Elecosoft Public Limited Company

ELCO · AIM · Technology · mcap £192m · 230.5p 2 open situations →

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2026 Offer for the company Veeuze disposal and financing 1 director buying

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Offer for the company

offer

Eleco's board agreed a recommended 235p cash offer from Avocet Bidco, an Accel-KKR vehicle, announced on 10 September 2026 after an unsolicited approach. The Scheme Document was published on 2 October 2026 and sets the shareholder meetings for 27 October 2026. Completion is expected during or prior to Q1 2027, with a long stop date of 10 March 2027.

Premium: 74.7% to 134.5p close on 9 September 2026 2 Oct 2026 ↗
Value: c.£207.6m fully diluted equity; EV £192.4m, c.20.2x 2025 EBITDA (company-stated)
Bidder: Avocet Bidco Limited, to be indirectly owned by Accel-KKR funds
Board view: Directors unanimously recommend the Scheme and consider the terms fair and reasonable, advised by Stephens 2 Oct 2026 ↗
Irrevocables: 45.2% of shares via irrevocables and letters of intent (announced 10 September 2026); directors' 408,725 shares, c.0.5% 2 Oct 2026 ↗
Dividends: No further dividends before the acquisition becomes effective

Next: Court Meeting and General Meeting · 27 Oct 2026

15 Oct 2026 offer
2 Oct 2026 offer
10 Sep 2026 offer · 235p

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Disposal of a part (break-up)

Veeuze disposal and financing

Disposal effective 1 January 2026; £1.3m financing provided

Eleco sold loss-making Veeuze to its management in April 2026, effective 1 January 2026, to focus on Building Lifecycle. H1 excludes Veeuze trading. The Group provided a £1.3m financing package for the buy-out, which weighed on H1 cash. Deferred tax losses in Veeuze no longer affect the tax charge.

Buyer: Veeuze management team (management buy-out)
Effective date: 1 January 2026
Financing: £1.3m financing package for the management buy-out
Rationale: Focus on higher-growth Building Lifecycle businesses

15 Sep 2026 Disposal effective 1 January 2026; £1.3m financing provided
23 Jul 2026 Disposal described as done; H1 excludes Veeuze trading
28 Apr 2026 Sold to management buy-out; impairment booked in FY2025
10 Apr 2026 Agreed; €1.5m loan to buyer outstanding

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Closed · 1

Insider conviction1 director buying £74k in 1 buy · 5 Jun 2025 – 3 Sep 2025 −17%

Company filings. Not investment advice.