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 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”).

Under the Charles Stanley Letter of Intent, Charles Stanley 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 1 October 2026, Bidco became aware that Charles Stanley had sold a Total Fina Elf 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 Fina Elf 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.

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