23rd Jul 2026 11:31
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: | 22 July 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 |
Schroder REIT ordinary NPV | Purchase | 168,888 | 0.4585 GBP | 0.4425 GBP |
| Sale | 147,527 | 0.4563 GBP | 0.4560 GBP |
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 | 1,904,973 | 1.9540 GBP | 1.9040 GBP |
| Sale | 2,457,564 | 1.9510 GBP | 1.9040 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 |
Schroder REIT ordinary NPV | Equity Swap | Increase Short | 692 | 0.4585 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 |
LondonMetric 10p ordinary | Equity Swap | Decrease Long | 5,420 | 1.9060 GBP |
77,248 | 1.9441 GBP | |||
3 | 1.9442 GBP | |||
99,370 | 1.9448 GBP | |||
Decrease Short | 620 | 1.9139 GBP | ||
4,692 | 1.9184 GBP | |||
45 | 1.9356 GBP | |||
6,071 | 1.9397 GBP | |||
146 | 1.9415 GBP | |||
106 | 1.9420 GBP | |||
22,322 | 1.9428 GBP | |||
14,343 | 1.9433 GBP | |||
127,831 | 1.9438 GBP | |||
155,336 | 1.9439 GBP | |||
359,356 | 1.9440 GBP | |||
2,418 | 1.9441 GBP | |||
440 | 1.9449 GBP | |||
23,253 | 1.9454 GBP | |||
28 | 1.9477 GBP | |||
16 | 1.9485 GBP | |||
29 | 1.9490 GBP | |||
1,970 | 1.9510 GBP | |||
Increase Long | 4,000 | 1.9432 GBP | ||
3,560 | 1.9511 GBP | |||
Increase Short | 1,507 | 1.9168 GBP | ||
7,875 | 1.9390 GBP | |||
13,807 | 1.9416 GBP | |||
162 | 1.9423 GBP | |||
48,459 | 1.9431 GBP | |||
14,418 | 1.9432 GBP | |||
41,912 | 1.9440 GBP | |||
8,194 | 1.9441 GBP | |||
22,365 | 1.9442 GBP | |||
59,189 | 1.9448 GBP | |||
17,190 | 1.9458 GBP | |||
7,639 | 1.9463 GBP | |||
20,562 | 1.9491 GBP | |||
Opening a long position | 1,707 | 1.9443 GBP | ||
16,699 | 1.9482 GBP | |||
Opening a short position | 16,699 | 1.9511 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: | 23 July 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