16th Jun 2026 11:25
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: | 15 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 | 28,353 | 0.4742 GBP | 0.4725 GBP |
| Sale | 28,353 | 0.4744 GBP | 0.4725 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 | 1,562,562 | 1.8940 GBP | 1.8520 GBP |
| Sale | 1,822,961 | 1.8920 GBP | 1.8519 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 | - | - | - | - |
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 | 13,658 | 1.8521 GBP |
2 | 1.8522 GBP | |||
1,391 | 1.8548 GBP | |||
3,958 | 1.8549 GBP | |||
161,311 | 1.8578 GBP | |||
589 | 1.8580 GBP | |||
183,389 | 1.8590 GBP | |||
5,363 | 1.8633 GBP | |||
2,300 | 1.8696 GBP | |||
1,800 | 1.8940 GBP | |||
Decrease Short | 4,025 | 1.8520 GBP | ||
47,471 | 1.8547 GBP | |||
42,506 | 1.8550 GBP | |||
18,110 | 1.8562 GBP | |||
84,432 | 1.8570 GBP | |||
40,951 | 1.8578 GBP | |||
16,696 | 1.8579 GBP | |||
28,357 | 1.8581 GBP | |||
1,608 | 1.8590 GBP | |||
102,947 | 1.8608 GBP | |||
11,964 | 1.8617 GBP | |||
771 | 1.8628 GBP | |||
Increase Long | 67,316 | 1.8519 GBP | ||
338,209 | 1.8530 GBP | |||
185,895 | 1.8535 GBP | |||
9,919 | 1.8540 GBP | |||
200 | 1.8570 GBP | |||
39,746 | 1.8668 GBP | |||
36,970 | 1.8696 GBP | |||
Increase Short | 55,714 | 1.8520 GBP | ||
82,355 | 1.8521 GBP | |||
7,770 | 1.8527 GBP | |||
53,226 | 1.8538 GBP | |||
11,004 | 1.8547 GBP | |||
9,712 | 1.8573 GBP | |||
26,231 | 1.8576 GBP | |||
6,198 | 1.8579 GBP | |||
202 | 1.8582 GBP | |||
20,085 | 1.8585 GBP | |||
2,871 | 1.8587 GBP | |||
46,200 | 1.8588 GBP | |||
8,110 | 1.8605 GBP | |||
65,816 | 1.8628 GBP | |||
Opening a long position | 318,891 | 1.8520 GBP | ||
11,620 | 1.8577 GBP | |||
112 | 1.8619 GBP | |||
6,843 | 1.8900 GBP | |||
Opening a short position | 318,891 | 1.8520 GBP | ||
4,814 | 1.8530 GBP | |||
13,761 | 1.8587 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 |
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 |
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: | 16 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