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

JPMorgan Securities Plc

06 August 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:	05 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	1,072,593	1.9899 GBP	1.9740 GBP
	Sale	1,088,910	1.9845 GBP	1.9730 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	195,173	0.4485 GBP	0.4340 GBP
	Sale	1,524,530	0.4485 GBP	0.4323 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	37	1.9747 GBP
			7,319	1.9770 GBP
			14,192	1.9771 GBP
			1	1.9772 GBP
			14,164	1.9797 GBP
			98	1.9899 GBP
		Decrease Short	200,032	1.9748 GBP
			4,521	1.9751 GBP
			594	1.9763 GBP
			315	1.9765 GBP
			11,926	1.9767 GBP
			46,522	1.9768 GBP
			18,195	1.9769 GBP
			50,462	1.9770 GBP
			1,855	1.9775 GBP
			2,021	1.9789 GBP
			6,270	1.9804 GBP
			1,321	1.9817 GBP
		Increase Long	4,379	1.9749 GBP
			91,424	1.9760 GBP
			2,000	1.9766 GBP
			73,665	1.9768 GBP
			14,591	1.9769 GBP
			780	1.9770 GBP
		Increase Short	8,251	1.9748 GBP
			5,552	1.9754 GBP
			11,172	1.9757 GBP
			12,190	1.9758 GBP
			12,590	1.9760 GBP
			13,886	1.9761 GBP
			375	1.9762 GBP
			138	1.9765 GBP
			42,760	1.9768 GBP
			107,489	1.9770 GBP
			68,346	1.9771 GBP
			22,438	1.9773 GBP
			36,915	1.9775 GBP
			118,379	1.9781 GBP
			598	1.9786 GBP
			8,049	1.9788 GBP
			1,249	1.9800 GBP
			3,595	1.9814 GBP
		Opening a long position	910	1.9772 GBP
			39,741	1.9787 GBP
			95	1.9789 GBP
		Opening a short position	19,488	1.9766 GBP
			1,259	1.9780 GBP
			39,741	1.9801 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 Long	264,742	0.4321 GBP
			430,196	0.4343 GBP
		Increase Long	264,742	0.4321 GBP
			430,196	0.4343 GBP
			430,196	0.4363 GBP
		Increase Short	25,977	0.4342 GBP
		Opening a long position	373,298	0.4315 GBP
			1,000,000	0.4321 GBP
			925,138	0.4323 GBP
		Opening a short position	373,298	0.4315 GBP
			1,000,000	0.4321 GBP

s

(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