Charles Stanley cuts support commitment for Eleco takeover

what happened

The London Stock Exchange reported on 12 October 2026 that Bidco, a company to be indirectly wholly owned by funds managed or advised by Accel-KKR and its affiliates, had updated the terms of its recommended cash acquisition of Eleco plc. The transaction is intended to proceed through a scheme of arrangement under Part 26 of the Companies Act 2006; the scheme document was published on 2 October 2026.

Charles Stanley had previously given a non-binding intention to support resolutions relating to the scheme and acquisition for 6,343,418 Eleco shares, representing approximately 7.5% of the issued share capital. Following subsequent sales and a transfer of shares, including the sale of 204,860 shares on 8 October 2026, the number covered by the letter of intent has fallen to 5,106,166 shares, or about 6.1%.

In total, irrevocable undertakings and non-binding letters of intent to support the transaction now cover 39,580,279 Eleco shares, representing approximately 46.9% of the company’s issued share capital as of the close of business on the last working day before the announcement.

why it matters

The reduction in Charles Stanley’s commitment lowers the disclosed support from that shareholder, while total undertakings and letters of intent still cover 46.9% of Eleco’s issued capital.

instruments