer in respect of, and/or otherwise acquires, 75% or more of the voting rights carried by the AIRE shares, Glenstone intends to procure that AIRE makes applications to the London Stock Exchange for the cancellation of the admission to trading of AIRE shares on the main market for listed securities and to the FCA for the cancellation of the listing of the AIRE shares on the closed-ended investment funds category of the official list.”

If Glenstone received acceptances of 90% or more in value of the AIRE shares it will exercise its right to “acquire compulsorily the remaining AIRE Shares on the same terms as the offer,” explaining: “If achieved, such cancellation and re-registration shall significantly reduce the liquidity and marketability of any AIRE shares in respect of which the offer has not been accepted at that time, and their value may, therefore, be affected.

“Even if there is no cancellation or re-registration, as the offer has become unconditional, any AIRE Shareholders that have [sic] or do not accept the offer in respect of their entire holding of AIRE shares will be minority shareholders in a publicly-traded company. 

“In either case, any remaining AIRE Shareholders would become minority shareholders in a privately controlled limited company or a public company with materially reduced liquidity and marketability and may be unable to easily sell their AIRE shares.”