4th Sep 2026 11:37
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: | 03 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 | 1,446,591 | 1.8421 GBP | 1.8200 GBP |
| Sale | 1,809,895 | 1.8425 GBP | 1.8203 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 | 136,500 | 0.4325 GBP | 0.4190 GBP |
| Sale | 376,677 | 0.4233 GBP | 0.4210 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 | 2,760 | 1.8210 GBP |
3,158 | 1.8232 GBP | |||
1,600 | 1.8250 GBP | |||
17,168 | 1.8260 GBP | |||
33,565 | 1.8262 GBP | |||
14,853 | 1.8269 GBP | |||
3,630 | 1.8271 GBP | |||
13,752 | 1.8307 GBP | |||
32,243 | 1.8318 GBP | |||
123 | 1.8402 GBP | |||
30,350 | 1.8420 GBP | |||
651 | 1.8422 GBP | |||
Decrease Short | 12,088 | 1.8222 GBP | ||
152,235 | 1.8356 GBP | |||
13,415 | 1.8390 GBP | |||
Increase Long | 883 | 1.8249 GBP | ||
17,390 | 1.8253 GBP | |||
64,003 | 1.8261 GBP | |||
7 | 1.8265 GBP | |||
17,537 | 1.8274 GBP | |||
3,740 | 1.8285 GBP | |||
46,374 | 1.8308 GBP | |||
18,452 | 1.8330 GBP | |||
1,017 | 1.8340 GBP | |||
4,577 | 1.8344 GBP | |||
9,198 | 1.8351 GBP | |||
2,104 | 1.8366 GBP | |||
139 | 1.8379 GBP | |||
26,643 | 1.8380 GBP | |||
36,103 | 1.8381 GBP | |||
7,201 | 1.8383 GBP | |||
41,168 | 1.8398 GBP | |||
225 | 1.8400 GBP | |||
10,385 | 1.8401 GBP | |||
455 | 1.8402 GBP | |||
11,876 | 1.8403 GBP | |||
455 | 1.8405 GBP | |||
1,365 | 1.8406 GBP | |||
1,357 | 1.8413 GBP | |||
108,596 | 1.8416 GBP | |||
57 | 1.8419 GBP | |||
35,283 | 1.8420 GBP | |||
Increase Short | 299 | 1.8258 GBP | ||
518 | 1.8291 GBP | |||
29,384 | 1.8319 GBP | |||
16,763 | 1.8346 GBP | |||
1,017 | 1.8348 GBP | |||
5,261 | 1.8399 GBP | |||
3,999 | 1.8410 GBP | |||
956 | 1.8420 GBP | |||
82,706 | 1.8421 GBP | |||
Opening a long position | 30,313 | 1.8202 GBP | ||
4,698 | 1.8210 GBP | |||
37 | 1.8328 GBP | |||
6,990 | 1.8363 GBP | |||
182,961 | 1.8420 GBP | |||
Opening a short position | 3,641 | 1.8371 GBP | ||
202,480 | 1.8420 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 | 300,000 | 0.4259 GBP |
Increase Long | 218,200 | 0.4221 GBP | ||
81,825 | 0.4228 GBP | |||
300,000 | 0.4259 GBP | |||
Increase Short | 15,473 | 0.4218 GBP | ||
Opening a long position | 3,309 | 0.4210 GBP | ||
4,534 | 0.4238 GBP | |||
Opening a short position | 7,843 | 0.4230 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: | 04 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