Eleco plc Update on Letters of Intent

In brief · summary, not quotable

Additional shareholder support secured for KKR acquisition, bringing total commitments to 49.2% of share capital.

Eleco shares with voting commitments 41,542,531 (prior 38,161,917)
Percentage of issued share capital 49.2%

Full announcement

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Unless defined herein, defined terms shall have the meanings given to them in the Rule 2.7 Announcement.

Since the Rule 2.7 Announcement, Tikvah Management LLC delivered to Bidco an executed non-binding letter of intent to vote in favour of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting (or, in the event the Acquisition is implemented by way of an Offer, to accept the Offer) in respect of 3,380,614 Eleco Shares (the “Tikvah Letter of Intent”).

As a result of the Tikvah Letter of Intent, the total number of Eleco shares which are subject to irrevocable undertakings and non-binding letters of intent to vote (or, where applicable, procure voting) in favour of the resolutions relating to the Scheme and the Acquisition at the Meetings (or in the event that the Acquisition is implemented by an Offer, to accept or procure the acceptance of such Offer) has, in aggregate, since the Rule 2.7 Announcement, increased from 38,161,917 to 41,542,531 Eleco Shares, representing approximately 49.2 per cent. of the issued share capital of Eleco as at the close of business on the last Business Day prior to this announcement.

Stephens Europe Limited (Lead Financial Adviser and Rule 3 Adviser to Eleco) Graham Paton Thorsten Behrens	+44 20 3757 9900
Cavendish Capital Markets Limited (Nominated Adviser, Sole Broker and Financial Adviser to Eleco)	+44 (0)20 7220 0500

Geoff Nash

Henrik Persson

Seamus Fricker