# Eleco Shareholder Support Drops to 46.9% After Stock Sales

- URL: https://stocks.freetheai.org/news/eleco-shareholder-support-drops-to-46-9-after-stock-sales-8b1d9e
- Published: 2026-10-13T15:08:29Z
- Category: mergers; sentiment: neutral; impact: medium
- Symbols: [LSE:ELCO](https://stocks.freetheai.org/symbols/LSE-ELCO)
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Investment manager Charles Stanley has reduced its shareholding in Eleco plc (LSE:ELCO), lowering the portion of voting rights covered by its non-binding letter of intent in favor of a takeover by Avocet Bidco Limited. After selling 8,670 committed shares on Oct. 9, 2026, the firm's voting agreement now covers 5,097,496 shares, or approximately 6.0% of Eleco's ordinary share capital.

The reduction brings total shareholder commitments in support of the acquisition—including both irrevocable undertakings and non-binding letters of intent—to 39,571,609 shares. That represents roughly 46.9% of the software company's issued share capital as the recommended cash acquisition proceeds via a court-sanctioned scheme of arrangement.

Investors will look ahead to shareholder meetings and court sanction hearings required to approve the transaction. Avocet Bidco Limited, a newly created entity indirectly owned by funds managed or advised by Accel-KKR, announced the acquisition proposal in September 2026, with the official scheme document distributed to shareholders in early October.

## Key points

- Charles Stanley decreased its committed voting stake in Eleco plc to approximately 6.0%, down to 5,097,496 shares.
- Total shareholder support for the acquisition via commitments and letters of intent now stands at roughly 46.9%.
- The proposed cash buyout of Eleco plc is being conducted by Avocet Bidco Limited, an entity backed by Accel-KKR.
- The deal is structured as a court-sanctioned scheme of arrangement following the publication of the scheme document on Oct. 2, 2026.

## Questions and answers

### How many Eleco shares are committed to supporting the Accel-KKR takeover?

Shareholders holding 39,571,609 shares, or about 46.9% of Eleco plc's issued share capital, have provided irrevocable undertakings or letters of intent to vote in favor of the deal.

### Why did the letter of intent support for Eleco plc decrease?

Charles Stanley sold shares covered by its non-binding letter of intent, reducing its committed share count from 6,343,418 shares to 5,097,496 shares.