Eleco plc Update on Letter of Intent
Accel-KKR Company, LLC, through its subsidiary Avocet Bidco Limited, has provided an update on its recommended all-cash acquisition of Eleco PLC. Following a reduction in the number of Eleco shares subject to a letter of intent from J O Hambro Capital Management, the total number of Eleco shares subject to irrevocable undertakings and non-binding letters of intent to vote in favour of the acquisition now stands at 38,147,919, representing approximately 45.2 per cent. of Eleco's issued share capital.
Select text to share a quote on X · sign in to keep highlights & notes in your ELCO notes
As set out in the Rule 2.7 Announcement, Bidco had received a non-binding letter of intent from J O Hambro Capital Management Limited (“J O Hambro”) dated 9 September 2026 to exercise (or procure the exercise of) voting rights 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) in respect of 2,125,000 Eleco Shares, representing approximately 2.5 per cent. of the existing issued ordinary share capital of Eleco as at the last Business Day before the date of the Rule 2.7 Announcement (the “J O Hambro Letter of Intent”).
Under the J O Hambro Letter of Intent, J O Hambro is permitted to sell, acquire or otherwise deal in Eleco Shares at any time.
As noted in the Update on Letter of Intent Announcement released by Bidco on 18 September 2026, Bidco became aware that J O Hambro had sold 725,000 Eleco Shares on 17 September 2026.
Pursuant to a Form 8.3 released on 21 October 2026, Bidco became aware that J O Hambro had sold 350,000 Eleco Shares on 20 October 2026.
Therefore, the total number of Eleco Shares which are subject to the J O Hambro Letter of Intent has reduced to 1,050,000 Eleco Shares, representing approximately 1.2 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.
As a result, 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) is 38,147,919 Eleco Shares, representing approximately 45.2 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
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.