Form 8.5 (EPT/RI)-LondonMetric & Schroder Amend

JPMorgan Securities Plc

29 May 2026

 

AMENDMENT

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:	27 May 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	3,774,090	1.9150 GBP	1.8980 GBP
	Sale	5,165,119	1.9160 GBP	1.8909 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	33,494	0.4940 GBP	0.4845 GBP
	Sale	29,353	0.4945 GBP	0.4855 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	6,352	1.9030 GBP
			7,890	1.9031 GBP
			5	1.9032 GBP
			1,818	1.9034 GBP
			34,790	1.9041 GBP
			18,470	1.9054 GBP
			11,296	1.9062 GBP
			38,034	1.9065 GBP
			6,205	1.9066 GBP
			400	1.9070 GBP
			6,305	1.9081 GBP
		Decrease Short	1,300,415	1.9030 GBP
			39,782	1.9039 GBP
			70,559	1.9051 GBP
			178	1.9052 GBP
		Increase Long	1,091	1.8909 GBP
			2,353	1.9010 GBP
			95,962	1.9029 GBP
			74,134	1.9030 GBP
			16,023	1.9031 GBP
			2,277	1.9041 GBP
			186,583	1.9043 GBP
			414,030	1.9046 GBP
			66,932	1.9047 GBP
			23,081	1.9049 GBP
			39,919	1.9058 GBP
			35,392	1.9061 GBP
			19,526	1.9065 GBP
			53,199	1.9066 GBP
			86,734	1.9067 GBP
			15,678	1.9073 GBP
			24,608	1.9084 GBP
			2,000	1.9160 GBP
		Increase Short	852,567	1.9030 GBP
			18,318	1.9033 GBP
			38,532	1.9035 GBP
		Opening a long position	6,340	1.9039 GBP
			18,436	1.9040 GBP
			8,906	1.9049 GBP
		Opening a short position	25,309	1.9030 GBP
			7,617	1.9032 GBP
			173	1.9071 GBP
			583	1.9091 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	563	0.4865 GBP
		Increase Short	401	0.4864 GBP
			4,893	0.4876 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:	29 May 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