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UK – HCL deadline extended again

11 April 2013

Healthcare recruiter Healthcare Locums (HLO:LSE) today announced the third extension to a deadline that will decide whether the company will receive extra capital from two of its main shareholders.

In February, the company first said it had received an indicative joint proposal from its largest shareholders to buy all the outstanding ordinary shares of the company which are not already owned by them.

Toscafund Asset Management and Ares Capital Europe are the firm’s main shareholders. They jointly own about 73% in the health and social care recruiter. The companies offered a cash consideration of at least 0.54 pence per share.

The shareholders want to inject significant capital into the business, but the deadline to announce either a clear intention to make an offer or not has now been extended for the third time to 11 April.

“The Company has agreed to a further extension of this deadline. The board of HCL has seen a proposal from Toscafund and ACE that demonstrates that they are continuing to work towards making a formal offer and the provision of additional capital to the company to allow it to pursue its strategy,” HCL said in a message to shareholders on Wednesday.

“Toscafund and ACE are in advanced discussions with HCL's lending banks and the company in order to finalise their proposal, however Toscafund and ACE need an extension to the timetable to reach final agreement with HCL's lending banks and the company.”

Healthcare Locums has suffered from a financial scandal and weak market conditions. The firm’s share price on Wednesday was down -78% from a year ago, giving it a current market capitalisation of £4.32 million.

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