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

JPMorgan Securities Plc

07 April 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:	02 April 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	2,292,801	1.8780 GBP	1.8170 GBP
	Sale	2,739,343	1.8796 GBP	1.8178 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	16,637	0.4815 GBP	0.4760 GBP
	Sale	5,813	0.4785 GBP	0.4785 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	13,510	1.8183 GBP
			4,184	1.8460 GBP
			15,715	1.8523 GBP
			13,625	1.8595 GBP
			4,974	1.8602 GBP
			5,108	1.8667 GBP
			2,131	1.8680 GBP
			62,269	1.8681 GBP
			341,030	1.8712 GBP
			511,547	1.8750 GBP
			284,194	1.8760 GBP
		Decrease Short	409	1.8518 GBP
			14,168	1.8604 GBP
			46,659	1.8615 GBP
			20,943	1.8616 GBP
			145,106	1.8624 GBP
			2,134	1.8640 GBP
			13,688	1.8657 GBP
			259,003	1.8675 GBP
			97,870	1.8677 GBP
			35,445	1.8679 GBP
			1,277,048	1.8680 GBP
			34,454	1.8683 GBP
			20,243	1.8695 GBP
			18,671	1.8711 GBP
			6,314	1.8739 GBP
			6,403	1.8744 GBP
		Increase Long	46,600	1.8492 GBP
			32,298	1.8593 GBP
			144,950	1.8661 GBP
			19,983	1.8674 GBP
			45	1.8679 GBP
			5,190	1.8680 GBP
			17,863	1.8690 GBP
			1,240	1.8707 GBP
			4,350	1.8796 GBP
		Increase Short	7,776	1.8299 GBP
			5,743	1.8406 GBP
			15,052	1.8438 GBP
			4,117	1.8472 GBP
			49	1.8520 GBP
			2,725	1.8523 GBP
			25,787	1.8533 GBP
			10,026	1.8570 GBP
			38,648	1.8594 GBP
			1	1.8610 GBP
			108,638	1.8612 GBP
			45,493	1.8622 GBP
			83,469	1.8626 GBP
			42,070	1.8630 GBP
			185,595	1.8680 GBP
			91,216	1.8681 GBP
			4,673	1.8687 GBP
			4,793	1.8715 GBP
		Opening a long position	1,756	1.8680 GBP
		Opening a short position	1,450	1.8467 GBP
			5,851	1.8680 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	Increase Short	10,824	0.4785 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:	07 April 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