11th Sep 2026 11:21
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: | 10 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 | 2,963,010 | 1.7970 GBP | 1.7780 GBP |
| Sale | 946,593 | 1.7970 GBP | 1.7777 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 | 262,366 | 0.4140 GBP | 0.4095 GBP |
| Sale | 307,014 | 0.4270 GBP | 0.4095 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 | 2,057,992 | 1.7780 GBP |
737 | 1.7804 GBP | |||
3,501 | 1.7808 GBP | |||
337 | 1.7810 GBP | |||
44 | 1.7850 GBP | |||
24 | 1.7852 GBP | |||
26 | 1.7862 GBP | |||
2,092 | 1.7870 GBP | |||
1,766 | 1.7871 GBP | |||
11,843 | 1.7875 GBP | |||
4,296 | 1.7882 GBP | |||
11,820 | 1.7887 GBP | |||
15,874 | 1.7889 GBP | |||
75,071 | 1.7890 GBP | |||
8,636 | 1.7895 GBP | |||
7,584 | 1.7896 GBP | |||
66,483 | 1.7904 GBP | |||
61,808 | 1.7905 GBP | |||
534 | 1.7913 GBP | |||
6,597 | 1.7921 GBP | |||
629 | 1.7930 GBP | |||
Decrease Short | 448 | 1.7777 GBP | ||
84,960 | 1.7779 GBP | |||
12,401 | 1.7806 GBP | |||
6,906 | 1.7848 GBP | |||
8,370 | 1.7921 GBP | |||
Increase Long | 3 | 1.7778 GBP | ||
40,549 | 1.7779 GBP | |||
51,048 | 1.7780 GBP | |||
208,828 | 1.7785 GBP | |||
2,269 | 1.7787 GBP | |||
502 | 1.7788 GBP | |||
337 | 1.7810 GBP | |||
2,898 | 1.7814 GBP | |||
2,516 | 1.7818 GBP | |||
1,933 | 1.7820 GBP | |||
16,065 | 1.7821 GBP | |||
1,010 | 1.7846 GBP | |||
153 | 1.7852 GBP | |||
18,573 | 1.7854 GBP | |||
11,925 | 1.7864 GBP | |||
2 | 1.7870 GBP | |||
86 | 1.7891 GBP | |||
5,338 | 1.7895 GBP | |||
9,842 | 1.7901 GBP | |||
1,652 | 1.7905 GBP | |||
8,900 | 1.7912 GBP | |||
94 | 1.7940 GBP | |||
Increase Short | 9,934 | 1.7783 GBP | ||
11,706 | 1.7786 GBP | |||
2,277 | 1.7799 GBP | |||
2,296 | 1.7802 GBP | |||
25,970 | 1.7813 GBP | |||
1,460 | 1.7839 GBP | |||
7,831 | 1.7847 GBP | |||
47,708 | 1.7907 GBP | |||
Opening a long position | 56,804 | 1.7780 GBP | ||
1,397 | 1.7940 GBP | |||
Opening a short position | 17,449 | 1.7780 GBP | ||
6,157 | 1.7941 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 Long | 150,000 | 0.4115 GBP |
150,000 | 0.4396 GBP | |||
Decrease Short | 5,950 | 0.4171 GBP | ||
205,142 | 0.4270 GBP | |||
Increase Long | 150,000 | 0.4396 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
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(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
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| Date of disclosure: | 11 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 +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