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 4,023,806 Eleco Shares, approximately 4.8% of the issued share capital. Consequently, the total number of Eleco Shares subject to irrevocable undertakings and letters of intent now stands at 38,147,919, representing approximately 45.2% of the issued share capital.
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As set out in the Rule 2.7 Announcement, Bidco had received a non-binding letter of intent from Raymond James Wealth Management Limited, trading as Charles Stanley (“Charles Stanley”) dated 8 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 6,343,418 Eleco Shares, representing approximately 7.5 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 “Charles Stanley Letter of Intent”).
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.
As noted in the Update on Letter of Intent Announcement released by Bidco on 8 October 2026, Bidco became aware that Charles Stanley had sold 4,300 and 103,185 Eleco Shares on 5 and 6 October 2026, respectively.
As noted in the Update on Letter of Intent Announcement released by Bidco on 12 October 2026, Bidco became aware that Charles Stanley had transferred out 9,500 Eleco Shares from its discretionary holding on 6 October 2026 and sold 204,860 Eleco Shares on 8 October 2026.
As noted in the Update on Letter of Intent Announcement released by Bidco on 13 October 2026, Bidco became aware that of the 24,980 Eleco Shares sold by Charles Stanley on 9 October 2026, 8,670 Eleco Shares were subject to the Charles Stanley Letter of Intent.
As noted in the Update on Letter of Intent Announcement released by Bidco on 14 October 2026, Bidco became aware that Charles Stanley had sold 3,610 Eleco Shares on 12 October 2026.
As noted in the Update on Letter of Intent Announcement released by Bidco on 15 October 2026, Bidco became aware that of the 645,810 Eleco Shares sold by Charles Stanley on 13 October 2026, 640,810 Eleco Shares were subject to the Charles Stanley Letter of Intent.
As noted in the Update on Letter of Intent Announcement released by Bidco on 19 October 2026, Bidco became aware that Charles Stanley had sold a total of 55,220 Eleco Shares since the previous Form 8.3 announcement released by Charles Stanley on 14 October 2026.
Pursuant to the Form 8.3 announcement released by Charles Stanley on 21 October 2026, Bidco became aware that Charles Stanley had sold 374,050 Eleco Shares on 20 October 2026.
Therefore, the total number of Eleco Shares which are subject to the Charles Stanley Letter of Intent has been reduced to 4,023,806 Eleco Shares, representing approximately 4.8 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.