30th Mar 2026 11:01
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: | 27 March 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 | 3,402,679 | 1.8120 GBP | 1.7780 GBP |
| Sale | 3,970,760 | 1.8120 GBP | 1.7770 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 | 86,861 | 0.4600 GBP | 0.4558 GBP |
| Sale | 87,052 | 0.4600 GBP | 0.4585 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 | 79,414 | 1.7830 GBP |
68,680 | 1.7855 GBP | |||
84,725 | 1.7883 GBP | |||
74,310 | 1.7892 GBP | |||
7,118 | 1.7894 GBP | |||
500 | 1.7898 GBP | |||
1,468 | 1.7909 GBP | |||
36,986 | 1.7911 GBP | |||
Decrease Short | 3,266 | 1.7819 GBP | ||
173,474 | 1.7828 GBP | |||
36,956 | 1.7846 GBP | |||
8,359 | 1.7852 GBP | |||
23,349 | 1.7853 GBP | |||
39,492 | 1.7855 GBP | |||
9,295 | 1.7857 GBP | |||
7,397 | 1.7858 GBP | |||
31,082 | 1.7862 GBP | |||
34 | 1.7864 GBP | |||
69,011 | 1.7866 GBP | |||
26,380 | 1.7886 GBP | |||
4,571 | 1.7890 GBP | |||
363 | 1.7893 GBP | |||
62,863 | 1.7895 GBP | |||
36,628 | 1.7897 GBP | |||
11,924 | 1.7900 GBP | |||
5,222 | 1.7902 GBP | |||
5,429 | 1.7907 GBP | |||
71,427 | 1.7908 GBP | |||
129,938 | 1.7909 GBP | |||
284,477 | 1.7910 GBP | |||
335 | 1.7920 GBP | |||
4,783 | 1.7930 GBP | |||
Increase Long | 72,015 | 1.7834 GBP | ||
20,412 | 1.7871 GBP | |||
2,111 | 1.7903 GBP | |||
3,198 | 1.7906 GBP | |||
4,122 | 1.7908 GBP | |||
60,094 | 1.7909 GBP | |||
1,161 | 1.7910 GBP | |||
Increase Short | 1,058 | 1.7820 GBP | ||
1,089 | 1.7842 GBP | |||
17,903 | 1.7846 GBP | |||
9,988 | 1.7847 GBP | |||
2 | 1.7855 GBP | |||
4,168 | 1.7862 GBP | |||
6,469 | 1.7883 GBP | |||
241 | 1.7890 GBP | |||
397 | 1.7891 GBP | |||
5,565 | 1.7909 GBP | |||
17,710 | 1.7910 GBP | |||
3,464 | 1.7911 GBP | |||
1,347 | 1.7920 GBP | |||
2,415 | 1.7928 GBP | |||
Opening a long position | 3,017 | 1.7880 GBP | ||
62,448 | 1.7884 GBP | |||
Opening a short position | 8,598 | 1.7794 GBP | ||
8,294 | 1.7854 GBP | |||
48,573 | 1.7910 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 | - | - | 0 | 0.00 |
(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: | 30 March 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