{"success":true,"data":{"pressRelease":{"id":"130280","rtpr_id":"nGNE4KS6Px","ticker":"RAT","exchange":"LSE","all_tickers":["RAT"],"title":"REG-Form 8.3 - Picton Property Income Limited","author":"Globe Newswire","published_at":"2026-08-28T11:52:49.075Z","article_body":"8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY \nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\nRule 8.3 of the Takeover Code (the “Code”)\n\n1.        KEY INFORMATION\n\n (a) Full name of discloser: Rathbones Group Plc \n (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. \n (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Picton Property Income Limited \n (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: \n (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 27/08/2026 \n (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A” Yes – A consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited \n\n2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a)      Interests and short positions in the relevant securities of the\nofferor or offeree to which the disclosure relates following the dealing (if\nany)\n\n Class of relevant security: NPV Ordinary Shares \n Interests Short positions \n Number % Number % \n (1) Relevant securities owned and/or controlled: 24,611,451 4.78% \n (2) Cash-settled derivatives: \n (3) Stock-settled derivatives (including options) and agreements to purchase/sell: \n TOTAL: 24,611,451 4.78% \n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b)      Rights to subscribe for new securities (including directors’\nand other employee options)\n\n Class of relevant security in relation to which subscription right exists: \n Details, including nature of the rights concerned and relevant percentages: \n\n3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a)        Purchases and sales\n\n Class of relevant security Purchase/sale Number of securities Price per unit \n NPV Ordinary Shares Sale 218,145 72p \n NPV Ordinary Shares Sale 1,456,234 72p \n NPV Ordinary Shares Sale 16,300 72.356p \n\n(b)        Cash-settled derivative transactions\n\n 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 \n \n\n(c)        Stock-settled derivative transactions (including options)\n\n(i)        Writing, selling, purchasing or varying\n\n 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 \n \n\n(ii)        Exercise\n\n Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit \n \n\n(d)        Other dealings (including subscribing for new securities)\n\n Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable) \n NPV Ordinary Shares Internal Transfer Non-Discretionary to Discretionary 15,750 \n\n4.        OTHER INFORMATION\n\n(a)        Indemnity and other dealing arrangements\n\n 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 person 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” \n None \n\n(b)        Agreements, arrangements or understandings relating to\noptions or derivatives\n\n Details of any agreement, arrangement or understanding, formal or informal, between the person 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” \n None \n\n(c)        Attachments\n\n Is a Supplemental Form 8 (Open Positions) attached? No \n\n\n\n Date of disclosure: 28/08/2026 \n Contact name: Lydia Cotterill – Compliance Department \n Telephone number: 0151 237 1176 \n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129.\n\nThe Code can be viewed on the Panel’s website at.","article_body_html":"","raw_payload":{"data":{"id":"nGNE4KS6Px","title":"REG-Form 8.3 - Picton Property Income Limited","author":"Globe Newswire","ticker":"RAT","created":"2026-08-28T11:52:49.075Z","tickers":["RAT"],"exchange":"LSE","article_body":"8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY \nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\nRule 8.3 of the Takeover Code (the “Code”)\n\n1.        KEY INFORMATION\n\n (a) Full name of discloser: Rathbones Group Plc \n (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. \n (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Picton Property Income Limited \n (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: \n (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 27/08/2026 \n (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A” Yes – A consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited \n\n2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a)      Interests and short positions in the relevant securities of the\nofferor or offeree to which the disclosure relates following the dealing (if\nany)\n\n Class of relevant security: NPV Ordinary Shares \n Interests Short positions \n Number % Number % \n (1) Relevant securities owned and/or controlled: 24,611,451 4.78% \n (2) Cash-settled derivatives: \n (3) Stock-settled derivatives (including options) and agreements to purchase/sell: \n TOTAL: 24,611,451 4.78% \n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b)      Rights to subscribe for new securities (including directors’\nand other employee options)\n\n Class of relevant security in relation to which subscription right exists: \n Details, including nature of the rights concerned and relevant percentages: \n\n3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a)        Purchases and sales\n\n Class of relevant security Purchase/sale Number of securities Price per unit \n NPV Ordinary Shares Sale 218,145 72p \n NPV Ordinary Shares Sale 1,456,234 72p \n NPV Ordinary Shares Sale 16,300 72.356p \n\n(b)        Cash-settled derivative transactions\n\n 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 \n \n\n(c)        Stock-settled derivative transactions (including options)\n\n(i)        Writing, selling, purchasing or varying\n\n 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 \n \n\n(ii)        Exercise\n\n Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit \n \n\n(d)        Other dealings (including subscribing for new securities)\n\n Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable) \n NPV Ordinary Shares Internal Transfer Non-Discretionary to Discretionary 15,750 \n\n4.        OTHER INFORMATION\n\n(a)        Indemnity and other dealing arrangements\n\n 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 person 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” \n None \n\n(b)        Agreements, arrangements or understandings relating to\noptions or derivatives\n\n Details of any agreement, arrangement or understanding, formal or informal, between the person 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” \n None \n\n(c)        Attachments\n\n Is a Supplemental Form 8 (Open Positions) attached? No \n\n\n\n Date of disclosure: 28/08/2026 \n Contact name: Lydia Cotterill – Compliance Department \n Telephone number: 0151 237 1176 \n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129.\n\nThe Code can be viewed on the Panel’s website at."},"type":"article","timestamp":"2026-08-28T11:52:49.179172383Z","server_sent_at_ms":1787917969179},"received_at":"2026-08-28T11:52:49.238Z","source_url":null},"analysis":{"id":"119191","press_release_id":"130280","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":["Sales reducing stake during takeover code disclosure period"],"eventType":"insider_transaction","narrative":"Rathbones Group Plc disclosed an opening position in Picton Property Income Limited under Rule 8.3 of the Takeover Code, revealing a 4.78% interest following recent dealings.\n\nThe disclosure details the sale of approximately 1.69 million NPV Ordinary Shares at prices ranging from 72p to 72.356p.\n\nThe filing is in relation to a consortium offer comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine regulatory disclosure of holdings and sales in relation to a potential takeover."},"keyFigures":{"sharesHeld":24611451,"customDimensions":{"dealings":[]},"holdingPercentage":"4.78%"},"quotedText":"","namedEntities":{"people":[{"name":"Lydia Cotterill","role":"Compliance Department"}],"products":[],"companies":[{"name":"Rathbones Group Plc","relationship":"discloser"},{"name":"Picton Property Income Limited","ticker":"PCTN","relationship":"offeree"},{"name":"LondonMetric Property plc","relationship":"offeror consortium member"},{"name":"Schroder Real Estate Investment Trust Limited","relationship":"offeror consortium member"}],"dollarAmounts":[]},"materialImpact":{"score":2,"reasoning":"This is a regulatory filing (Rule 8.3 of the Takeover Code) disclosing an opening position and dealings in Picton Property Income Limited by Rathbones Group Plc. The disclosure shows sales of shares and a current holding of 4.78%. While significant in terms of ownership percentage, it is a standard regulatory filing triggered by takeover code rules rather than a company-initiated event impacting operations or strategy directly."},"tickerRelevance":{"others":[{"ticker":"PCTN","relevance":"offeree / target"}],"primary":"RAT"},"globalImportance":15,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"regulatory_filing","sectorWeight":"financials"}},"event_type":"insider_transaction","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Rathbones Group Plc disclosed an opening position in Picton Property Income Limited under Rule 8.3 of the Takeover Code, revealing a 4.78% interest following recent dealings.\n\nThe disclosure details the sale of approximately 1.69 million NPV Ordinary Shares at prices ranging from 72p to 72.356p.\n\nThe filing is in relation to a consortium offer comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited.","key_figures":{"sharesHeld":24611451,"customDimensions":{"dealings":[]},"holdingPercentage":"4.78%"},"named_entities":{"people":[{"name":"Lydia Cotterill","role":"Compliance Department"}],"products":[],"companies":[{"name":"Rathbones Group Plc","relationship":"discloser"},{"name":"Picton Property Income Limited","ticker":"PCTN","relationship":"offeree"},{"name":"LondonMetric Property plc","relationship":"offeror consortium member"},{"name":"Schroder Real Estate Investment Trust Limited","relationship":"offeror consortium member"}],"dollarAmounts":[]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-28T11:54:26.585Z","global_importance":15,"audience_relevance":15,"importance_components":{"tickerTier":"mid-cap","eventGravity":"regulatory_filing","sectorWeight":"financials"}},"durationMs":97332,"modelName":"glm-4.7"}}