Toscafund and ACE come to the rescue of Healthcare Locums

 
Julian Harris
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HEALTHCARE Locums revealed yesterday that its two biggest shareholders have issued an indicative joint proposal to buy up all of the shares that they do not already own.

The troubled firm, which provides staff to the health and social care sectors, said that Toscafund Asset Management and Ares Capital Europe (ACE) offered at least 54p per share in cash – matching Healthcare Locums’ closing share price on Tuesday.

Together Toscafund and ACE currently own around 72.5 per cent of Healthcare Locums.

At the end of last month the firm’s chief executive Stephen Burke asked Toscafund and ACE for help, following a warning that it might not meet its banking covenants in March and June.

Yesterday’s statement said the shareholders “have indicated their joint intention to inject significant capital into the business following successful completion of an offer.”

Shares closed up 2.78 per cent yesterday at 56p. The stock has lost over 80 per cent of its value in the past year.