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

JPMorgan Securities Plc

31 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:	30 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	1,010,704	1.9940 GBP	1.9630 GBP
	Sale	1,051,663	1.9940 GBP	1.9630 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	43,541	0.4630 GBP	0.4586 GBP
	Sale	46,822	0.4605 GBP	0.4586 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	74,246	1.9714 GBP
			43,420	1.9800 GBP
			45,653	1.9801 GBP
			1	1.9812 GBP
			9,845	1.9819 GBP
			525	1.9830 GBP
			9,300	1.9837 GBP
		Decrease Short	3,031	1.9771 GBP
			10,631	1.9797 GBP
			224,300	1.9800 GBP
			15,078	1.9805 GBP
			44,651	1.9809 GBP
			1	1.9815 GBP
			9,008	1.9817 GBP
			20,112	1.9822 GBP
			2,111	1.9825 GBP
			1,427	1.9827 GBP
			37,799	1.9832 GBP
			34,844	1.9833 GBP
			310	1.9835 GBP
			20,485	1.9843 GBP
			52,575	1.9852 GBP
			14,936	1.9865 GBP
			18,303	1.9867 GBP
			1,466	1.9869 GBP
			8,282	1.9874 GBP
			433	1.9899 GBP
		Increase Long	1	1.9798 GBP
			24,503	1.9799 GBP
			11,021	1.9821 GBP
			700	1.9886 GBP
		Increase Short	2,274	1.9758 GBP
			23,693	1.9773 GBP
			57,569	1.9798 GBP
			60,225	1.9800 GBP
			4,581	1.9803 GBP
			53,838	1.9809 GBP
			78,888	1.9819 GBP
			4,607	1.9846 GBP
			7,569	1.9848 GBP
			1,161	1.9911 GBP
		Opening a long position	2,942	1.9699 GBP
			5,901	1.9800 GBP
			10,192	1.9808 GBP
			13,367	1.9814 GBP
			88,663	1.9868 GBP
			179	1.9880 GBP
		Opening a short position	12,696	1.9751 GBP
			11,957	1.9784 GBP
			97,035	1.9800 GBP
			4,074	1.9811 GBP
			1,359	1.9836 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	Decrease Short	3,281	0.4590 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:	31 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