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

JPMorgan Securities Plc

10 April 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:	09 April 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	2,537,147	1.9251 GBP	1.8920 GBP
	Sale	940,798	1.9250 GBP	1.8930 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	8,445	0.4915 GBP	0.4900 GBP
	Sale	102,993	0.4955 GBP	0.4900 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	4,738	1.8982 GBP
			16,075	1.9051 GBP
			14,355	1.9101 GBP
			1	1.9102 GBP
			204,750	1.9119 GBP
		Decrease Short	1,331	1.9023 GBP
			1,978	1.9035 GBP
			160,330	1.9039 GBP
			116,873	1.9050 GBP
			12,804	1.9066 GBP
			8,239	1.9070 GBP
			784	1.9077 GBP
			9,961	1.9091 GBP
			16,952	1.9095 GBP
			169,110	1.9097 GBP
			27,844	1.9098 GBP
			29,877	1.9099 GBP
			189,642	1.9100 GBP
			1,722	1.9137 GBP
			4,335	1.9161 GBP
		Increase Long	56,490	1.9048 GBP
			28,851	1.9066 GBP
			8,725	1.9077 GBP
			19,400	1.9081 GBP
			11,100	1.9099 GBP
		Increase Short	2,567	1.9011 GBP
			613	1.9020 GBP
			11,589	1.9029 GBP
			4,395	1.9042 GBP
			1,131	1.9047 GBP
			32,820	1.9055 GBP
			10,435	1.9063 GBP
			7,267	1.9068 GBP
			8,239	1.9070 GBP
			7,626	1.9079 GBP
			16,075	1.9091 GBP
			29,661	1.9093 GBP
			3,226	1.9100 GBP
			27,986	1.9101 GBP
			1,749	1.9161 GBP
			753	1.9251 GBP
		Opening a long position	21,981	1.9100 GBP
			3,445	1.9120 GBP
		Opening a short position	500	1.9011 GBP
			14,659	1.9024 GBP
			10,267	1.9054 GBP
			1,969,112	1.9100 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	1,929	0.4900 GBP
		Increase Short	1,770	0.4915 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:	10 April 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