Healthcare Locums PLC Fourth extension to deadline (1331C)

TIDMHLO

RNS Number : 1331C

Healthcare Locums PLC

11 April 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION.

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE.

Healthcare Locums plc

("HCL" or the "Company")

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. On 6 March 2013 the Panel agreed to an extension of that deadline until 5.00 pm on 3 April 2013. On 2 April 2013 the Panel agreed to another extension of that deadline until 5.00 pm on 10 April 2013 and on 10 April the Panel agreed to a further extension of that deadline until 12.00 pm on 11 April.

The Company has today, with the consent of the Panel, agreed to a further extension of this deadline under Rule 2.6(c) of the Code until 5.00 pm today, 11 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 a 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. 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.

A copy of this announcement will be available, subject to certain restrictions, for inspection on HCL's website at www.hclplc.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

For enquiries please contact:

Healthcare Locums plc

Stephen Burke, Chief Executive Officer

020 7451 1451

Investec Bank plc

Gary Clarence/Patrick Robb/Daniel Adams

020 7597 5970

Pelham Bell Pottinger

David Rydell/Emma Kent/Duncan Mayall/Charlotte Offredi

020 7861 3232

Important Notice

Investec Bank plc, who is authorised and regulated in the UK by the Financial Services Authority, is acting for HCL and no-one else in connection with the possible offer and will not regard any other person as a client in relation to the possible offer and will not be responsible to anyone other than HCL for providing the protections afforded to its clients or for providing advice in relation to the possible offer or any matters referred to in this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

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