19th May 2026 11:08
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: | 18 May 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 | 475,764 | 1.8510 GBP | 1.8120 GBP |
| Sale | 931,387 | 1.8480 GBP | 1.8100 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 | 9,444 | 0.4783 GBP | 0.4676 GBP |
| Sale | 10,768 | 0.4720 GBP | 0.4690 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 | 1,894 | 1.8421 GBP |
38,201 | 1.8422 GBP | |||
4,596 | 1.8435 GBP | |||
2,191 | 1.8471 GBP | |||
Decrease Short | 183 | 1.8121 GBP | ||
7,575 | 1.8157 GBP | |||
1,198 | 1.8168 GBP | |||
9,688 | 1.8225 GBP | |||
435 | 1.8249 GBP | |||
7,748 | 1.8258 GBP | |||
17,334 | 1.8272 GBP | |||
29,462 | 1.8300 GBP | |||
12,176 | 1.8302 GBP | |||
19 | 1.8310 GBP | |||
12,344 | 1.8329 GBP | |||
37 | 1.8333 GBP | |||
3 | 1.8360 GBP | |||
65,497 | 1.8387 GBP | |||
14,768 | 1.8407 GBP | |||
24 | 1.8415 GBP | |||
57,123 | 1.8419 GBP | |||
128,572 | 1.8420 GBP | |||
55,245 | 1.8423 GBP | |||
143,332 | 1.8424 GBP | |||
28,351 | 1.8426 GBP | |||
Increase Long | 10,506 | 1.8118 GBP | ||
7,300 | 1.8119 GBP | |||
818 | 1.8276 GBP | |||
8,169 | 1.8295 GBP | |||
165,102 | 1.8349 GBP | |||
1,353 | 1.8408 GBP | |||
3,102 | 1.8426 GBP | |||
1,640 | 1.8457 GBP | |||
Increase Short | 11 | 1.8171 GBP | ||
11,477 | 1.8286 GBP | |||
29,706 | 1.8340 GBP | |||
33,497 | 1.8341 GBP | |||
3,575 | 1.8353 GBP | |||
117 | 1.8380 GBP | |||
21,603 | 1.8383 GBP | |||
3,127 | 1.8393 GBP | |||
6 | 1.8417 GBP | |||
9,889 | 1.8418 GBP | |||
13,138 | 1.8420 GBP | |||
20,326 | 1.8421 GBP | |||
47,072 | 1.8437 GBP | |||
Opening a long position | 6,784 | 1.8404 GBP | ||
113 | 1.8412 GBP | |||
9,716 | 1.8414 GBP | |||
247 | 1.8420 GBP | |||
Opening a short position | 3,561 | 1.8175 GBP | ||
7,199 | 1.8280 GBP | |||
6,100 | 1.8405 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 | 1,324 | 0.4723 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: | 19 May 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