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

JPMorgan Securities Plc

13 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:	10 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	2,766,684	1.9170 GBP	1.9021 GBP
	Sale	3,459,538	1.9150 GBP	1.9043 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	74,549	0.4970 GBP	0.4915 GBP
	Sale	182,022	0.4970 GBP	0.4915 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	5,146	1.9067 GBP
			15,450	1.9082 GBP
			1,800	1.9091 GBP
			584,039	1.9110 GBP
			6,912	1.9116 GBP
			5,523	1.9117 GBP
			11,118	1.9141 GBP
			16,301	1.9142 GBP
		Decrease Short	1,752	1.9067 GBP
			249	1.9075 GBP
			575	1.9090 GBP
			9,267	1.9091 GBP
			173,349	1.9093 GBP
			41,053	1.9098 GBP
			5,783	1.9107 GBP
			13,603	1.9109 GBP
			2,136	1.9110 GBP
			8,808	1.9113 GBP
			805	1.9114 GBP
			86,702	1.9119 GBP
			11,273	1.9124 GBP
			34,365	1.9127 GBP
			227,320	1.9135 GBP
			8,753	1.9137 GBP
			12,039	1.9139 GBP
			2,191,280	1.9140 GBP
		Increase Long	82,519	1.9114 GBP
			2,700	1.9116 GBP
			35,619	1.9119 GBP
			8,923	1.9131 GBP
			44,657	1.9139 GBP
		Increase Short	9,196	1.9073 GBP
			249	1.9076 GBP
			4,583	1.9084 GBP
			32,189	1.9094 GBP
			18,706	1.9098 GBP
			41,062	1.9099 GBP
			385	1.9108 GBP
			4,952	1.9110 GBP
			2,139	1.9113 GBP
			3,313	1.9128 GBP
			1,775,630	1.9140 GBP
			15,469	1.9141 GBP
		Opening a long position	251	1.9050 GBP
			18,817	1.9126 GBP
			4,785	1.9140 GBP
			1,745	1.9149 GBP
		Opening a short position	20	1.9021 GBP
			9,672	1.9079 GBP
			15,655	1.9107 GBP
			251	1.9140 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 Long	64,021	0.4915 GBP
		Decrease Short	25,000	0.4950 GBP
			4,366	0.4970 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:	13 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