Takeover Code Disclosure
Man Group PLC Files Form 8.3 for LondonMetric Property Plc, Details Takeover Code Disclosure
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Man Group PLC has filed a Form 8.3 disclosure revealing it holds 22,182,128 ordinary shares in LondonMetric Property Plc — equal to 0.94% of the company — as the UK's Takeover Code requires any investor near or above the 1% threshold to report all positions publicly, according to GlobeNewswire. The disclosure comes as LondonMetric leads a consortium with Schroder Real Estate Investment Trust to buy Picton Property Income Limited in an all-share deal valued at roughly £403 million.
Under Rule 8.3 of the Takeover Code, firms like Man Group must disclose every interest — long and short — in the companies involved in a takeover. The Takeover Panel enforces this rule to keep markets fair and transparent during deal periods, according to CA MarketScreener.
A £403 Million REIT Deal Triggers Disclosure Rules
The deal at the center of this disclosure is a landmark merger in UK real estate. LondonMetric and Schroder Real Estate Investment Trust agreed in principle on May 12, 2026, to buy Picton at 78.2p per share — a 7% premium to Picton's May 11 closing price of 73.1p, according to GlobeNewswire. The total offer values Picton at £403.4 million.
Under the deal, Picton shareholders would get 0.190 LondonMetric shares and 0.881 Schroder REIT shares for every Picton share they hold. After the merger, Picton investors would own about 4% of the enlarged LondonMetric and roughly 48.2% of the enlarged Schroder REIT. The Picton board, chaired by Lena Wilson, said it is "minded to unanimously recommend" the offer.
Man Group's Position Sits Just Below the 1% Trigger
Man Group's filing shows a mixed book in LondonMetric. The firm holds 22,182,128 ordinary shares outright (0.94%), plus 3,089,324 shares worth of long cash-settled derivatives and 8,796,460 shares worth of short cash-settled derivatives, according to GlobeNewswire. Cash-settled derivatives are financial contracts that pay out in cash rather than actual shares.
Because Man Group's combined interests have recently fluctuated around the 1% mark, it remains subject to ongoing public disclosure requirements under the Code. Rule 8.3 requires these filings to go to a Regulatory Information Service each day there is a change in position, as noted by UK MarketScreener.
LondonMetric Has a Track Record of Big Acquisitions
This is not LondonMetric's first large deal. In March 2024, the company completed a £1.9 billion merger with LXi REIT, making it the UK's leading triple-net lease REIT. CEO Andrew Jones has positioned LondonMetric as the sector's primary consolidator, a role the company confirmed in its full-year results announced May 21, 2026.
The Picton deal follows the same playbook. Smaller REITs like Picton trade at discounts to their real asset values, making them attractive targets. Critics note the 78.2p offer still implies a discount of between 5.6% and 9.2% to Picton's last appraised net asset value — meaning shareholders get a market premium but exit below the properties' paper value.
Key Deadline Looms as Market Watches for Firm Bid
The next critical moment is a "Put Up or Shut Up" deadline projected around June 9, 2026. Under Rule 2.6 of the Takeover Code, the LondonMetric and Schroder consortium must either announce a firm intention to bid or walk away entirely. Missing the deadline without an extension triggers a six-month standstill, barring the consortium from making another approach.
Sentiment around the deal got a boost from TR Property Investment Trust, which holds 11.4% of Picton and has already signed a letter of intent to vote in favor. Schroders also agreed to cut its management fees by 10 basis points as part of the proposal — a concrete sweetener aimed at winning over skeptical investors, according to CA MarketScreener.
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