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Healthcare Locums plc Shares Tumble On Termination of Offer Period

Healthcare Locums plc Shares Tumble On Termination of Offer Period
Shares in HCL have fallen almost 20% this morning after the company issued the following statement.
On 9 April, 2010 the Board of Healthcare Locums plc announced that it had received an approach which may or may not lead to an offer being made for the Company. The Board of HCL announces that both parties have now agreed that all discussions in relation to this approach have now ceased. Accordingly the Company is no longer in an Offer Period for the purposes of the Takeover Code.
HCL, one of the UK's largest and fastest growing specialist health and social care staffing companies, continues to strengthen its position as demand for specialist healthcare staff is driven by an ageing and growing population. The Company has some of the most respected brands within the health and social care markets. HCL's existing divisions currently provide the NHS and private sector clients with national and international recruitment solutions for social workers, doctors of all grades and specialities, specialist nurses, operating theatre staff, and Allied Health Professionals.
As announced in the trading update on 26 May, 2010 the Company intends to progress with its plans to expand its operations in the provision of specialist nurses to the NHS and private sectors by organic growth and selective acquisitions. This market has developed extremely quickly in the UK and grew by 47% between 2008 and 2009 with aggregate expenditure on agency nurses rising from 286m to 420m. HCL intends to run this new division from its existing call centres without the need for a regional branch network. The Company was recently successful in being granted its nursing agency licence, which allows HCL to tender for contracts on both regional and the National Nursing Framework agreements, this will allow the Company to place nurses on a temporary basis in the future. HCL now has two of its operating companies with places on the national framework and three of its brands with places on the recently established London orientated nursing framework.

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