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

JPMorgan Securities Plc

11 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:	10 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	1,572,162	1.9515 GBP	1.9260 GBP
	Sale	1,167,791	1.9540 GBP	1.9260 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	120,293	0.4532 GBP	0.4480 GBP
	Sale	160,370	0.4550 GBP	0.4480 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	6,542	1.9350 GBP
			30,133	1.9351 GBP
			10,700	1.9471 GBP
		Decrease Short	5,568	1.9277 GBP
			59,911	1.9286 GBP
			13,519	1.9310 GBP
			3,754	1.9317 GBP
			26	1.9346 GBP
			26,727	1.9349 GBP
			146,100	1.9350 GBP
			53,176	1.9375 GBP
			100,222	1.9388 GBP
			1,561	1.9431 GBP
			30	1.9470 GBP
			4,196	1.9483 GBP
		Increase Long	1	1.9288 GBP
			841	1.9343 GBP
			1,246	1.9345 GBP
			7	1.9348 GBP
			9,345	1.9350 GBP
			12,792	1.9358 GBP
			54	1.9481 GBP
		Increase Short	2,705	1.9270 GBP
			3,890	1.9274 GBP
			1,311	1.9312 GBP
			14,080	1.9314 GBP
			59,530	1.9327 GBP
			91	1.9335 GBP
			80,262	1.9338 GBP
			13,232	1.9339 GBP
			8,499	1.9342 GBP
			64,876	1.9347 GBP
			158,062	1.9350 GBP
			80,063	1.9351 GBP
			48,722	1.9353 GBP
			16,043	1.9363 GBP
			70,704	1.9369 GBP
			60,550	1.9380 GBP
			67,707	1.9385 GBP
			11,815	1.9441 GBP
			1,713	1.9445 GBP
			1,716	1.9452 GBP
			434	1.9460 GBP
			14,087	1.9464 GBP
			26,690	1.9477 GBP
			2,489	1.9486 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	23,691	0.4495 GBP
		Increase Short	3,614	0.4532 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:	11 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