HCL latest: staffing firm’s fate to be decided by 3 April
6 March 2013
The fate of healthcare recruiter Healthcare Locums (HCL) will not become apparent for a further month, after the company agreed to give major shareholders Toscafund Asset Management and Ares Capital Europe (ACE) extra time to decide whether or not to make a formal offer for the firm.
Wed, 6 Mar 2013
The fate of healthcare recruiter Healthcare Locums (HCL) will not become apparent for a further month, after the company agreed to give major shareholders Toscafund Asset Management and Ares Capital Europe (ACE) extra time to decide whether or not to make a formal offer for the firm.
After HCL warned in January that it might not meet its banking covenants in March and June, the recruiter received an indication last month that Tosca and ACE, who together own nearly three-quarters of HCL’s shares, would inject “significant capital” into the business.
As Recruiter has further reported, one minority shareholder was still to make up his mind in the middle of last month, ahead of today’s 5pm deadline by which time Tosca and ACE were supposed to have either announced a firm intention to make an offer for the company, or announce it would not.
An HCL statement today gives a new deadline of 5pm on Wednesday, 3 April. HCL notes in the statement that it “has seen an indicative 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”.
The fate of healthcare recruiter Healthcare Locums (HCL) will not become apparent for a further month, after the company agreed to give major shareholders Toscafund Asset Management and Ares Capital Europe (ACE) extra time to decide whether or not to make a formal offer for the firm.
After HCL warned in January that it might not meet its banking covenants in March and June, the recruiter received an indication last month that Tosca and ACE, who together own nearly three-quarters of HCL’s shares, would inject “significant capital” into the business.
As Recruiter has further reported, one minority shareholder was still to make up his mind in the middle of last month, ahead of today’s 5pm deadline by which time Tosca and ACE were supposed to have either announced a firm intention to make an offer for the company, or announce it would not.
An HCL statement today gives a new deadline of 5pm on Wednesday, 3 April. HCL notes in the statement that it “has seen an indicative 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”.
