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

JPMorgan Securities Plc

14 May 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 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
Schroder REIT ordinary NPV	Purchase	1,227	0.4700 GBP	0.4700 GBP
	Sale	2,638	0.4700 GBP	0.4700 GBP

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	2,252,985	1.8560 GBP	1.8210 GBP
	Sale	1,215,398	1.8500 GBP	1.8225 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	830,913	1.8280 GBP
			20,400	1.8282 GBP
			1,110	1.8291 GBP
			77,741	1.8302 GBP
			18,760	1.8398 GBP
			419,688	1.8407 GBP
			33,407	1.8418 GBP
			103,128	1.8491 GBP
		Decrease Short	4,249	1.8261 GBP
			66	1.8268 GBP
			1,193	1.8270 GBP
			595	1.8311 GBP
			44,138	1.8322 GBP
			19,438	1.8326 GBP
			3,645	1.8342 GBP
			7,569	1.8362 GBP
			40,549	1.8393 GBP
			1,432	1.8412 GBP
			3,680	1.8420 GBP
			1	1.8425 GBP
			5,504	1.8456 GBP
			2,400	1.8468 GBP
			22,636	1.8487 GBP
			775,170	1.8490 GBP
		Increase Long	981	1.8428 GBP
			2,075	1.8440 GBP
		Increase Short	66	1.8269 GBP
			355	1.8300 GBP
			12,503	1.8310 GBP
			36,331	1.8379 GBP
			79,550	1.8380 GBP
			115,379	1.8412 GBP
			1,601	1.8459 GBP
			9,257	1.8484 GBP
			592	1.8486 GBP
			227	1.8489 GBP
			199,667	1.8490 GBP
		Opening a long position	2,200	1.8225 GBP
			4,001	1.8325 GBP
			4,249	1.8335 GBP
			1,820	1.8490 GBP
		Opening a short position	4,020	1.8233 GBP
			15,124	1.8340 GBP
			2,720	1.8346 GBP
			2,072	1.8409 GBP
			105,816	1.8490 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	0	0	0.00

(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 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