12th May 2026 14:31
AMENDMENT
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: | 08 May 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 | 2,155,263 | 1.9010 GBP | 1.8670 GBP |
| Sale | 2,088,803 | 1.9000 GBP | 1.8670 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 | 20,053 | 0.4850 GBP | 0.4730 GBP |
Sale | 18,064 | 0.4870 GBP | 0.4770 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 | 630,009 | 1.8780 GBP |
7,204 | 1.8871 GBP | |||
92,460 | 1.8884 GBP | |||
25,057 | 1.8890 GBP | |||
12,600 | 1.8896 GBP | |||
20,204 | 1.8910 GBP | |||
1,418 | 1.8972 GBP | |||
2,668 | 1.8973 GBP | |||
Decrease Short | 16,486 | 1.8740 GBP | ||
3,857 | 1.8760 GBP | |||
23,203 | 1.8770 GBP | |||
45,445 | 1.8816 GBP | |||
5,855 | 1.8830 GBP | |||
19,007 | 1.8854 GBP | |||
3,170 | 1.8879 GBP | |||
53,806 | 1.8880 GBP | |||
105,087 | 1.8909 GBP | |||
1,082 | 1.8918 GBP | |||
26,973 | 1.8922 GBP | |||
11,643 | 1.8925 GBP | |||
35,728 | 1.8931 GBP | |||
714 | 1.8940 GBP | |||
28,190 | 1.8942 GBP | |||
3,094 | 1.8948 GBP | |||
5,691 | 1.8957 GBP | |||
1 | 1.8970 GBP | |||
23 | 1.8990 GBP | |||
Increase Long | 2 | 1.8878 GBP | ||
32,549 | 1.8879 GBP | |||
1,103,005 | 1.8885 GBP | |||
1,150 | 1.8908 GBP | |||
1,027 | 1.8917 GBP | |||
Increase Short | 3,857 | 1.8760 GBP | ||
23,203 | 1.8770 GBP | |||
50,916 | 1.8873 GBP | |||
206,052 | 1.8880 GBP | |||
23,340 | 1.8882 GBP | |||
78,551 | 1.8888 GBP | |||
909 | 1.8891 GBP | |||
84 | 1.8895 GBP | |||
40,156 | 1.8902 GBP | |||
116,970 | 1.8904 GBP | |||
306 | 1.8906 GBP | |||
231,307 | 1.8909 GBP | |||
215 | 1.8920 GBP | |||
616 | 1.8924 GBP | |||
16,576 | 1.8928 GBP | |||
714 | 1.8940 GBP | |||
48,544 | 1.8947 GBP | |||
937 | 1.8953 GBP | |||
7,942 | 1.8961 GBP | |||
6 | 1.8978 GBP | |||
Opening a long position | 89,296 | 1.8880 GBP | ||
1,997 | 1.8910 GBP | |||
41 | 1.8919 GBP | |||
Opening a short position | 25,739 | 1.8920 GBP | ||
65,595 | 1.8977 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 | 409 | 0.4826 GBP |
|
| 1,102 | 0.4870 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) |
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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: | 12 May 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 +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
Related Shares:
LondonMetricSchroder Real Estate Investment Trust