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

JPMorgan Securities Plc

14 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:	13 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	425,890	1.9500 GBP	1.9258 GBP
	Sale	707,107	1.9495 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	27,873	0.4600 GBP	0.4530 GBP
	Sale	29,489	0.4635 GBP	0.4600 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	570	1.9392 GBP
			3,806	1.9402 GBP
			35,490	1.9405 GBP
			502	1.9413 GBP
			2,500	1.9414 GBP
		Decrease Short	83	1.9300 GBP
			6,088	1.9318 GBP
			2,122	1.9323 GBP
			1,339	1.9335 GBP
			15,479	1.9337 GBP
			6,872	1.9375 GBP
			32,995	1.9386 GBP
			2,741	1.9388 GBP
			1,875	1.9397 GBP
			92,543	1.9399 GBP
			95,838	1.9400 GBP
			3,937	1.9402 GBP
			29,815	1.9407 GBP
			10,665	1.9408 GBP
			75,450	1.9430 GBP
			2,228	1.9433 GBP
			17,693	1.9465 GBP
			10,129	1.9467 GBP
			6,165	1.9473 GBP
			1,520	1.9485 GBP
		Increase Long	900	1.9312 GBP
			21,494	1.9385 GBP
			10,686	1.9399 GBP
			245	1.9412 GBP
			166	1.9416 GBP
		Increase Short	2,243	1.9261 GBP
			241	1.9349 GBP
			2,489	1.9371 GBP
			17,117	1.9400 GBP
			25,146	1.9406 GBP
			1,997	1.9438 GBP
			7,142	1.9439 GBP
			2,102	1.9446 GBP
			44,976	1.9449 GBP
			375	1.9490 GBP
		Opening a long position	3,040	1.9285 GBP
			4,574	1.9397 GBP
		Opening a short position	1,818	1.9400 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	1,887	0.4635 GBP
		Increase Short	326	0.4530 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:	14 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