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

JPMorgan Securities Plc

02 July 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:	01 July 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	1,737,698	1.8820 GBP	1.8600 GBP
	Sale	1,568,951	1.8810 GBP	1.8590 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	46,612	0.4605 GBP	0.4575 GBP
	Sale	44,462	0.4613 GBP	0.4570 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	3,746	1.8637 GBP
			6,700	1.8667 GBP
			16,716	1.8754 GBP
			1	1.8772 GBP
			73,000	1.8811 GBP
			1	1.8812 GBP
			1,948	1.8814 GBP
		Decrease Short	447	1.8672 GBP
			33	1.8680 GBP
			7,365	1.8681 GBP
			53,815	1.8692 GBP
			9,403	1.8725 GBP
			825	1.8742 GBP
			202	1.8744 GBP
			55,081	1.8807 GBP
			323,487	1.8810 GBP
		Increase Long	2,006	1.8799 GBP
			4,730	1.8806 GBP
		Increase Short	4,278	1.8660 GBP
			21,018	1.8662 GBP
			41,888	1.8663 GBP
			32,660	1.8679 GBP
			19,536	1.8685 GBP
			9,420	1.8686 GBP
			21,945	1.8688 GBP
			15,796	1.8692 GBP
			746	1.8696 GBP
			201,946	1.8697 GBP
			3	1.8737 GBP
			12,631	1.8742 GBP
			188	1.8745 GBP
			1	1.8750 GBP
			77,587	1.8751 GBP
			11,485	1.8780 GBP
			2,257	1.8790 GBP
			37,181	1.8810 GBP
			14,933	1.8813 GBP
		Opening a long position	1,779	1.8684 GBP
			6,548	1.8796 GBP
			6,548	1.8798 GBP
			57,089	1.8810 GBP
		Opening a short position	25,686	1.8675 GBP
			60	1.8681 GBP
			18,210	1.8691 GBP
			12,733	1.8723 GBP
			2,239	1.8801 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	9,746	0.4614 GBP
		Increase Short	11,896	0.4577 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:	02 July 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