Form 8.5 (EPT/RI)-LondonMetric & Schroder REIT Ltd

JPMorgan Securities Plc

25 March 2026

 

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:	24 March 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
Schroder REIT ordinary NPV	Purchase	29,382	0.4769 GBP	0.4755 GBP
	Sale	32,223	0.4773 GBP	0.4755 GBP

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	1,361,674	1.8330 GBP	1.8050 GBP
	Sale	2,114,412	1.8320 GBP	1.8050 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
Schroder REIT ordinary NPV	Equity Swap	Decrease Short	577	0.4770 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
LondonMetric 10p ordinary	Equity Swap	Decrease Long	55,243	1.8121 GBP
			30	1.8122 GBP
			132,214	1.8140 GBP
			109,933	1.8151 GBP
			6	1.8162 GBP
			6,279	1.8184 GBP
			33,843	1.8203 GBP
			6,900	1.8239 GBP
		Decrease Short	4,075	1.8050 GBP
			5,464	1.8117 GBP
			55	1.8118 GBP
			906,155	1.8120 GBP
			9,677	1.8122 GBP
			174,374	1.8124 GBP
			77,183	1.8127 GBP
			31,278	1.8168 GBP
			15,747	1.8176 GBP
			125	1.8182 GBP
			1,802	1.8192 GBP
			50,723	1.8198 GBP
			1,367	1.8200 GBP
			74,806	1.8215 GBP
			5,895	1.8238 GBP
			6,985	1.8240 GBP
			12,386	1.8243 GBP
			65,326	1.8246 GBP
			1,445	1.8276 GBP
		Increase Long	52,466	1.8155 GBP
			19,114	1.8167 GBP
			10,924	1.8179 GBP
			5,058	1.8185 GBP
			3,888	1.8220 GBP
			125,100	1.8235 GBP
			20,590	1.8257 GBP
		Increase Short	748	1.8053 GBP
			7,677	1.8068 GBP
			10,341	1.8093 GBP
			21,507	1.8120 GBP
			111,488	1.8121 GBP
			33,234	1.8124 GBP
			20,686	1.8126 GBP
			21,478	1.8158 GBP
			2,304	1.8165 GBP
			5,397	1.8174 GBP
			83,393	1.8189 GBP
			27,727	1.8197 GBP
			16,968	1.8200 GBP
			110	1.8212 GBP
			6,459	1.8216 GBP
			35,042	1.8219 GBP
			4,393	1.8224 GBP
			8,698	1.8234 GBP
			10,118	1.8269 GBP
			302	1.8303 GBP
			151	1.8330 GBP
		Opening a long position	5,522	1.8160 GBP
		Opening a short position	174,412	1.8120 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:	25 March 2026
Contact name:	Hetvi Shah
Telephone number:	44 2034 936359

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