9th Apr 2026 10:33
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 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 | 1,091,927 | 1.9490 GBP | 1.9230 GBP |
| Sale | 1,240,810 | 1.9540 GBP | 1.9230 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 | 34,540 | 0.4935 GBP | 0.4915 GBP |
| Sale | 169,035 | 0.4986 GBP | 0.4925 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 | 1.9252 GBP |
1,427 | 1.9302 GBP | |||
3,969 | 1.9364 GBP | |||
Decrease Short | 28,748 | 1.9249 GBP | ||
12,727 | 1.9250 GBP | |||
19,566 | 1.9257 GBP | |||
51,942 | 1.9280 GBP | |||
14,464 | 1.9292 GBP | |||
28 | 1.9300 GBP | |||
34,859 | 1.9336 GBP | |||
94,485 | 1.9340 GBP | |||
127,125 | 1.9348 GBP | |||
57,315 | 1.9359 GBP | |||
57,537 | 1.9377 GBP | |||
56,394 | 1.9391 GBP | |||
4,576 | 1.9409 GBP | |||
2,656 | 1.9469 GBP | |||
Increase Long | 7,580 | 1.9247 GBP | ||
32,015 | 1.9249 GBP | |||
45,274 | 1.9333 GBP | |||
179,192 | 1.9358 GBP | |||
18,000 | 1.9388 GBP | |||
2,720 | 1.9400 GBP | |||
15,602 | 1.9463 GBP | |||
Increase Short | 336,064 | 1.9250 GBP | ||
2,607 | 1.9256 GBP | |||
8,154 | 1.9286 GBP | |||
8,766 | 1.9314 GBP | |||
59,067 | 1.9316 GBP | |||
115 | 1.9324 GBP | |||
10,981 | 1.9329 GBP | |||
48,151 | 1.9332 GBP | |||
7,739 | 1.9353 GBP | |||
42,077 | 1.9399 GBP | |||
9,009 | 1.9407 GBP | |||
44,113 | 1.9410 GBP | |||
6,350 | 1.9444 GBP | |||
Opening a long position | 34,036 | 1.9309 GBP | ||
6,580 | 1.9349 GBP | |||
124,078 | 1.9394 GBP | |||
Opening a short position | 112,991 | 1.9250 GBP | ||
33,601 | 1.9314 GBP | |||
17,824 | 1.9319 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 | 7,014 | 0.4950 GBP |
7,381 | 0.4955 GBP | |||
Increase Short | 24,221 | 0.4929 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: | 09 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 +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