10th Sep 2026 11:28
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 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 | 2,248,741 | 1.8300 GBP | 1.7850 GBP |
| Sale | 3,661,473 | 1.8300 GBP | 1.7869 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 | 292,236 | 0.4490 GBP | 0.4175 GBP |
| Sale | 87,332 | 0.4495 GBP | 0.4175 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 | 1,102 | 1.7862 GBP |
392 | 1.7890 GBP | |||
64 | 1.7898 GBP | |||
9 | 1.7914 GBP | |||
4,647 | 1.7924 GBP | |||
75 | 1.7949 GBP | |||
14,950 | 1.7950 GBP | |||
8,362 | 1.7952 GBP | |||
42,385 | 1.8034 GBP | |||
81,375 | 1.8065 GBP | |||
19,478 | 1.8069 GBP | |||
963 | 1.8074 GBP | |||
321 | 1.8081 GBP | |||
6,094 | 1.8160 GBP | |||
5,159 | 1.8175 GBP | |||
122 | 1.8259 GBP | |||
Decrease Short | 9,792 | 1.7926 GBP | ||
41,631 | 1.7929 GBP | |||
50,705 | 1.7943 GBP | |||
67,386 | 1.7949 GBP | |||
234,646 | 1.7980 GBP | |||
42,965 | 1.8079 GBP | |||
Increase Long | 1 | 1.7878 GBP | ||
1,369 | 1.7894 GBP | |||
450,000 | 1.7943 GBP | |||
4 | 1.7948 GBP | |||
432,700 | 1.7949 GBP | |||
271,492 | 1.7950 GBP | |||
50,944 | 1.7952 GBP | |||
113,273 | 1.7962 GBP | |||
22,233 | 1.7988 GBP | |||
13,185 | 1.7991 GBP | |||
5,703 | 1.7998 GBP | |||
16 | 1.8000 GBP | |||
3 | 1.8015 GBP | |||
4,395 | 1.8020 GBP | |||
4,524 | 1.8030 GBP | |||
19,158 | 1.8044 GBP | |||
14,343 | 1.8051 GBP | |||
6,248 | 1.8064 GBP | |||
541 | 1.8164 GBP | |||
74 | 1.8168 GBP | |||
7,439 | 1.8170 GBP | |||
Increase Short | 15,654 | 1.7932 GBP | ||
84,914 | 1.7946 GBP | |||
7,026 | 1.7953 GBP | |||
3,515 | 1.7955 GBP | |||
10,255 | 1.7958 GBP | |||
24,316 | 1.7959 GBP | |||
500 | 1.8211 GBP | |||
Opening a long position | 120,258 | 1.7950 GBP | ||
235 | 1.8015 GBP | |||
Opening a short position | 120,258 | 1.7950 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 | Increase Short | 3,763 | 0.4218 GBP |
Opening a long position | 7,405 | 0.4374 GBP | ||
Opening a short position | 7,405 | 0.4175 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 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