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

JPMorgan Securities Plc

25 June 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:	24 June 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	50,614	0.4670 GBP	0.4625 GBP
	Sale	51,960	0.4660 GBP	0.4633 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	3,773,727	1.8948 GBP	1.8610 GBP
	Sale	1,720,407	1.8934 GBP	1.8470 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
Schroder REIT ordinary NPV	Equity Swap	Decrease Short	1,346	0.4660 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
LondonMetric 10p ordinary	Equity Swap	Decrease Long	116,310	1.8764 GBP
			429,653	1.8814 GBP
			10,400	1.8843 GBP
			86,431	1.8848 GBP
			185,566	1.8881 GBP
			250,715	1.8901 GBP
		Decrease Short	243	1.8698 GBP
			1,050	1.8751 GBP
			34,699	1.8803 GBP
			23,386	1.8823 GBP
			222	1.8839 GBP
			9,432	1.8846 GBP
			19,513	1.8857 GBP
			5	1.8865 GBP
			20,662	1.8883 GBP
			23,221	1.8897 GBP
			17,559	1.8900 GBP
			2,964	1.8934 GBP
		Increase Long	593	1.8479 GBP
			8,234	1.8769 GBP
			7,466	1.8812 GBP
			36,645	1.8884 GBP
			1	1.8898 GBP
			31,998	1.8899 GBP
			500	1.8924 GBP
		Increase Short	805	1.8795 GBP
			28	1.8800 GBP
			251,591	1.8802 GBP
			12,867	1.8808 GBP
			5,850	1.8809 GBP
			21,108	1.8810 GBP
			57,902	1.8812 GBP
			3	1.8823 GBP
			134	1.8830 GBP
			235,977	1.8832 GBP
			96,032	1.8833 GBP
			13,731	1.8843 GBP
			2,160	1.8864 GBP
			87,000	1.8878 GBP
			13,079	1.8879 GBP
			6,044	1.8880 GBP
			5,845	1.8893 GBP
			51,596	1.8895 GBP
			33,725	1.8897 GBP
			65,958	1.8900 GBP
			83,266	1.8903 GBP
		Opening a long position	8,300	1.8796 GBP
			36,509	1.8811 GBP
			39,054	1.8822 GBP
		Opening a short position	2,777	1.8754 GBP
			14,501	1.8787 GBP
			66,585	1.8900 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:	25 June 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