Eleco plc Update on Letter of Intent

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

22 October 2026

RECOMMENDED CASH ACQUISITION of ELECO PLC (“Eleco”) by AVOCET BIDCO LIMITED (“Bidco”) (a newly formed company which will, as at the Effective Date, be indirectly wholly-owned by funds managed and/or advised by Accel-KKR and its affiliates) to be implemented by means of a scheme of arrangement under Part 26 of the Companies Act 2006

Update on Letter of Intent

On 10 September 2026, the board of directors of Bidco and Eleco made an announcement pursuant to Rule 2.7 of the Takeover Code (the “Rule 2.7 Announcement”) of a recommended all-cash acquisition by Bidco of the entire issued and to be issued ordinary share capital of Eleco (the “Acquisition”), intended to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the 2006 Act (the “Scheme”).

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 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 Fina Elf 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 Fina Elf 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.

Enquiries

Kekst CNC (PR Adviser to Accel-KKR and Bidco)	+1 917 992 1170
Todd Fogarty
N.M. Rothschild & Sons Limited (Financial Adviser to Accel-KKR and Bidco)	+44 (0)20 7280 5000
en-us Copyright 2026 EQS Group