Three of the largest shareholders of Healthcare Locums Plc (HLO:LSE), the beleaguered specialist health and social care staffing firm, have accused the board of a conflict of interest in appointing advisers linked to the investor most likely to benefit from a proposed 64.25 million Pounds fundraising, specialist publication This is Money reports.

Advisory firm Penta Capital is owned by the Old Oak Group, which also owns Toscafund, which is expected to buy 33.6 million Pounds of new shares and become the largest investor if the plan is approved by shareholders.

According to information obtained by This is Money, HCL recently agreed to pay Penta Capital a fee of over 300,000 Pounds for ‘restructuring advisory services’.

Christian McCall of major shareholder Arundel Capital, commented "the fact that a Toscafund affiliate has already been paid 300,000 Pounds of shareholders' funds to formulate this self-serving plan adds insult to injury."

Another shareholder described the information given to the board as "massively conflicted".