Eleco plc Update on Letter of Intent

In brief · summary, not quotable

Accel-KKR Company, LLC, through its subsidiary Avocet Bidco Limited, has provided an update on the recommended cash acquisition of Eleco PLC. Following previous sales, Charles Stanley's letter of intent now covers 5,428,011 Eleco Shares, representing approximately 6.4% of the issued share capital. Consequently, the total number of Eleco Shares subject to irrevocable undertakings and non-binding letters of intent in favour of the acquisition has been reduced to 39,902,124, or approximately 47.3% of the issued share capital.

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The circular in relation to the Scheme was published or made available to Eleco Shareholders on 2 October 2026 (the “Scheme Document”). Unless defined herein, defined terms shall have the meanings given to them in the Scheme Document.

As noted in the Update on Letter of Intent Announcement released by Bidco on 1 October 2026, Bidco became aware that Charles Stanley had sold a total of 765,127 Eleco Shares in the period between the Rule 2.7 Announcement and 29 September 2026.

As noted in the Update on Letter of Intent Announcement released by Bidco on 5 October 2026, Bidco became aware that Charles Stanley had sold a total of 9,660 Eleco Shares on 30 September 2026 and 42,340 Eleco Shares on 1 October 2026.

Pursuant to the Form 8.3 Announcement released on 5 October 2026, Bidco became aware that Charles Stanley had sold 98,280 Eleco Shares on 2 October 2026.

Therefore, the total number of Eleco Shares which are subject to the Charles Stanley Letter of Intent has been reduced to 5,428,011 Eleco Shares, representing approximately 6.4 per cent. of the existing issued ordinary share capital of Eleco as at the close of business on the last Business Day prior to this announcement.

Geoff Nash

Henrik Persson

Seamus Fricker