8th Apr 2026 12:41
AMENDMENT
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: | 01 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 | 2,292,723 | 1.8590 GBP | 1.8370 GBP |
| Sale | 1,060,377 | 1.8640 GBP | 1.8383 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 | 27,390 | 0.4865 GBP | 0.4840 GBP |
| Sale | 89,142 | 0.4900 GBP | 0.4780 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 | 24,323 | 1.8431 GBP |
1,889 | 1.8454 GBP | |||
110,546 | 1.8464 GBP | |||
259 | 1.8466 GBP | |||
900 | 1.8479 GBP | |||
3,273 | 1.8491 GBP | |||
6,428 | 1.8503 GBP | |||
125,383 | 1.8551 GBP | |||
25,789 | 1.8552 GBP | |||
4,352 | 1.8559 GBP | |||
5,580 | 1.8592 GBP | |||
Decrease Short | 3,893 | 1.8404 GBP | ||
1,907 | 1.8416 GBP | |||
66 | 1.8430 GBP | |||
17,587 | 1.8431 GBP | |||
8,105 | 1.8445 GBP | |||
7,663 | 1.8455 GBP | |||
25,075 | 1.8460 GBP | |||
39,108 | 1.8465 GBP | |||
249,848 | 1.8467 GBP | |||
61 | 1.8478 GBP | |||
149,424 | 1.8479 GBP | |||
109 | 1.8482 GBP | |||
1,238 | 1.8497 GBP | |||
3,841 | 1.8506 GBP | |||
840 | 1.8510 GBP | |||
3 | 1.8513 GBP | |||
5,968 | 1.8514 GBP | |||
5,772 | 1.8517 GBP | |||
11,695 | 1.8521 GBP | |||
21,441 | 1.8532 GBP | |||
115,354 | 1.8549 GBP | |||
99,458 | 1.8550 GBP | |||
444 | 1.8603 GBP | |||
Increase Long | 22,576 | 1.8432 GBP | ||
1,400 | 1.8449 GBP | |||
93,309 | 1.8458 GBP | |||
76,400 | 1.8474 GBP | |||
5,188 | 1.8514 GBP | |||
39,793 | 1.8532 GBP | |||
37,386 | 1.8544 GBP | |||
Increase Short | 1,300 | 1.8401 GBP | ||
52,190 | 1.8417 GBP | |||
10,588 | 1.8430 GBP | |||
143,811 | 1.8451 GBP | |||
1,152 | 1.8460 GBP | |||
82,448 | 1.8462 GBP | |||
1 | 1.8470 GBP | |||
9,528 | 1.8487 GBP | |||
61 | 1.8490 GBP | |||
3,906 | 1.8495 GBP | |||
4,478 | 1.8499 GBP | |||
46,177 | 1.8513 GBP | |||
103,846 | 1.8516 GBP | |||
195,500 | 1.8549 GBP | |||
65,220 | 1.8550 GBP | |||
1,030 | 1.8571 GBP | |||
Opening a long position | 18,086 | 1.8503 GBP | ||
Opening a short position | 14,116 | 1.8476 GBP | ||
1,275,051 | 1.8550 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 | 58,946 | 0.4900 GBP |
Opening a long position | 3,152 | 0.4780 GBP | ||
Opening a short position | 10,900 | 0.4848 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: | 08 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