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

JPMorgan Securities Plc

02 September 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 September 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	1,709,212	1.8788 GBP	1.8360 GBP
	Sale	848,169	1.8870 GBP	1.8369 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	33,718	0.4265 GBP	0.4255 GBP
	Sale	88,589	0.4360 GBP	0.4255 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	2,986	1.8400 GBP
			119,439	1.8401 GBP
			731	1.8402 GBP
			156	1.8403 GBP
			2,428	1.8412 GBP
			652	1.8415 GBP
			5,900	1.8453 GBP
			930	1.8454 GBP
			696	1.8474 GBP
			3,874	1.8493 GBP
			11,323	1.8563 GBP
			11,490	1.8571 GBP
			976	1.8683 GBP
		Decrease Short	80,277	1.8395 GBP
			1,722	1.8399 GBP
			118,784	1.8400 GBP
			35,604	1.8402 GBP
			32,424	1.8405 GBP
			2,711	1.8409 GBP
			782	1.8410 GBP
			14,604	1.8415 GBP
			164,291	1.8418 GBP
			29,609	1.8421 GBP
			39,368	1.8440 GBP
			15,892	1.8457 GBP
			7,393	1.8471 GBP
			13,010	1.8487 GBP
			5,701	1.8615 GBP
			78,821	1.8642 GBP
		Increase Long	3,717	1.8368 GBP
			36,077	1.8399 GBP
			1,546	1.8400 GBP
			7,477	1.8406 GBP
			4,985	1.8407 GBP
			6,708	1.8464 GBP
			200	1.8870 GBP
		Increase Short	12,457	1.8399 GBP
			530,737	1.8400 GBP
			225,740	1.8401 GBP
			67,956	1.8403 GBP
			60,097	1.8404 GBP
			39,433	1.8405 GBP
			25,630	1.8409 GBP
			39,702	1.8410 GBP
			66,513	1.8412 GBP
			19,371	1.8413 GBP
			152,602	1.8424 GBP
			28,016	1.8441 GBP
			6,530	1.8462 GBP
			25,816	1.8465 GBP
			13,411	1.8466 GBP
			44,573	1.8474 GBP
			10,473	1.8550 GBP
			7,711	1.8650 GBP
		Opening a long position	2,770	1.8400 GBP
			1,153	1.8654 GBP
		Opening a short position	1,161	1.8401 GBP
			2,762	1.8590 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	54,871	0.4360 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 September 2026
Contact name:	Natasha Mondon
Telephone number:	01202 325175

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