17th Apr 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: | 16 April 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 | 1,311,250 | 1.9765 GBP | 1.9292 GBP |
| Sale | 1,220,643 | 1.9770 GBP | 1.9309 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 | 42,490 | 0.5067 GBP | 0.5030 GBP |
| Sale | 551,549 | 0.5090 GBP | 0.5030 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 | 6,243 | 1.9307 GBP |
77,885 | 1.9461 GBP | |||
10 | 1.9462 GBP | |||
1 | 1.9500 GBP | |||
3,800 | 1.9502 GBP | |||
25,768 | 1.9598 GBP | |||
2,000 | 1.9610 GBP | |||
Decrease Short | 27,965 | 1.9418 GBP | ||
75,421 | 1.9460 GBP | |||
9,273 | 1.9462 GBP | |||
35,306 | 1.9508 GBP | |||
34,492 | 1.9540 GBP | |||
47,425 | 1.9544 GBP | |||
6,370 | 1.9561 GBP | |||
89,243 | 1.9573 GBP | |||
5,024 | 1.9584 GBP | |||
17,691 | 1.9599 GBP | |||
11,316 | 1.9673 GBP | |||
4,543 | 1.9737 GBP | |||
25,046 | 1.9740 GBP | |||
Increase Long | 7,321 | 1.9457 GBP | ||
11,817 | 1.9458 GBP | |||
8,244 | 1.9459 GBP | |||
8,786 | 1.9488 GBP | |||
150 | 1.9489 GBP | |||
11,951 | 1.9548 GBP | |||
123,400 | 1.9633 GBP | |||
Increase Short | 4,136 | 1.9430 GBP | ||
201,089 | 1.9460 GBP | |||
89,912 | 1.9483 GBP | |||
55 | 1.9509 GBP | |||
782 | 1.9535 GBP | |||
37,451 | 1.9542 GBP | |||
78,508 | 1.9549 GBP | |||
213 | 1.9554 GBP | |||
894 | 1.9563 GBP | |||
1,750 | 1.9570 GBP | |||
104,631 | 1.9588 GBP | |||
22,965 | 1.9621 GBP | |||
Opening a long position | 4,643 | 1.9425 GBP | ||
7,305 | 1.9460 GBP | |||
80,139 | 1.9640 GBP | |||
Opening a short position | 81,408 | 1.9460 GBP | ||
7,305 | 1.9575 GBP | |||
5,725 | 1.9625 GBP | |||
3,052 | 1.9758 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 | 498,030 | 0.5070 GBP |
21,000 | 0.5075 GBP | |||
Increase Short | 12,261 | 0.5067 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: | 17 April 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