Eleco plc Update on Letter of Intent

In brief · summary, not quotable

J O Hambro shareholder support for Accel-KKR takeover reduced from 2.5% to 0.8% after share sales.

J O Hambro shares sold since September 1,425,000
Remaining J O Hambro shares subject to letter of intent 700,000
Total shares under voting commitments 37,750,529
Percentage of issued share capital under commitments 44.7%

Full announcement

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.

Pursuant to a Form 8.3 released on 9 November 2026, Bidco became aware that J O Hambro had sold 350,000 Eleco Shares on 6 November 2026.

Therefore, the total number of Eleco Shares which are subject to the J O Hambro Letter of Intent has reduced to 700,000 Eleco Shares, representing approximately 0.8 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 37,750,529 Eleco Shares, representing approximately 44.7 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