Healthcare Locums plc Deadline Extended
Healthcare Locums plc – Deadline Extended
Extension of deadline in accordance with Rule 2.6 (c) of the Takeover Code
On 6 February 2013 HCL announced it had received, in connection with its seeking an injection of further capital into the Company, an indicative joint proposal ("Indicative Proposal") from Toscafund Asset Management LLP ("Toscafund") and Ares Capital Europe Limited ("ACE") to acquire all the outstanding ordinary shares of the Company not already owned by them and their concert parties at a price in cash of at least 0.54 pence per share. Toscafund and ACE had until 5.00 p.m. on 6 March 2013 to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
The Company has today, with the consent of the Panel, agreed to an extension of this deadline under Rule 2.6(c) of the Code until 5.00pm on 3 April 2013. This revised deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. The Board of HCL has seen an indicative proposal from Toscafund and ACE that demonstrates that they are continuing to work towards making a formal offer under Rule 2.7 of the Code and the provision of additional capital to the Company to allow it to pursue its strategy. In order to finalise their proposal, Toscafund and ACE need an extension to the timetable to reach agreement with HCL's lending banks.