Form 8.5 (EPT/RI)-LondonMetric & Schroder Amend

JPMorgan Securities Plc

06 August 2026

 

AMENDMENT

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY

Rule 8.5 of the Takeover Code (the "Code")

1.         KEY INFORMATION

(a) Name of exempt principal trader:	J.P. Morgan Securities Plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:      Use a separate form for each offeror/offeree	A consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited
(c) Name of the party to the offer with which exempt principal trader is connected:	Financial advisor to a consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited
(d) Date dealing undertaken:	03 August 2026
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?      If it is a cash offer or possible cash offer, state "N/A"	Yes, Picton Property Income Limited

2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
LondonMetric 10p ordinary	Purchase	928,045	1.9850 GBP	1.9570 GBP
	Sale	1,457,653	1.9830 GBP	1.9570 GBP

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Schroder REIT ordinary NPV	Purchase	170,905	0.4430 GBP	0.4313 GBP
	Sale	1,447,871	0.4505 GBP	0.4308 GBP

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
LondonMetric 10p ordinary	Equity Swap	Decrease Long	1	1.9582 GBP
			46,690	1.9591 GBP
			5	1.9623 GBP
			21,649	1.9675 GBP
			9,498	1.9752 GBP
		Decrease Short	1,227	1.9580 GBP
			365,419	1.9588 GBP
			44,204	1.9590 GBP
			4,164	1.9592 GBP
			14,390	1.9596 GBP
			35,121	1.9600 GBP
			47,677	1.9605 GBP
			107,141	1.9607 GBP
			522	1.9610 GBP
			348	1.9613 GBP
			13,646	1.9614 GBP
			4,744	1.9630 GBP
			1,513	1.9677 GBP
			96,450	1.9685 GBP
			10,070	1.9688 GBP
			11,164	1.9710 GBP
			248	1.9716 GBP
			613	1.9729 GBP
			3,696	1.9737 GBP
			6,063	1.9757 GBP
			23	1.9769 GBP
			13,802	1.9770 GBP
		Increase Long	38,729	1.9589 GBP
			24	1.9592 GBP
			18,578	1.9641 GBP
			10,700	1.9652 GBP
			1,198	1.9709 GBP
		Increase Short	4,249	1.9581 GBP
			5,843	1.9586 GBP
			11,289	1.9590 GBP
			98,888	1.9592 GBP
			35,367	1.9594 GBP
			128,143	1.9600 GBP
			4,201	1.9605 GBP
			9,823	1.9609 GBP
			2,357	1.9611 GBP
			43,818	1.9624 GBP
			4,267	1.9628 GBP
			71,640	1.9645 GBP
			9,479	1.9658 GBP
			34,693	1.9700 GBP
			19,876	1.9719 GBP
			12,375	1.9748 GBP
			8,254	1.9755 GBP
			7,659	1.9771 GBP
			3,561	1.9785 GBP
			1,901	1.9790 GBP
		Opening a long position	66,500	1.9572 GBP
			227,723	1.9590 GBP
			62,790	1.9686 GBP
			126,814	1.9690 GBP
		Opening a short position	214,383	1.9590 GBP
			16,371	1.9680 GBP
			3,271	1.9706 GBP

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
Schroder REIT ordinary NPV	Equity Swap	Opening a long position	312,900	0.4308 GBP
			295,520	0.4396 GBP
			596,767	0.4397 GBP
			199,997	0.4460 GBP
			805,190	0.4479 GBP
		Opening a short position	199,997	0.4460 GBP
			805,190	0.4479 GBP

(c)        Stock-settled derivative transactions (including options)

(i)         Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)

3.         OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state "none"

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)  the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none"

None

Date of disclosure:	06 August 2026
Contact name:	Natasha Mondon
Telephone number:	01202 325175

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. 

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on [phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

 

END