11th Jun 2026 10:38
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: | 10 June 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 | 31,212 | 0.4783 GBP | 0.4655 GBP |
| Sale | 29,796 | 0.4783 GBP | 0.4655 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 | 4,774,089 | 1.8355 GBP | 1.7951 GBP |
| Sale | 993,801 | 1.8344 GBP | 1.7950 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 | 437 | 1.7951 GBP |
50,227 | 1.8150 GBP | |||
249,028 | 1.8186 GBP | |||
1,337,527 | 1.8200 GBP | |||
399,454 | 1.8210 GBP | |||
270,651 | 1.8220 GBP | |||
28,995 | 1.8224 GBP | |||
14,588 | 1.8228 GBP | |||
57,978 | 1.8231 GBP | |||
19,826 | 1.8236 GBP | |||
38,375 | 1.8237 GBP | |||
14,967 | 1.8242 GBP | |||
20,015 | 1.8245 GBP | |||
69,548 | 1.8256 GBP | |||
1,421 | 1.8261 GBP | |||
71,783 | 1.8268 GBP | |||
40,237 | 1.8273 GBP | |||
189,350 | 1.8279 GBP | |||
584 | 1.8280 GBP | |||
394,851 | 1.8281 GBP | |||
32,063 | 1.8283 GBP | |||
27,039 | 1.8285 GBP | |||
16,796 | 1.8295 GBP | |||
Increase Long | 5,093 | 1.8140 GBP | ||
64,310 | 1.8171 GBP | |||
1,650 | 1.8190 GBP | |||
1,521 | 1.8197 GBP | |||
2,458 | 1.8263 GBP | |||
20,500 | 1.8278 GBP | |||
72,129 | 1.8280 GBP | |||
6,430 | 1.8290 GBP | |||
12,543 | 1.8304 GBP | |||
1,850 | 1.8318 GBP | |||
Increase Short | 41 | 1.8074 GBP | ||
4,071 | 1.8188 GBP | |||
4,408 | 1.8271 GBP | |||
5,993 | 1.8280 GBP | |||
8,878 | 1.8283 GBP | |||
67,478 | 1.8288 GBP | |||
69,188 | 1.8292 GBP | |||
Opening a long position | 5,480 | 1.8249 GBP | ||
2,842 | 1.8250 GBP | |||
66,933 | 1.8280 GBP | |||
4,212 | 1.8301 GBP | |||
33,275 | 1.8309 GBP | |||
887 | 1.8320 GBP | |||
Opening a short position | 28,231 | 1.8186 GBP | ||
81,796 | 1.8195 GBP | |||
433,545 | 1.8253 GBP | |||
10,400 | 1.8291 GBP | |||
3,602 | 1.8311 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 | 1,416 | 0.4716 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: | 11 June 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