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

JPMorgan Securities Plc

28 July 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:	27 July 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	970,603	1.9840 GBP	1.9620 GBP
	Sale	1,380,657	1.9840 GBP	1.9640 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	99,760	0.4600 GBP	0.4590 GBP
	Sale	84,284	0.4600 GBP	0.4575 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	3,915	1.9661 GBP
			3,506	1.9662 GBP
			16,100	1.9745 GBP
		Decrease Short	962	1.9670 GBP
			2	1.9703 GBP
			578	1.9708 GBP
			59	1.9710 GBP
			3,015	1.9721 GBP
			13,355	1.9727 GBP
			28,863	1.9730 GBP
			4,951	1.9735 GBP
			131	1.9737 GBP
			4,865	1.9739 GBP
			33,387	1.9740 GBP
			11,156	1.9743 GBP
			3,506	1.9745 GBP
			7,494	1.9747 GBP
			44,204	1.9748 GBP
			2	1.9750 GBP
			39,247	1.9751 GBP
			45	1.9752 GBP
			41,144	1.9754 GBP
			119,901	1.9755 GBP
			14,222	1.9757 GBP
			191	1.9765 GBP
			12,595	1.9768 GBP
			24,222	1.9772 GBP
			482	1.9790 GBP
			114,748	1.9799 GBP
		Increase Long	28,774	1.9719 GBP
			78,015	1.9739 GBP
			5,095	1.9784 GBP
			579	1.9839 GBP
		Increase Short	4,098	1.9686 GBP
			609	1.9709 GBP
			28	1.9715 GBP
			317	1.9717 GBP
			5,561	1.9720 GBP
			19,273	1.9725 GBP
			1,424	1.9740 GBP
			8,097	1.9743 GBP
			2,592	1.9744 GBP
			4,704	1.9746 GBP
			45,386	1.9749 GBP
			1,342	1.9756 GBP
			1,981	1.9760 GBP
			1,075	1.9814 GBP
		Opening a long position	5,415	1.9687 GBP
			13,424	1.9718 GBP
			15,600	1.9734 GBP
			240,887	1.9740 GBP
			6,336	1.9760 GBP
			5,972	1.9840 GBP
		Opening a short position	1,177	1.9700 GBP
			2,372	1.9725 GBP
			262,513	1.9740 GBP
			15,600	1.9745 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	Increase Short	16,183	0.4600 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:	28 July 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