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

JPMorgan Securities Plc

06 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:	03 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	1,241,644	1.9000 GBP	1.8820 GBP
	Sale	1,060,923	1.9010 GBP	1.8820 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	7,249	0.4631 GBP	0.4575 GBP
	Sale	7,249	0.4631 GBP	0.4575 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	23,701	1.8859 GBP
			300	1.8860 GBP
			55,586	1.8891 GBP
			96	1.8902 GBP
			96	1.8906 GBP
			29,068	1.8911 GBP
			2,724	1.8956 GBP
		Decrease Short	223	1.8831 GBP
			14,209	1.8853 GBP
			3,228	1.8857 GBP
			4,086	1.8873 GBP
			31,875	1.8878 GBP
			3,751	1.8880 GBP
			2,071	1.8882 GBP
			17,608	1.8884 GBP
			3,796	1.8885 GBP
			1,822	1.8887 GBP
			670	1.8890 GBP
			5,620	1.8891 GBP
			56,172	1.8900 GBP
			13,642	1.8907 GBP
			47,547	1.8909 GBP
			108,437	1.8910 GBP
			13,412	1.8917 GBP
		Increase Long	3,100	1.8858 GBP
			10,701	1.8993 GBP
		Increase Short	1,213	1.8870 GBP
			3,127	1.8871 GBP
			19,250	1.8874 GBP
			97,521	1.8877 GBP
			5,235	1.8878 GBP
			6,021	1.8882 GBP
			174,045	1.8910 GBP
			82,211	1.8911 GBP
			5,159	1.8917 GBP
			6,284	1.8994 GBP
		Opening a long position	3,594	1.8850 GBP
			3,875	1.8869 GBP
			3,470	1.8873 GBP
			4,827	1.8902 GBP
			64,605	1.8910 GBP
		Opening a short position	3,477	1.8850 GBP
			74,495	1.8910 GBP
			2,399	1.9000 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	-	-	-	-

(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:	06 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