Eleco plc Update on Letter of Intent
Accel-KKR's Bidco has provided an update on its recommended cash acquisition of Eleco PLC, noting that Charles Stanley's letter of intent to vote in favour of the scheme has been reduced to cover 5,320,526 Eleco Shares, approximately 6.3% of the issued share capital, following several share sales. Consequently, the total number of Eleco Shares subject to irrevocable undertakings and letters of intent now stands at 39,794,639, representing approximately 47.2% 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.
As noted in the Update on Letter of Intent Announcement released by Bidco on 7 October 2026, Bidco became aware that Charles Stanley had sold 98,280 Eleco Shares on 2 October 2026.
Pursuant to the Form 8.3 Announcements released on 6 and 7 October 2026, Bidco became aware that Charles Stanley had sold 4,300 and 103,185 Eleco Shares on 5 and 6 October 2026, respectively.
Therefore, the total number of Eleco Shares which are subject to the Charles Stanley Letter of Intent has been reduced to 5,320,526 Eleco Shares, representing approximately 6.3 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
Elysia Bough
Kirkland & Ellis International LLP is acting as legal adviser to Bidco and Accel-KKR.
Dorsey & Whitney (Europe) LLP is acting as legal adviser to Eleco.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.