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

JPMorgan Securities Plc

10 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:	07 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	1,731,435	1.9590 GBP	1.9304 GBP
	Sale	1,111,883	1.9585 GBP	1.9270 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	229,404	0.4525 GBP	0.4525 GBP
	Sale	338,805	0.4525 GBP	0.4410 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	15,804	1.9452 GBP
			11,590	1.9501 GBP
			367	1.9502 GBP
			69	1.9517 GBP
		Decrease Short	6	1.9320 GBP
			689	1.9406 GBP
			4,329	1.9478 GBP
			12,291	1.9484 GBP
			32,211	1.9485 GBP
			7,744	1.9499 GBP
			12,983	1.9500 GBP
			7	1.9505 GBP
			2,133	1.9519 GBP
			34,010	1.9532 GBP
			27,997	1.9563 GBP
			683	1.9569 GBP
		Increase Long	36,004	1.9435 GBP
			379	1.9480 GBP
			567	1.9482 GBP
			24,481	1.9499 GBP
		Increase Short	3,540	1.9304 GBP
			28,199	1.9439 GBP
			14,650	1.9441 GBP
			72,255	1.9455 GBP
			19,395	1.9458 GBP
			32,915	1.9461 GBP
			118,102	1.9468 GBP
			2,037	1.9469 GBP
			44,248	1.9490 GBP
			46,642	1.9500 GBP
			81,909	1.9501 GBP
			23,316	1.9503 GBP
			9	1.9504 GBP
			68,703	1.9507 GBP
			50,345	1.9510 GBP
			1,625	1.9513 GBP
			61,024	1.9518 GBP
			314	1.9519 GBP
			1,699	1.9535 GBP
			2,990	1.9542 GBP
			1,749	1.9545 GBP
			13,700	1.9552 GBP
			491	1.9557 GBP
		Opening a long position	6,542	1.9437 GBP
			9,700	1.9540 GBP
		Opening a short position	381	1.9500 GBP
			43,033	1.9511 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	221,832	0.4525 GBP
		Increase Short	221,831	0.4525 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:	10 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