Buy Healthcare Locums - argues Rob Cullum, editor of TrendWatch

One key principle that underlies the TrendWatch investment strategy is that we normally only ever recommend shares that have just started a new uptrend. For the first time since the global credit crisis blew up, weve been forced to research more mature uptrends to find shares that satisfy our high standards. Fortunately, weve found a good un.

It wont be news to many investors that healthcare staffing in the UK is big business, but its quite an eye-opener nevertheless to be reminded just how big. The most recent figures available indicate that the staffing market was on course for an annual total of 5 billion.

Apart from the sheer size of the NHS, a number of factors contribute towards this huge figure: the desire for more flexible working conditions by staff, past failures to invest in the training of a sufficient number of specialist staff, the implementation of the Working Time Directive. But lying behind all of these are the demands of an ageing population, medical advances and also the fact that the vast sums sucked into administration actually seem to boost the need for external support, rather than the reverse.

The NHS accounts for around 45% of the total spend, but with another figure of 45% emanating from the provision of homecare staff. Demand for recruitment services provided by private-enterprise intermediaries such as Healthcare Locums is unlikely to be threatened by superbly organised and far-sighted direct recruitment policies of the client organisations such as the NHS, if you catch our drift.

Healthcare Locums, now four years old, is a group supplying specialist healthcare professionals to both the NHS and the private healthcare sector.

Its ruling ethos is the focus on higher-margin, longer-term specialist staff such as doctors, social workers and allied health professionals (AHPs), rather than the placement of nurses, for example. Working from two call-centres the group avoids the requirement for a costly high-street presence. The admission document argued that being able to supply staff nationwide without a local branch network enabled higher margins still.

This ethos means that, whilst it has lower volumes, there is a higher average transaction value and, in general, placements are longer term. Demand is not as immediate; and the overheads to service this market are therefore lower. It has an expanding database of registered locums across all specialties. Nearly half of these placed by the company at the time of its original flotation were from overseas; and the company had established an international recruitment division with 23 international partners across Europe, the Middle East, Australia, South Africa, New Zealand, the USA and Canada. This is a two-way trade placement outside the UK is a growing area of business.


On flotation, it comprised four discrete significant entities, brought together through acquisition.

the decade-old Thames Medics, a specialist in providing GPs, doctors and psychiatrists to the NHS and private hospitals. This was followed by
Eurosite Medical, a provider of AHPs to the same client groups. Then came
Medical Technical, a specialist in support staff (plaster technicians, sterile services technicians, phlebotomists and the like). This added scale, and also reach, enabling the group to access the supply of operating theatre technicians. Finally
Recruitment Specialist Group extended coverage to qualified social workers.
In November 2005 the company raised 13m at 55p. Six months into public life, it bought BBL for a total consideration of 10.5m, with 5.0m immediately payable in cash (financed by banking facilities) and a further 3m to be satisfied at completion by the issue of ordinary shares. 75% of BBL's income came from recruitment of hospital doctors; most of the rest came from recruitment of GPs.

After almost exactly a year as a public company, it raised 16m in the market at the same 55p price to acquire Blue Group, one of the leading qualified social-work agencies in the UK, for a maximum of 14m - with 10m payable in cash on completion. Blue Group's turnover in 2006 was 36m, and it was reckoned to have 15% of the market in Qualified Social Work (QSW) agencies. The acquisition was a three-way fit: First, Blue also had no branch network; the plan was to integrate the call centres. Second, the back-office integration was expected save 1m a year, starting in 2007. Third, it would help Healthcare Locums' intent of achieving a 33% split between its three core markets - AHPs, doctors and QSWs.

*The value of investments can go down as well as up. Investing in equities can lose you part or all of your capital. Smaller company shares can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares. Cornhill Asset Management Limited is an Appointed Representative of Argyle Investment Advisors Limited which is Authorised and regulated by the Financial Services Authority. UK-Analyst.com is owned by t1ps.com Ltd which is authorised and regulated by the FSA and can be contacted at 5-11 Worship Street, London EC2A 2BH or on 020 7562 3370.

This history makes the most recent figures for the 100m company irrelevant but the forecasts compelling (see table below).

2006 2007 2008*
Revenue (m) 64.63 144.1 169.50
Pre-tax profit (m) 1.08 12.40 16.90
Earnings per share (p) 7.10 9.00 12.30
Dividend per share (p) - 1.50 2.60

*Forecast
The main figure of interest in the 2006 accounts was the 16% organic growth. But the picture was clouded because it coincided with another substantial acquisition, JCT Locums, for 5.5m cash.

Current trading is robust and in line with management expectations, with one of the key drivers still being that of organic growth. The company is now market leader in each those three specialist divisions (AHPs, doctors and QSWs), and is very close to delivering the one-third income split targeted by the board. It says it will now cease strategic acquisitions so as to concentrate on integration.

The chief executive and 10% shareholder is Kate Bleasdale, a former nurse (ironic, given that her company avoids the nursing recruitment market). More importantly, however, shes a first-class businesswomen with a distinguished entrepreneurial history, and (by way of a footnote) a record-holder for the award of 2.2m damages when she sued her previous company for sex discrimination.

Performance to date has been dazzling; but it we should recognise that, with 13 acquisitions all told, this has, in a sense, been the easy bit. And with debt now running at 34m, up to nearly 6m to be paid out by way of deferred consideration and 67% of sales emanating from the NHS, the company may be a bit boxed-in.

Nevertheless, heading for earnings per share of 9p this year and 12.3p next works out to 12 times earnings in immediate prospect, falling to about 8.5 next year. These numbers leave plenty of medium-term price headroom. BUY

Makes a nice change to see a positive full year result. See below..........

Healthcare Locums had an outstanding 2008 and looks forward to delivering another excellent performance this year and beyond.

Revenue in the year to the end of December increased by 23% to 166.4m with adjusted operating profit up 44% at 21.2m and adjusted pre-tax profit up 56% at 18.4m.

Basic earnings per share increased by 107% to 11.2p and net debt fell to 26.9m from 35.3m in 2007.

Executive vice-chairman Kate Bleasdale said: "2008 has been an outstanding year for the company, with 45% organic growth rate in gross margin achieved in the second half of the year."

See broker comment today below............

Arbuthnot Securities says in a note. The broker points out that, based on consensus estimates, the shares trade on a prospective 2009 PE of 5.7 times, which it says seems far too low for a company growing earnings at a compound annual rate of about 46 percent.

Octopus Inv LTD took advantage of price weakness yesterday and topped up with 133k and now hold 3,129.352 shares or 3.01%,

My one concern with this company is that VAT of 10% starts from 1st April this year on temporary workers in the health care sector and others, who have in the past been exempt from VAT. HLO have not commented on this as far as I am aware and it remains uncertain as to how far they will be able to pass on this cost to employing companies. It may prove to be an extra burden on recruitment agencies.

See below a post I have copied from across the road, from a very well informed poster.

The VAT ruling will have no impact on Social Workers and little impact on the Allied Health Professionals. With Doctors, however, it will have more impact as the hospitals and Primary Care Trusts will not be able to reclaim the VAT. But, Trust budgets have been increased to take account of the additional sums, so there should be no ground floor effect on what or whom they can afford to contract. It is therefore really more of a public sector accounting issue with funding taken out of one government pot and allocated to another.

In terms of the locum providers, it may be that the smaller operators (who traditionally had a reasonable market share) may find it onerous to process the additional paperwork, driving business into the hands of Healthcare Locums and the other larger facilitators.

Hope this clarifies the issue for you

....so I conclude the effects of the VAT change are probably minimal.

Strong buying today with sp up to 144p.

Looking at the chart hlo are in breakout territory, and look set to pass the highest high at 145p reached in February.

Thanks spitfire43 for that clarification re VAT.

A bit of profit taking this morning pulled the sp back to 137p, but buyers have re-emerged and sp is trying to hit 140p again.

As you can see from the chart, the February high of 145p has been broken today. With a forward per of only 7 for 2009, and growing at 71% to 2009 and 26% to 2010, this rise seems well founded.

A classic garp stock as Jim Slater would say.

good to see rise over 150p today, it was inevitable with strong volume over the last few weeks. Even today we had 240.000 buys against 105,00 sells. I think they might of been tipped in share mag today, can anyone confirm this.

Some sellers taking profit today, but if it holds above the psychological important 150p level, this would be a strong signal.

From the chart you would expect this to drop to the 200 DMA which is steadily rising. Maybe 125/130p level. Nice chart though & worth trading in & out, imo.

If recent chart history repeats itself, you could do very well trading in and out, perhaps using the rsi as a good timing guide. I have had some success doing this with other stocks, but I will hold on to this one for a re-rating.

A bit late posting the AGM statement from Wednesday, but well worth a read imo.

Healthcare Locums plc

('Healthcare Locums', 'HCL' or 'the Group')

Annual General Meeting Statement




At today's Annual General Meeting, Alan Walker, Chairman of Healthcare Locums plc, will state the following:




'We are delighted to report an excellent performance for 2008. We have continued to grow and have further consolidated our market leading position.




Our strategic objectives for the year have been: to deliver strong organic growth, to maintain or improve our net margin, to increase our market share and to develop our international placement division.




We increased our revenue by 23% to 166.4m. Our adjusted operating profit increased by an impressive 44% to 21.2m and adjusted basic earnings per share increased by 51% to 13p. Operating profit increased by 81% to 18.6m and basic earnings per share increased by 107% to 11.2p. We achieved a 45% organic growth rate in gross margin in the second half of the year, compared to the second half of 2007. These results were driven by significant increases in demand in each of our divisions in the UK, and internationally.




Today your Board recommends paying its shareholders a final dividend of 1.2p per share.




The year saw a considerable amount of change in HCL, in which we streamlined our operations, integrated our systems and processes and reduced our cost base, all of which has led to increased efficiencies throughout the business, and will support further growth.




In our UK marketplaces, all of our divisions - Doctors, Qualified Social Workers, and Allied Health Professionals - have delivered robust performances. These performances have been driven by continuing high levels of demand due to an increasing and ageing population, a retiring generation of healthcare professionals, and not enough school leavers entering the caring professions.




Our international permanent placement division has also performed well, having grown from a start-up business in 2005 to a business generating significant gross margin in 2008, and with strong growth forecast for the future. New offices opened in New York, the Middle East and Australia, and we will shortly be increasing our presence in Abu Dhabi. Most excitingly, we see enormous opportunities in North America, where Barack Obama's administration has committed to an initial $634bn increase in healthcare spending. This expansion of the healthcare system requires people and HCL has established a pipeline of appropriately qualified healthcare professionals to meet this need. The global healthcare market is estimated to be worth approximately $30bn, and we are committed to further developing the international division in 2009.




During the period we re-aligned our Board structure. Kate Bleasdale was promoted to the newly created role of Executive Vice Chairman, and Diane Jarvis was promoted to Group Managing Director. Mo Dedat, who was appointed to the Board as Commercial Director in April 2008, was promoted to Executive Finance Director. We were also delighted to welcome Andy McRae to the Board as Executive Chief Operating Officer. Alasdair Liddell and I will continue as Non-executive Deputy Chairman and Non-executive Chairman respectively. We are confident that this strengthening of our Board will benefit HCL.




2008 was an outstanding year for HCL. We have a robust and growing business which benefits from high levels of demand and solid income streams. We have started 2009 with strong trading in all of our divisions and we expect this trend to continue throughout this year and beyond. Current annualised run rate turnover is over 189m (185m in February) and annualised run rate gross margin is 61m (56m in February). We look forward with confidence to another successful year in the development and growth of HCL and the delivery of long term returns to shareholders.'

I think the message is hitting home now after the bullish AGM statement, and I believe there was a strong buy write up in Growth Company Investor on Friday. The chart looks very strong at the moment.

See write up from Growth company Investor below..........

Healthcare Locums - STRONG BUY
Companies: HLO
08/05/2009
AIM star Healthcare Locums (HCL), the specialist recruiter of health and social workers, continues to cheer investors with news of healthy trading in buoyant global markets for its services.

In his recent AGM announcement, HCL chairman Alan Walker highlighted the groups excellent performance for the 2008 calendar year, during which the company continued to grow, seemingly insulated from wider downturn, while making market share gains.

During a period of robust organic growth (the company has come through its acquisitive phase), turnover rose by 23% to 166.4m, operating profits surged 81% higher to 18.6m and adjusted pre-tax profits powered north by 56% to 18.4m, with net margins expanded from 10.8% to 12.7%.

Demand, both in the UK and overseas, remains buoyant, with all three UK divisions Doctors, Qualified Social Workers and Allied Health Professionals delivering robust growth. Prospects here look positive, since the population is growing and ageing, a generation of healthcare professionals is retiring and there are not enough school leavers entering the caring professions.

Meanwhile, the international permanent placement division is expanding to capitalise on demand, having recently opened offices in New York, the Middle East and Australia. Walker sees the overseas business receiving a further shot in the arm in North America via the increase in healthcare spending promised by the Obama administration.

Fast growing, resilient and dividend paying, HCL has started 2009 with strong trading in all divisions and is forecast to grow earnings to 21.3p per share (2008: 13p) this year. We consider that the shares, trading on a surprisingly low prospective multiple of 7.1, are still strongly in buy territory

Nice growth , nice chart ... I'm in and looking for minimum of 240p during next 12 months.

Good luck.

A pullback to the rising 50 DMA would seem likely, before new high.

I can see from the chart that HLO has pulled back to the 200ma three times in the last year, I can't see it doing so this time which would mean a price in the 120s, but would love it to happen, to take advantage and top up.

I see it is down 10p today, but many small caps have pulled back on profit taking.

Fiver by xmas.

I never say never Dil and hope you are right.

My short term target is 212p, and looking for 300p by year end which would be a PER of 14.4.

Noticed buyers were back yesterday.

Flying.

indeed they are, no news that I know of, but if I come across any I will post here.

Fiver by xmas spitfire , have faith.

Fly me to the moon
Let me sing among those stars
Let me see what spring is like
On jupiter and mars ......

Ramp , ramp :-)

Write up in The Observer today. See below.......

People are talking about Healthcare Locums, a recruitment agency providing staff for the NHS. The company was founded by entrepreneur businesswoman Kate Bleasdale and floated on Aim in 2005 valued at 31m, but today it is worth 192m. The company is almost recession-proof, and the shares have been rising steadily - by 84% in the past six months - and have outperformed the market by 211% since January 2008. Enough said.

Equinox Partners are keen, another 170,000 purchase after recent nibbles on 22nd May and 18th June which brings holding up to 11,530m or 11.06%.

I brought these in march at 125p, they have now risen 50% to 188p like many other companies. But I re-checked the figures against the Zulu Princible of investing and they are still a buy on all counts. The only one it hasn't met is the gearing at 44.6%, but it is throwing off so much cash that I have no issue with this.

When I first started watching HLO in August 2007 the gearing was 61%, I made a note to only to buy when this figure started to reduce, which is the case now.

Trading Update

Very positive trading statement today lifting the price 14p tp 190p. See below the conclusion by Kate Bleasdale, Executive Vice Chairman of Healthcare Locums plc, the rest of the update is just as bullish and well worth a read.

'We are very pleased with the Group's ongoing strong performance and organic growth. We see enormous opportunities for further growth in all our divisions. We look forward with confidence to the second half of 2009 and beyond.'

Touching the all time high again.

Just sold half my holding @2 for +70 which was nice.

Hmmm a tad premature! New high today 207.

Always good to take a profit, well done. Looks like you brought at the same level as me 125p back in March.

Fiver by xmas skinny :-)

:-)

From Shares Mag - Healthcare-related recruitment has defied the market downturn with ongoing demand for doctors and other skilled medical staff. Shares in Healthcare Locums (HLO:AIM) have more than trebled since floating in November 2005 at 55p.
Kate Bleasdale - founder, executive vice chairman and 9.6% shareholder - has been very open about building up the business for eventual sale. Market talk suggested she originally targeted a 200p per share takeover offer but with the stock now trading at 185p, this expectation may be raised as Healthcare Locums is still capable of increasing its market value as international growth starts to pick up.
Investors should not expect a sale for at least another year or two.
Even after the strong share price performance, shares in Healthcare are still not too expensive to buy. It trades on prospective price/earnings ratio (PE) of nine times, good value for a company growing earnings at a 30% compound annual rate."

Thanks for the info Harry

I have read plenty of positive updates from tipsheets and brokers in the last week, I will try and find them and post them here.

Growth Company Investors 14 July 2009

Insulated from recessionary pressures, Healthcare Locums (HCL), the UKs biggest and fastest growing health and social care staffer, is poised for strong organic growth in the years to come.

In a trading update foreshadowing interim results set for issuance in September, HCL, guided by determined former nurse Kate Bleasdale, executive vice chairman, flagged up robust first half trading and market share gains across its Doctors, Qualified Social Workers and Allied Health Professionals divisions. Driving this growth are market fundamentals, since demand for the qualified health and social care professionals HCL provides is burgeoning against a backdrop of limited supply.

HCL, a preferred supplier to the NHS and other public bodies, enjoyed consistent month on month turnover growth during the half. June proved a milestone, with best ever run rate sales (the months revenue multiplied by twelve) of 203m achieved.

Moreover, HCL said its expanding International Permanent Placement division, now with offices in New York, Melbourne and Dubai and whose development is helping to de-risk the business, posted notably impressive interim growth.

Enthusiastically recommended by Growth Company Investor at 110p last December, HCL is on nothing less than a growth tear, having improved operating profits by more than 80% to 18.6m in 2008, on turnover up 23% at 166.4m. Strongly cash generative, the company also managed to pare net debt back from over 35m to less than 27m.

This year, KBC Peel Hunts Andrew Nussey sees a healthy rise in adjusted pre-tax profits to 31.4m (2008: 17.6m) and in earnings from 12.2p to 21.5p. On those estimates, the dividend-paying shares, recent strong performers, are still only selling for less than nine times earnings and remain excellent value. Consider topping up holdings.

And from Peel Hunt

Strong IMS, positive outlook

The pre-close IMS update confirms that trading remains robust and cash performance remains strong. The disclosed run rates give us confidence that shareholders are likely to continue to re-rate this high quality and rapidly
growing earnings stream. We reiterate our BUY

Trading performance. Management has stated that HLO delivered a record run
rate performance in June as all divisions continue to deliver consistent month on month growth. In June 2009 the revenue run rate was 203m per annum, an
increase from the 189m reported at the time of the AGM in May. Moreover, the
gross margin run rate increased from 61m in May to 63m per annum in June.
This compares favourably with our 62.3m forecast for FY2009. This
performance has been delivered through strong trading across the all divisions
and territories. Furthermore, we believe that this strong revenue performance
ought to be manifest in record operating profits given the improving levels of
operating profit conversion driven by mix and operating focus. In FY2008 the
conversion was 46% and we expect this to have increased to 53%. We estimate
net debt to have fallen significantly since the year end (from 27m to c21m).
This cash performance has also been underpinned by the working capital
improvements achieved through the back office investments made.

Investment case. We believe management has successfully de-risked the
equity story (international position established, reporting/operating platforms
streamlined, efficiencies secured). However, HLO is still positioned for strong
earnings and free cash flow growth (74.8m generated over our three-year
horizon) as management concentrates on delivering rapid organic growth from
its scalable infrastructure. We consider that, with the shares trading on 8.5x for 38% CAGR EPS, these many attractions are still to be reflected in the rating. Buy.

Cheers spitfire .... looks like at least a fiver by xmas then :-)

I like your optimism, I will find another write up to post here and try and get your target upto a tenner by xmas....

and another

James Faulkner of WatsHot.com writes.

My readers are already massively ahead on this t1p and once again, healthcare recruitment firm Healthcare Locums has reported a bullish trading update, with all divisions showing month on month revenue growth during the 26 weeks ended 30th June 2009. In June the group recorded its best ever run rate performance, with a run rate turnover of 203 million compared to the 189 million announced at the time of the AGM in May 2009. Gross margin run rate increased to 63 million from 61 million in May, which suggests the interim results, due on 7th September, should be very good indeed. Trading remains underpinned by the strong demand for and tight supply of health and social care professionals. All divisions increased their market share during the period and the international permanent placement business saw exceptionally strong growth. Forecasts for the first half suggest revenue growth of around 10% to 87 million, gross profit growth of 40% to 27.1 million, EBITA growth of 60% to 12.25 million and adjusted profit before tax up by 82% to 11.6 million. EPS growth will be exceptional at around 74%. How many companies can claim to show EPS growth of 74% in a recession? It is now likely that full-year forecasts will have to be lifted but even on current forecasts the shares remain stupidly cheap for a company of this kind, trading on a current rating of 8.5 falling to 7. I wouldn't be looking to sell until the shares were on a PE into double digits at the very least. They are worth a high teens multiple. Buy.

I'm sticking with a fiver , wouldn't want to be accused of going overboard :-)

Tipped today in Share Magazine in the main feature called "Ten sizzlers for the summer" unfortunately I haven't seen the text because I no longer subscribe.

Shares Mag: HLO:194p
"This year's earning growth 70%, Next year's earning growth 25%, yield 2.1%.
One of the few recruitment companies to have shrugged off the recession as there are still no signs of demand falling for it's market of doctors & other skilled medical staff. Having made a roaring success of the UK market, HLO is now expanding overseas in the Middle East & the US. The latter is particularly short of nurses. It's qualified social work division has been restructured to focus on off-contract work which should help to drive group revenue growth. It recently opened offices in Melbourne & Sydney & one in Toronto is planned. Tipped by Shares Mag as one of 10 Companies offering growth potential. BUY"

Cheers Harry ... who are the other nine ?

Asos (ASC), China Shoto (CHNS), Craneware (CRW), Eros (EROS), Hilton (HFG), Mears (MER), Melorio (MLO), NCC (NCC), Penna (PNA).

Thanks again Harry.

Thanks for sharing that Harry.

I like it that they have highlighted North America as a future driver of revenue, because the potential is huge. Look at the extract from the last AGM statement in May

"Most excitingly, we see enormous opportunities in North America, where Barack Obama's administration has committed to an initial $634bn increase in healthcare spending"

New highs!

Hows it going Dil ? didnt know you were in these.

Had my eye on them for a while.

Neat package from the brokers aswell with a forward P/E of just 7.7 to 2010. rather cheap I would say.

Healthcare Locums PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

KBC Peel Hunt Ltd
23-07-09 BUY 31.38 21.47 4.00 39.36 26.88 6.00

Arbuthnot Securities
22-07-09 BUY 31.74 21.13 4.00 39.63 25.75 8.00

Daniel Stewart
20-07-09 BUY 33.10 21.70 4.00 39.90 26.20 8.00

Collins Stewart
13-07-09 BUY 21.40 27.20

Fairfax IS
13-07-09 CORP 31.80 21.30 4.00 39.80 26.60 8.00

Seymour Pierce
13-07-09 HOLD 30.50 20.80 2.10 36.80 25.00 2.20

FinnCap
08-07-09 BUY 32.30 22.30 4.00 40.00 27.70 8.00

Brewin Dolphin Investment Banking
26-06-09 HOLD 29.86 20.39 4.00 35.22 23.72 8.00

John East & Partners
28-05-09 BUY 32.40 22.10 4.00 40.00 26.90 8.00

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 31.90 21.40 4.00 39.78 26.53 7.73

1 Month Change -0.02 -0.09 0.00 0.01 -0.19 0.06
3 Month Change -0.26 0.11 0.00 0.52 0.03 -0.27


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS 38.47% 70.46% 23.97%
DPS % 300.00% 93.25%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 21.47m 33.84m 41.34m

EBIT 20.02m 32.50m 39.58m

Dividend Yield 0.49% 1.95% 3.78%

Dividend Cover 12.55x 5.35x 3.43x

PER 16.31x 9.57x 7.72x

PEG 0.42f 0.14f 0.32f

Net Asset Value PS -10.84p 73.98p 91.93p

Was going to buy this afternon but with the yanks spluttering at the moment not too sure at the moment,

The chart looks strong, breaking up again. Even after a near 70% rise since March, the fundamentals still look undervalued.

Didn't get in myself til a couple of months ago GF , was looking for something recession proof.

Fiver by xmas :-)

New highs today.

A very well run, recession busting company.
The SP ought to outperform the market very comfortably.
Not sure about the 'fiver by xmas' mentioned above - 3 quid should be easily surpassed though !!

The Doctor

The appointment of Peel Hunt as joint brokers has just been announced.

Very good news indeed - the Company should now get the wider coverage to push the share price onwards and upwards

Have faith doctor ... would I lie ?

Dil

You will be pleased to know that I have topped up another 3000 shares this morning.

The Doctor

Interesting to see strong gain to 214 today, after what looks like an overhang has been cleared.

First sale of 371,583 @205p just after 09:00, followed by a 281,154 and 90,429 both @ 205p again just after 10:00. Looks like the same seller with the price the same, and a pre-agreed price with a buyer?. The interesting thing will be any announcement made, to see who has brought them.

Jim Slater would be nice???????????

I think the seller has been Highclere (there was an RNS yesterday stating that their holding had gone below 3%).
The resultant overhang has probably been taken up by institutional investors advised by KBC Peel Hunt (who were recently taken on as joint brokers in order to attract ......... institutional investors - amongst other things !!)

There really ought to be a reasonable rerating now (and, hopefully, it has begun today).

Yep , breakout on good volume bodes well .... fiver by xmas :-)

All time high 219.

Dil,

Still only a fiver then, I just had a thought, do mean christmas this year or next.

Wondered when someone would ask that :-)

To use a technical term - "Come on my son" :-)

About to blow.

We have lift off.

Interims due Monday 7th September.

I'm looking for 10.0m PBIT and 7p EPS, which would confirm we are inline for full year.

3.00 by xmas !!!!!!!!!

Pleased with interims today, loads of positive in statement, a very interesting read.

Yep excellent results. Looks like these got a long way to run yet spitfire.

Sp down 7%, which implies the market wasn't over impressed, or am I missing something as buys outweigh sells 65/35?

The old "sell on news" thing I would imagine. I expect the sp to move up slowly during the day.

Probably a few jumped in before results looking for a quick buck and are getting their stop losses hit.

Results look fine to me harry.

The Adj PBIT and EPS were slightly above what I was expecting. No negatives in the statement that I can see.

Very pleased with continued net debt reduction to 21.2m from 26.9m, and also 100% increase in dividends to 1.6p which shows confidence in the future.

Lets hope not too many investors have set their stop/losses too close and are stopped out today.

It'll be the traders not the investors that have bailed spitfire , be back to normal soon.

Very true, but very decent of mms to lower the sp and allow investors to buy in at lower levels.

Back to normal now , 260p next stop.

:-)

... at least :-)

Healthcare Locums Grant of Options





TIDMHLO

RNS Number : 7105Y
Healthcare Locums PLC
08 September 2009

Healthcare Locums plc
("HCL" or the "Company")


Granting of Options
The Board of the Company announces that on 8 September 2009, the Company has
signed option agreements to grant options to certain directors and senior
employees of the Company to subscribe for an aggregate of 510,000 ordinary
shares of 10p each in the capital of the Company.

Options over 350,000 ordinary shares exercisable at 207p per ordinary share have
been granted to directors of the Company as follows:


+-----------------------------------+--------------------------------+
| Director | Number of options granted on 8 |
| | September 2009 |
+-----------------------------------+--------------------------------+
| Kate Bleasdale, Executive vice | 100,000 |
| Chairman | |
+-----------------------------------+--------------------------------+
| Diane Jarvis, Group Managing | 100,000 |
| Director | |
+-----------------------------------+--------------------------------+
| Mo Dedat, Chief Operating Officer | 100,000 |
+-----------------------------------+--------------------------------+
| Alan Walker, Non-executive | 25,000 |
| Chairman | |
+-----------------------------------+--------------------------------+
| Alasdair Liddel, Non-executive | 25,000 |
| Director | |
+-----------------------------------+--------------------------------+

Options over 160,000 ordinary shares exercisable at 207p per ordinary share have
been granted to certain senior employees of the Company.


The options vest on the third anniversary of the date of grant and in each case
the final exercise date of the options is ten years from the date of grant.

Just been announced that 5 of the above directors bought shares in the market today.

Am I correct in saying ex-divi date is 16th Sept '09?
Not on MoneyAM's forward diary list, but on Digitalook as that date.

Harry - yes - the forward diary feature is as good as useless, with much info missing!

Choo choo ... fiver here we come :-)

Wish I'd bought even more, but I suppose that's always the case in hindsight!
Might add if it takes a hit after divi date.

Big jump in auction!

560p ?????


:-)

:-)

Sold at 2.29 :o(

Got free shares but (as you say down there!) :o)

Only 200 though (or is it but?) :o(

Time to buy more!!!! :o)

I got stiched up for 14 quid in a pub quiz (my local that has just changed hands) , 5 a team maximum and we got 4 , win every round including the last up til last question lol.

Last question worth 15 points (every other one worth 1) we get 3 and the landlords 17 year old daughter gets 15 and her gang wins by 1 point !!!

More fixed than an mdx scln , or am i just a bad loser ?

Pub gonna be empty Friday , didn't go unmissed by all those not related to the family:-)




Sorry Kim can't advise you unlike tabby cos I aint got a license but my (revised) target of 560p seems reasonable. Broker comments and upgrades on advfn (wtf do they know), ramp ramp :-)

Dil

PS ... I got uck all right and neither did me 16 year old kids mates .... we just got lucky :-)

Still can't believe how we were stitched up.

The landlord's name isn't Gordon Brown by any chance is it Dil?!

I don't wanna talk about it Kim it's too upsetting.


:-)

Lol :o)

Looks like Barclays have been large buyers recently, with a holding now of 5,222.550 or 5.01%, and before not having a notifiable interest.

They were probably the one hoovering them up in the auction.

New highs again today.

Nice chart skinny , 300p by Friday :-)

:-)

Come on baby you know you wanna breakout

I think you're right Dil, look at the the excellent chart below.

A bit of persistant selling @ 270p, but hlo still held onto gains today.

Memorandum of Understanding Signed with Government of South Korea

I suspect HLO will need many more agreements like this, to keep up with increased demand from the US.

Price has consolidated well, just need something to kick start the next break up.

A bit of a rally today after falling through 25 & 50 ma.

Any idea what caused that drop? Director bought at 252p recently, which should have supported the sp.

Healthcare Locums Director/PDMR Shareholding





TIDMHLO

RNS Number : 8425C
Healthcare Locums PLC
20 November 2009

20 November 2009


Healthcare Locums Plc
(the "Company")

Director's Shareholding

Healthcare Locums plc has been notified that Kate Bleasdale, Executive Vice
Chairman of the Company has today purchased 50,000 ordinary shares of 10p each
in the Company at a price of 252p per share.

The total beneficial holding of Kate Bleasdale following this transaction is
10,062,569 ordinary shares of 10p each which represents approximately 9.61% of
the Company's issued share capital.

Sorry Harry - just seen you post!

I added a few earlier.

A good old fashioned tree shake.

Back on target :-)

That fiver by xmas is still on or was it six ? :-)

Make it six....sounds better than five! :o)

From the BBC :

NHS spending on agency staff has soared in recent years, amid signs permanent posts are being frozen as the service braces itself for a squeeze on funding.

Spending on temps by hospitals and NHS trusts responsible for community services hit almost 1.3bn in England last year - a 60% rise in two years.

The Tories, who obtained the figures from the government, branded the spending wasteful.

But NHS managers said it was sometimes more cost effective to use agencies.

The health service has its funding guaranteed until 2011.

trading update anytime soon ?

Two investors on another BB contacted the company and were told mid January. Last years trading update was on 19th January.

thanks spitfire

trading update this week

Trading Update

RNS Number : 0235G
Healthcare Locums PLC
25 January 2010

Healthcare Locums plc
('HCL' or the 'Company')
Trading Update
Healthcare Locums plc, the UK's largest and one of the fastest growing
specialist health and social care staffing companies, reports on trading for the
52 week period to 31 December 2009.The Company will report its preliminary
results for the year ended 31 December 2009 in the fourth
week of March 2010.
Trading continues to be robust with consistent month on month revenue and profit
growth in all divisions throughout the year. The Company can report that it
expects results to be in line with market expectations.
All divisions have shown very strong performances in 2009 and the Company
anticipates continuing growth in each of its divisions into 2010.The
international permanent placement division had a particularly strong second half
in 2009 following the opening of new offices in Australia, Canada and Abu Dhabi
in the latter half of the year. The international market is being driven by the
huge shortages of healthcare workers worldwide; HCL's particular focus is on the
US market, where 1.2 million new nurses will be needed by 2014, and in the event
that President Obama's healthcare reform bill gets passed, demand for suitably
qualified healthcare staff in the US will continue to rise, as a potential
46 million people gain access to the healthcare system for the first time.
In the UK, the Doctors, Qualified Social Workers and Allied Health Professional
businesses have continued to deliver good performances. Demand continues to be
driven by the ageing population, and a deficit of appropriately qualified health
and social care professionals available to meet this demand. Management believes
that the NHS will continue to expand frontline services to meet the healthcare
needs of both a growing and an ageing population. It is now widely recognised
that the use of flexible agency staff is a cheaper and more efficient
alternative to the high cost of full time employees, and that a workforce ratio
of up to 20% flexible staffing to 80% permanent is the most cost effective way
to manage the huge public sector workforce with its growing and unsustainable
pension liability.
Kate Bleasdale, Executive Vice Chairman of Healthcare Locums plc, commented:
'We are very pleased with the Company's performance which demonstrates that we
can continue to deliver very strong organic growth. We are operating in a market
place that is not exposed to the negative impact of the wider economic
environment and the opportunities for our business are very exciting. The UK
health and social care flexible staffing market is currently worth in excess of
GBP1.4 billion annually, and an international market for permanent placements of
healthcare professionals is worth over GBP8 billion. We look forward to 2010
with confidence.'

didn't mention about debt but there is a plan to get rid of it this year so..good news anyway

Good solid statement, I like the importance they place on International growth.

259... anyone understand that drop ?

251 pretty cheep, isn't?

251p is pretty cheap, and I have noticed buyers nimbling away all the way down today.

Every 3 months or so there seems to be a bit of a price correction. Their recent trading statement was on track, so maybe this is a chance to pick up some more stock before the 300p level.

Also relatively low volume.

daniel steward is a BUY today.this make some sense since said that 2 Nov last year..

will it hit last tree shake support?

Well thats where it came to rest today, lets see what tomorrow brings.

232!.. i can't believe its going lower..200?? going to be bargin of the century

Interesting to see if it bounces off the 200 DMA.

seems all nhs trusts are now going to have to "tighten up" on all the locums they employ. dont know if this is reason, but may be relative to price movement. anyone know more details?
regards
jkd

US will be the driver from now on imo ,looking for confirmation of the bottom before adding.

DYOR , etc , etc

agree Dil , also solid statement, 50000 buy CEO 2 months ago at 252.. mm's treeshaking may going on stock not pretty liquid, big buy maybe soon..

Agree that the US will be the main driver of future growth, not to sure about this being a tree shake, they normally only last a day or two. Last November was a tree shake which lasted a day and a bit.

Interesting that yesterday we saw 387k buys against 189k sells, if that ratio continues this morning then we should see a bounce.

sp drop could be hunt for these few pretty big sells today just after 16.00.today republicans says that could support bill on jobless healthcare ,so 25th Feb big time.just bought more today at 233.drop just doesn't make any sense..

shaping double bottom ?

Sure hope so!

Selling is showing signs of becoming exhausted this morning, but what we need to see is some substained buying.

200MA could be the support.nice

Looks like both DMA's are going to be needed to provide support. Heading in the right direction now though.

big part of buyers 10Feb may sell today at 10:11, 1mil at 247 , wonder if this halt rally

slow down for sure but not stop yet, good

Results 22nd March.

these two for 1.5 mil each today put breaks on, just 8 sessions to go

still a bit of momentum upwards,sweet

Just hoping that the DMA's continue to provide good support. Breaking down through both would not be good.

agree, would be bad,but i think will go north,nothing bad with business, future good,just some big boy took out his money out for some reason known just for him and put in other, few bit panicked too but they calm down now, looks. also check about 400k bought just after close, so someone sneaking in quietly.not bad

Healthcare Locums plc
("Healthcare Locums" or the "Company")

Second Interim Dividend Declaration

As previously announced the Company's final results for the year ended 31
December 2009 will be released on 22 March 2010.

In the meantime, the Board of Healthcare Locums is pleased to announce that a
second interim dividend of 1.5 pence per ordinary share will be paid on 1 April
2010 to shareholders on the Company's register as at the record date of 26
March 2010. The ex-dividend date will be 24 March 2010.

That's damn decent of them.

It is clearly designed to circumvent the 50% tax rate next tax year. Maybe final divi will be in jeopardy.
It also appears that a number of funds think HLO may be vulnerable to cut-backs depending on the outcome of the next general election, so sp may suffer until after the voting.

..but bottom line is that using agency temporary staff is much cheaper than employing people full-time. So more pressure on NHS and local authorities,better for HLO anyway,cause they'll switch to using more flexible staff.

Healthcare Locums plc

('The Company')

Statement re Publication of Full Year Results for the year ended 31 December
2009

The Company announces that its full year results for the year ended 31 December
2009 will be published later today, Monday 22 March 2010.

healthcare reform passed so girls partying and not hurrying with results, here in other hand a little drama..214!..ughh..:)wish i got more spare cash now

Down 10% which presumably means the brokers have already seen the results and are acting accordingly???

true,but some of them don't know ,there is huge game going on and im not suprise that some of them shout fire-in-a-hole to set some panic to make a killing.someone is still lot buying on the way down so i assume that this one know the best

just wish i could buy at today lows, would be dream..

Looks like a delay while they update results with US Healthcare results, cant see any other reason.
MMs having fun beforehand?????????

Surely results are just that - results? The only changes they can make are to future outlook and projections, or am I missing something?

this is the point

I'm not sure that buying today is ideal. Chart support looks to be at 200p.

may also be 226 if blues will manage close at it.

U.S. healthcare reform bill has been passed, so hopefully this will impact on HLO turnover over the next few years.

exactly.the best day traders managed today 5% on way down and 5% on way up,10% in 4 hours, just because of fear amateurs..hope just we not follow that bedlam

got feeling that update after close,new day new hope,too much not necessery blood today :)

Not sure you are right. 2009 was probably a tough year for these guys.
Presumably there is provision for currency fluctuations from their U.S. revenue (as well as Australia, Canada & Mid East)? Will be interesting to see how much of their revenue is U.S. derived.

i can't wait for update too but to see what Kate say about future, the most.that what happened to 31 Dec she said 25th Jan

Final Results.

Financial Highlights



Revenue increased by 5% to 172.1m (2008 restated: 164.5m)

Gross margin increased by 23% to 52.9m (2008 restated: 43.1m)

Adjusted operating profit* increased by 31% to 25.2m (2008 restated: 19.3m), despite adoption of longer term permanent placement income accounting policy

Operating profit increased by 18% to 19.7m (2008 restated: 16.7m)

Net margin as a percentage increased by 13% to 11.5% (2008 restated: 10.2%)

Adjusted net margin** as a percentage increased by 25% to 14.6% (2008 restated: 11.7%)

Adjusted profit before tax*** increased by 41% to 23.2m (2008 restated: 16.5m)

Profit before tax increased by 27% to 17.7m (2008 restated: 13.9m)

Adjusted basic earnings per share**** increased by 37% to 16.0 pence (2008 restated: 11.7 pence)

Basic earnings per share increased by 24% to 12.3 pence (2008 restated: 9.9 pence)

Net debt has fallen to 17.3m (2008: 26.9m)

Second interim dividend of 1.5p announced to be paid on 1 April 2010

Final proposed dividend of 1.9p per share to be declared by the Board bringing total dividend for 2009 to 5.0p (2008: 2.0p per share)

Although the figures look reasonable, they must be way below expectations for the sp to fall 20% to 178p.

It depends on how you look at them Harry but at the moment panic rules :-)

It seems due to a change in accounting procedures, which has therefore produced figures below analyst's forecast. Revenue growth was lower due to change of accounting treatment.

Bottom line is Harry I expect year on year % growth forecasts to remain in the main unchanged i.e. 20%+ while the historic PE is now less than 11. Timing the buy(s) is the difficulty and guessing how long the market takes to come to terms with the restatement is another consideration (may take til next results).

In auction again!

PE now less than 10 and divi of around 3.5% , getting tempting.

If directors buy it will shoot up , if they don't and the company gets kicked by the press and brokers it could get cheaper ... decisions , decisions :-)

Dil - yep - divi now looking interesting. I've just had a punt @154.9

Whole story looks compelling skinny , be interesting to see what the new brokers forecasts are.

Dil - I see the thread over the road is busy this morning - and not too much noise :-)

so,
business still good, little change in accountancy but that how it do it in recession time to deal with it,2010 start robust, long term(finaly long) view good, big boys dumping it big time! full manic depression! love it! shopping time for me

Not yet, imo. No chart support there.

I'm in for a few , candle chart shows support around 150p Harry.

Headed south again , just my uckin luck :-)

Yep - in auction again!

im not the best in charts HC so i may miss some support point (lots of them,may be this or may that and the point is that is too many 'may') so its like bottom fishing, im leaving it for mms and day traders, im not that clever.its enough for me to know that value is not price and that price now is lot below value, with pretty sweet margin of safety.i don't know if it go lower.just low enough to buy whole business if i got that spare..:))

It's still nice to get in somewhere near the bottom, though I think that technically you should wait for a tick up on the graph before plunging in, otherwise you are trying to catch 'a falling knife'. I don't know any other way of trying to predict the bottom other than using a graph.

so why has this fallen so badly today. I understand the accountancy change, but solid business and outlook...seems overdone, or am i missing something ?

in this times big boys dumping everything wich price going down.simple.they've got just 3months view and have to make some cash for naive clients in that time,so because they about price not value they dump it if price going down and go somewhere else.hyennas.

Presumably a load of stop losses triggered, though maybe went down too fast to have registered.

I can find no other reason(s) for the sp fall other than the change of accounting has resulted in results coming in below expectations, and the fact that the results are a day late. Unless we are being kept in the dark about something sinister the business appears to be very 'healthy' (sorry!) and growth should continue to be strong.

A million just gone through @148 - total shares (Ithink) @103m - so 7% so far today.

its probably aversion to booking future profits, ENRON did similar model

From KBC Peel Hunt:
"Accounting change: Historically, the US International permanent placement
revenues were recognised at three stages (a third on acceptance of job, a third
when they passed the US conversion course, and a third when they get the
visa). However, HLO will now recognise revenues more closely to the cash
receipts (a third on acceptance, a third on passing exams and a third on starting
the post). For Middle East placements the revenue recognition change is from
point of acceptance to the start of post. The impact on 2009 is modest but, given
the growth in International in 2010, our headline PBT (including share-based
charges) moves from 42.4m to 38.0m, with EPS moving from 29.0p to 25.9p.

Attractive investment case: We believe management has successfully derisked
the equity story (international position established, reporting/operating
platforms streamlined, efficiencies secured). However, HLO is still positioned for
strong earnings and free cash flow growth (97m generated over our three-year
horizon). We consider that, with the shares trading on 8.5x 2010E EPS for 32%
CAGR EPS growth and yielding 3.6% on an 8p 2010 dividend, these many
attractions are still to be reflected in the rating. Buy."

From Arbuthnot:
"A day later than expected, Healthcare Locum's results contain a change in accounting policy, which results in the group missing our full-year forecasts.

The group is changing its accounting policy to recognise revenue when a candidate starts a position (as opposed to when a candidate accepts a position). This is due to the growing international contribution of revenues, which results in a longer delay between agreeing a position and starting (up to four years in the US due to visa requirements).

As a result of this accounting change full profit is adversely impacted by c.10m, with PBT +41% to 23.2m (26% below our 31.3m forecast), EPS is +37% to 16.0p (23% below our 20.9p) although the DPS is 5.0p (vs. our 4.0p). Net debt continues to fall and now stands at 17.3m down from 26.9m last year but is above our 14.2m forecast.
While a more prudent accounting policy is clearly required given a growing international contribution, and should more closely align with cash flow, the acknowledgement that the prior policy was becoming increasingly inadequate and the manner in which this has been communicated to the market will not aid sentiment with regards to the stock.
In terms of outlook, the group cites a robust start to 2010 across all divisions. However, it is likely that the adverse impact both financially and with regards to sentiment will dominate the stock today. We reduce our recommendation from Buy to Neutral (lowering our price target to 190p from 285p) and will revisit our financial assumptions at a later date"

Last one is a cautionary note from Evolution:
"EVO TAKE The Market will initially focus on the change in accounting policy, though we think attention will soon turn to the evaporation in growth in the Locums business.
DETAILS Locum revenues grew by a meagre 2.1% YoY. However, sequentially locum revenues declined 2.8%. The weakness was driven within the Social Workers operation, with revenues falling from 21.6m (1H09) to 15.5m (2H09). Gross profit from Social Workers was sequentially down 30%. The other locums operations (Doctors and AHP) have also seen next to no sequential growth in gross profit. As our recent note highlighted (Staffing recovery underway, Feb 2010), we are also cautious on the prospects for gross margin and anticipate the NHS will increasingly scrutinise the commissions agencys charge for the provision of temporary staff. Revenue (for the International business) is now recognised on the start date of the candidate (was previously on acceptance)."

In auction again!

Flying :-)

Sucker bounce????

Probably.

Healthcare Locums crashes


Healthcare Locums was in turmoil as shares crashed by 31 per cent after the company's already late full-year results revealed that the 2008 accounts have had to be restated, with nearly 2m wiped from last year's sales. This combined with weakness in some of the company's home markets sent investors scurrying for the exits.

The problems stem from when to book the placement of international staff as a sale. In a practice one analyst described as "aggressive", such sales were booked when an international candidate accepted a post. But it seems that visa applications and non-starters can delay payment times, especially in the US, and so Healthcare Locums will now book the successful placement as revenue when employment actually begins - in effect pushing back years' worth of predicted sales growth.

Operationally, sales at the locum doctors and qualified social workers division were flat at 55.2m, held back by lower sales in the second half, while gross margin increased by 3 percentage points to 26 per cent.

KBC Peel Hunt revised its 2010 pre-tax profit down by 11 per cent to 38m, with EPS of 25p.

Creative accounting by Healthcare Locums


British medical staffing firm Healthcare Locums Plc (HLO.L) on Tuesday posted a full-year pretax profit that was well below market expectations due to a change in its accounting for revenue, sending its shares down nearly 35 percent.

The company, which supplies staff to hospital and social services, also restated its previous years' results to reflect a new accounting policy for permanent placements.

"There are two things going on with the share price this morning. One, the accounting policy change that has an impact on profitability. But, there has also been a slowdown in the core locum business," Evolution Securities analyst Adrian Kearsey told Reuters.

The company's new policy, which will now recognise most revenue on the start date rather than when the candidate accepts a position, resulted in adjusted operating profit of 25.2 million pounds ($38.0 million) in 2009.

Healthcare Locums said it would have reported an adjusted operating profit of more than 31 million pounds if it followed its old accounting policy.
Arbuthnot Research analyst David Brockton said while a more prudent accounting policy was required given a growing international contribution, the acknowledgement that the prior policy was becoming inadequate and the way it was communicated to the market would not help investor sentiment.

Brockton downgraded the stock to "neutral" from "buy".

However, analyst Kearsey said the focus over the next few months would be on the core locum business, and not the accounting change.

Turnover from two of the company's three locum business segments, doctors and social workers, fell by 0.7 percent and 19.5 percent, respectively, in 2009.

"After the elections, whilst there will continue to be significant demand for temporary workers within the (National Health Service), the commissions paid to agencies could be looked at," Kearsey said.

Healthcare Locums said it looked forward to the future with confidence, helped by the passing of U.S. President Barack Obama's healthcare reforms.

For the year ended Dec. 31, Healthcare Locums posted a pretax profit of 17.7 million pounds, compared with 13.9 million pounds in the year-ago period.

Revenue climbed 5 percent to 172.1 million pounds.

Analysts on average were looking for a pretax profit of 31.0 million pounds, on revenue of 199.8 million pounds, according to Thomson Reuters I/B/E/S.
Healthcare Locums also declared a final dividend of 1.9 pence per share, bringing the full-year dividend to 5 pence a share, up from 2 pence last year.

Shares of the company were down 31 percent at 152 pence at 1216 GMT on the London Stock Exchange. They touched a low of 143 pence earlier in the session.

Where to now, that's the question? Just about everything I have read (Apart from Evo) seems to think that this is vastly oversold, so assuming most holders got caught out by the sudden drop, are still holding at a loss & assuming the business model is sound & therefore going to attract more investors at this price, the immediate 190 price target should be easily achievable.

I knew nothing about this company till I saw the chatter yesterday. Took the gamble at 145p which looked grossly oversold, went out for the day and have just sold at 173p.

Looks as though it may well go higher but a profit aint a profit till you've banked it so I'm quite happy which doesn't happen much on the SM these days!

come on baby...fly now :)

The market will take along time to forgive HLO after this, to issue a statement saying the results will be posted later on the same day and then to be issued the next. This tells me that the auditors were unhappy with the way the accounts were presented and refused to sign them of until the changes were made.

This is no more than a short term trading stock for now.

I was lucky to sell at 200p at the open yesterday, still a good profit from my 125p purchase. But I wont be back, I just dont trust them.........

that will be whole palet of different emotions now...

In auction.

massive volume here today - already about 6x daily norm ..... bear closing?

Ah, here come the heavy hitters now then ;o)

nearly 5mil shares at mid! price, huge setup, sweet..
that will make some floor

Business Financial Newswire
"Healthcare Locums cut to sell from hold at Seymour Pierce, target price 820p "

What a joke! No it's not my typo error, it's as it appears on the RNS.

82p I guess...Seymour Pierce brokers are still drunk after a night out.

I think maybe 120p!!!!

madness start again,167,one shout and bunch of sheeps start run again.going to be long road,needed fundamentals next update about June to confirm "strong organic growth...(%!#?)"

FIL still buying.

What happened just before the close? Big spike up.

going to be VERY FUNNY today morning :))

no one talk about takeover bid rumor here..?

Don't think Kate Bleasdale, who runs this, would sell at this price.

I'm out , that'll do nicely.

I stand corrected!!!!!

Business Financial Newswire
"Healthcare Locums has confirmed that it has received an approach which might lead to an offer being made for the company.

It said a further statement would be made as soon as possible. "

[Bidder's apparently Equinox Partners, which yesterday said it raised its stake from 11% to 16%]

Note from Collins Stewart:
"Conversion of operating profit into operating cash flow (post capex) was 72% in 2008 and 78% in 2009. Conversion of profit after tax into Free Cash Flow was 86% in 2008 and 91% in 2009, though flattered by low cash tax paid. Even assuming a normal cash tax charge, we expect conversion of profit after tax into FCF to average c.100% (2010-12). We forecast that the company will have c.2m of net debt by the end of 2010 and will double the dividend to 10p in 2010. Target price 305p."

i don't know why anyone selling now, this is just beggining..

51 points in one day is awsome stuff..love it

Yes, but if the offer is rejected & the bidders walk away, the sp will tank down to 180p again.

Yep , pays yer money and takes yer chance. I was just happy to get out with a reasonable profit.

certainly too late to buy now

Dizzy heights at 235p...take profit.

And if the offer comes in at 300p?..........

so what? ..... sp will show a 10/20% discount to that to allow for uncertainty and time lag before completion

'Cos there is a strong chance of HLO being bought for circa 3, that would be a PE of less than 10 on Peel Hunts 2011 EPS of 30.82p. Also KB bought a load at 252p not so long ago & it think it would be unlikely that she would sell the company too cheaply having built it up from scratch. The only proviso is that she may pitch the price too high for the bidder.

answer as above!

if takeover we win, if not- approach is giving message about business potential, worth buying, cold shower needed :)

According to the Mail recently, a bid of 275p is going to be the first approach. The implication is that K.B. will probably accept this, but this is only press speculation so far.

This seems to be grinding on forever, with no end in sight! Some kind of news would be encouraging.

The longer this drags on the less chance a bid will materialise.

AGM Statement.

Trading Update

Expansion into Specialist High Value Nursing Provision



Healthcare Locums plc, one of the UK's largest and fastest growing specialist health and social care staffing companies, reports on trading for the first quarter of 2010.

Cumulatively, trading in the first four months of the year was in line with management's expectations, despite slower than expected trading in April, due mainly both to the disruption caused to travel which affected the placing of international permanent staff, and a softening in domestic demand for locum staff in the run up to the General Election.The Company is however pleased to report that since the year end it has a won a number of new key contracts for its UK locum divisions, from large NHS and PCT operators across the UK. The Company estimates that the total potential annual value of these contracts is in excess of 13 million of revenues.



The international division continues to grow with significant increases in the database of healthcare staff applying for international permanent placements. HCL currently has over 18,000 candidates registered to take up international positions, an increase of 44 per cent over the 12,500 candidates we had registered at the end of 2009. The USA expects to see job openings for approximately 1.2 million Registered Nurses by 2014 and this number is set to increase, as a further 32 million people now will have access to healthcare as a result of the new healthcare bill passed in the USA.

Business Financial Newswire
"Health and social care staffing provider Healthcare Locums intends to expand rapidly into the specialist nursing market organically and to explore acquisition opportunities.

The firm said trading in the first four months of the year was in line with management's expectations, despite slower than expected trading in April, due mainly both to the disruption caused to travel which affected the placing of international permanent staff, and a softening in domestic demand for locum staff in the run up to the General Election.

Since the year end it has a won a number of new key contracts for its UK locum divisions, from large NHS and PCT operators across the UK.

The company estimates that the total potential annual value of these contracts is in excess of 13 million of revenues. "

DIVIDEND -
Shareholders should note the following relevant dates:
Ex-Dividend Date - 2 June 2010
Record Date - 4 June 2010 (????? Possible error)
Payment Date - 25 June 2010

Harry what happened to the take over bid?

Good question. I suspect 'no deal', probably as KB values it considerably higher than any bidder, but just a guess on my part.

Looks like KB has other priorities atm. Don't suppose she is going to be thinking about the takeover whilst on honeymoon!
"Director's Shareholding

The Company announces that Executive Vice Chairman, Kate Bleasdale's beneficial interest in the Company has increased by 1,988,380 Ordinary Shares of 10 pence each following her marriage to John Cariss on 12 June 2010. Please note that the change to Kate Bleasdale's beneficial shareholding is solely as a result of her marriage, neither Kate Bleasdale nor John Cariss have bought or sold any shares in the Company.

Following the events as set out above, Kate Bleasdale's total beneficial shareholding in the Company is now 12,050,949 Ordinary Shares which represents approximately 11.43% of the issued share capital of the Company."

Some women will do anything to get their hands on your assets :-)

Statement re Possible Offer




Healthcare Locums plc
Termination of Offer Period


On 9 April, 2010 the Board of Healthcare Locums plc ("HCL" or the "Company")
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 GBP286m to GBP420m. 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.

No surprise there, imo. Now looking for steady growth over the next couple of years. Almost time to add a few at 177p.

Harry have they resolved their accounting differences with their auditors?

I feel it is too early to enter. More downside to come.

No idea, h. That all seems to have been forgotten.
Will be interesting to see if KB makes a statement as to why the bid failed. Will it be just on price or other issues?
Bearing in mind that the sp tanked due to the questionable accounting changes, if we can get over that particular hurdle, the business seems to be very sound, even in a time of recession, when full time staff may be laid off, but locums should then benefit.

Are you still short hlyeo, or looking to go long now?

Back to it's 12 month low.

surely will be adversely affected by government spending cuts.

exactly so, as is/was CNT

But government cutbacks in the Health Service are not in frontline staff but in managerial & administrative posts.

156p now... with current government spending budget cuts sees HLO down to 100p.

Had a few @157

StockMarketWire.com
"Healthcare Locums has raised 11m and has entered into conditional talks to acquire Orion, the business and assets of LML and businesses and assets of Redwood Health.

Healthcare Locums said it had placed 7,333,334 new ordinary shares at 150p apiece.

It said the proceeds would be used to finance the acquisitions of Orion, a specialist nursing and healthcare staffing locum business in the UK and the LML Business, an established Australian medical staffing business with a database of over 3,500 qualified doctors.

Redwood Health Limited is a leading player in the specialist nursing locum placement market and is being acquired for an initial consideration of 5m together with potential earn-out consideration of up to a further 1.65m to be paid dependent on the future performance of the business.

The Redwood acquisition is subject to shareholder approval and the provision of the appropriate debt finance. "

Interesting to note that Redwood is owned by Kate Bleasdale's newly acquired husband. I wonder if shareholders will approve the price being paid?

The problem with this market is nearly all shares drop below any rights or placing price. Although I didn't do it, it was an almost certain short at 160p and I suspect that unless a predator comes calling, the sp has a long way to drop yet

http://www.telegraph.co.uk/finance/newsbysector/pharmaceuticalsandchemicals/7895485/HCL-boss-spends-7m-on-husbands-medical-company.html

That's an interesting article, summed up by the phrase "Redwood....... indicate the existence of a material uncertainty which may cast doubt about the company's ability to continue as a going concern." I hope KB doesn't regret mixing business with personal matters.

Heading steeply downwards...143p now.

HCL boss spends 7m on husband's medical company


Kate Bleasdale, the colourful businesswoman behind listed medical recruitment company Healthcare Locums (HCL), has agreed a 6.7m deal to buy the business and assets of a company owned by her husband, John Cariss.

The deal for the Redwood Health business comes despite the company carrying a "going concern" warning in its most recent set of accounts. The auditors have also included a cautioning note that the company had failed to hit projected trading results.

Healthcare Locums agreed an initial price of 5m for the Redwood business with a further 1.65m to be paid dependant on the performance of the medical recruitment business.

The sum is being paid to John Cariss's investment vehicle Cardale Investments, a company that Ms Bleasdale was a director and major shareholder in until she resigned four weeks ago.

In its last set of accounts for the year ended December 31, 2008 Redwood registered profit before tax of 912,000.

However, the company's auditors Haines Watts warned in the accounts: "The group's trading results to August 2009 are below those projected and should this trend continue the group may require further funding.

"These conditions, along with other matters ... indicate the existence of a material uncertainty which may cast doubt about the company's ability to continue as a going concern."

On Healthcare Locums calculations the Redwood business is being picked on a 3.3 times multiple of prospective earnings, significantly less than the 5 times average multiple for other recent HCL acquisitions.

The calculation compares the initial 5m acquisition price against Redwood's unaudited 1.5m prospective earnings for 2010.

A spokesperson for Healthcare Locums said: "This is a transaction being carried out at significantly below the market (price), which suggests we are underpaying for it.

"The acquisition has passed the fair and reasonable test by the company's advisors Fairfax."

She started her first medical recruitment company Match Group with a 5,000 loan from her parents.

However, with the company topping annual turnover of 185m and preparing for a flotation she was forced out by her chairman Sir Tim Chessells, a move that led to her winning a 2.2m pay-out for sexual harassment, the largest ever handed out in the UK.

Ms Bleasdale then set up and floated her current vehicle Healthcare Locums.

In an ironic twist given the 2.2m pay-out she won in 2002 Ms Bleasdale is currently involved in an employment dispute with Debbie Forster, the founder of Stayput Solutions, a medical equipment company that Ms Bleasdale invested in.

Looks like we may have reached the bottom.

Things coming together at Healthcare Locums HLO. Was trashed by the failed bid but looking now to be strengthening.

305p SP target on HLO

Date Broker name New Price Old price target New price target Broker change

16-Jul-10 Collins Stewart Buy 155.00p 305.00p - Reiteration

Healthcare Locums plc announces that the resolution regarding the acquisition of the Redwood Health Business was duly passed by shareholders at the Company's General Meeting which was held at 11.00 a.m. today. 99.9 % of the shareholders who voted were in favour of the resolution.

The acquisition of the Redwood Health Business is expected to complete at the end of August.

The Directors are also pleased to announce that the acquisition of Orion and the acquisition of the LML Business have both completed as expected.

Notice of Interim Results

The Company expects to announce its interim results for the six months to 30 June 2010 on Monday 27 September 2010.

HLO healthcare Locums starting to fire up......



SP now 162p mid.

Another good day so far. +7%

Yep - been watching!

Where to now skinny? Already back sub 160p. Would be nice to see a firm uptrend.

Approaching the bottom again! Tempted to buy around this level for another bounce.

Interesting article I just found on the web......

HCL buys demonstrates confidence in sector, says Bleasdale
Fri, 16 Jul 2010

Kate Bleasdale, HCL
Healthcare recruiter Healthcare Locums (HCL) new acquisitions are a sign of its confidence in the healthcare sector and the governments commitment to continue to safeguard front-line resources from public sector cuts, according to Kate Bleasdale, executive deputy chairman of HCL.

HCL has entered into conditional agreements to acquire the entire issued share capital of UK specialist nursing and healthcare staffing locum business Orion, the business and assets of Australian medical staffing business LML and, subject to shareholder approval, the business and assets of specialist nursing locum recruiter Redwood Health.


.Bleasdale told Recruiter: These acquisitions demonstrate our confidence in the NHS and the governments commitment to fund front-line resources. There are huge demographic forces at play that require concerted investment in health professional staffing. The acquisitions also reflect our significant commitment to our international markets which are expanding at a fast pace.

HCL is placing of 7,333,334 new ordinary shares at a placing price of 150p per share to raise funds of 11m before expenses, subject to admission to trading on the Stock Exchange.

The proceeds of the placing shall be used to finance the acquisitions of Orion and Australian medical staffing business LML Business.

Meanwhile, Redwood Health is being acquired for an initial consideration of 5m together with potential payments of up to a further 1.65m to be paid dependent on the future performance of the business. This acquisition is subject to shareholder approval and the provision of the appropriate debt finance and requires the approval of shareholders pursuant to section 190 of the Companies Act due to the fact that Bleasdales husband, John Cariss, owns 99% of the ultimate shareholder of Redwood, Cardale Investments.

http://www.recruiter.co.uk/hcl-buys-demonstrates-confidence-in-sector-says-bleasdale/1006261.article

Recent Broker Buy note out aswell according to source trading on a forward P/E of just over 6 going into 2011

Healthcare Locums PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

KBC Peel Hunt Ltd
09-09-10 BUY 31.02 20.74 8.00 45.54 28.89 10.50

In fact Broker Coolins Stewart has a BUY note out which more or less forecasts the stock will double.........

16-Jul-10 Collins Stewart Buy 155.00p 305.00p -

305p SP target.

But for the time being, lower highs & lower lows.

"Further to the Company's announcement of 2nd August 2010, Healthcare Locums plc confirms that it will be announcing interim results for the six months to 30th June 2010 on Monday 27th September 2010."

Interim Results.

Financial Highlights

Revenue of 76.4m (Restated 2009: 85.6m)

Adjusted EBITDA(1) of 9.6m (Restated 2009: 11.0m)

Adjusted operating profit(2) of 9.3m (Restated 2009: 10.7m)

Broadly stable adjusting operating profit margin(2) of 12.2%

Operating profit of 7.6m (Restated 2009: 9.5m)

Profit before tax of 6.8m (Restated 2009: 8.6m)

Basic earnings per share of 4.8 pence (Restated 2009: 6.0 pence)

Adjusted basic earnings per share(3) of 5.9 pence (Restated 2009: 6.8 pence)

Net debt reduced to 14.5m (Y/E 2009: 17.3m)

Increased interim dividend declared of 1.8p (2009: 1.6p)

Currently down 12%

Healthcare Locums H1 profit heads lower
Mon 27 Sep 2010

Healthcare Locums 132.00p -12.29%

LONDON (SHARECAST) - Specialist health and social care business Healthcare Locums reported a decline in half year pre-tax profit after the new coalition government slashed NHS spending.

The staffing agency said pre-tax profit fell to 6.8m for the six months ended 30 June 2010 from a restated 8.6m in 2009. Revenue dropped to 76.4m from 85.6m previously.

Its UK and International Permanent Placements division saw a strong performance with first half revenues up by 57% to 3.3m from a restated 2.1m in 2009. Gross profit surged by 120% to 3.3m.

The group also reduced its cost base by around 1.5m compared with the same period last year.

The group said uncertainty surrounding government spending priorities is a short to medium term situation.

"We expect that the UK government's stated commitment to maintaining front line services will improve trading in the second half of 2010," said executive vice chairman Kate Bleasdale.

Underling its confidence in future trading the group has increased its interim dividend to 1.8p from 1.6p the same time a year before.

In auction again.

the game seems to be up following disappointing results, hope they have sorted out their accounting.

I've had a small punt @118.......

Hopeless! Kate has taken her eye off the ball!

28 September 2010


Healthcare Locums Plc
(the "Company")

Director's Shareholding

Healthcare Locums plc has been notified that Kate Bleasdale, Executive Vice
Chairman of the Company has today purchased 50,000 ordinary shares of 10p each
in the Company at a price of 119p per share.

The total beneficial holding of Kate Bleasdale following this transaction is
12,107,854 ordinary shares of 10p each which represents approximately 10.74% of
the Company's issued share capital.

Even she is averaging down!!! ;o)

:-)

Directors buying 4000 or 5000 shares is not going to boost huge confidence. It is pittance.

EK seems to be shorting HLO...

CREDIT SUISSE increase to 5% +

StockMarketWire.com
Healthcare Locums upgraded to buy from hold at Seymour Pierce.

CREDIT SUISSE increase to 7.44% +

interestiing company this cant get my head around it.

surely if call me dave and Giddeon (rich george) are going to go for cuts in the NHS wont locums be making a bundle??????????????????????????????????????.

yOUR THOUGHTS HARRY AND SKINNERS PLEASE.

My take is that cuts means cuts, not lay off permanents & take on temps. So front line staff will continue to be employed but other services will be reviewed. Apparently you can get tattoos removed on the NHS is you know how to go about it. Also fertility treatment, obesity treatment and lots of other non-essential services will be trimmed down to only the most deserving, pushing many in to private treament clinics. Other countries also bring in revenue for HLO, so the NHS cut-backs should be mitigated by foreign revenue, imo.

CREDIT SUISSE increase again.

Unfortunately the trend is still down on the graph.

Unfortunately I vist my GP at frequent intervals and all I ever see is locums and a different one each time, I don't know if they are HLO, but somebody must be making some profit. As Harry says the graph is still down. SD

Looks a bit like the south face of the Eiger! Support at............100p? 80p?

80p I think... NHS is cutting locums drastically.

We are about to find out if 100p provides support. Currently 102p.

Looks like 80p next stop.

I'm waiting for 80p.

This lot just taken a 10% holding.

Sub 100p.

Statement re Press Speculation
TIDMHLO

RNS Number : 7017W

Healthcare Locums PLC

24 November 2010

24 November 2010

Healthcare Locums plc ("HCL" or "the Company")

Statement Regarding Press Speculation

Further to recent press speculation, HCL can confirm that it is in exclusive discussions with Healthcare Australia Holdings Pty Ltd which may or may not lead to a significant acquisition being made by the Company.

As stated in the interim results announcement on 27 September 2010, the Board will continue to look for strategic acquisitions provided that they demonstrably add value to shareholders, will enhance earnings per share, and will deliver further international presence in the global healthcare staffing marketplace.

The Directors currently expect that any potential acquisition would be funded by debt finance. A further announcement will be made in due course.

Acquisition of Healthcare Australia Holdings
TIDMHLO

RNS Number : 8756W

Healthcare Locums PLC

26 November 2010

26 November 2010

Healthcare Locums plc

Acquisition of Healthcare Australia Holdings Pty Ltd

The Board of Healthcare Locums plc ("HCL" or "the Company"), announces that the Company entered into an agreement on 26 November 2010 to acquire the entire issued and to be issued share capital of Healthcare Australia Holdings Pty Ltd ("HCA") from certain CHAMP Private Equity funds and a small number of private individuals, for a total consideration of AU$122.5m (approximately GBP75.2m) payable in cash on completion. The agreement is subject to certain conditions precedent, including finalisation of the debt financing for the acquisition. The consideration payable will be satisfied from new debt facilities and HCA is being acquired on a free of cash and free of debt basis.

The Board has recently stated its intention to pursue international acquisitions which will generate additional revenue outside of the UK. Currently HCL derives less than 50 per cent of its gross margin for the overall business from the NHS. The completion of this acquisition will broaden the HCL customer base outside of the UK and diversify the client base even further.

HCA was established in 2004 and is a leading provider of nursing agency staff to public and private health institutions in Australia. HCA has grown rapidly by acquisition in recent years and is today the largest national nursing agency in Australia, with a database of over 6,500 active nurses, which represents over 30% of the total nursing agency staff in Australia. The nursing agency market in Australia is highly fragmented and is estimated to be around AU$1bn in size.

Sadly, the market is underwhelmed at the news. Looks to be holding sub 100p.

Investors champion says disaster is waiting to happen here.

For what reason?

Go and read it in Investors Champion.

What is Inv Ch. Website, mag, paper? Try being a bit more helpful.

website.
http://www.investorschampion.com/

Steadily lower... now 88p

StockMarketWire.com
Investment manager Mason Hill Advisors now controls 20.11% of the voting rights of Healthcare Locums.

Mason Hill controls the voting rights to the 17.85% of Healthcare Locums shares registered in the name of Equinox Partners in addition to an indirect holding of 2.26%.

Healthcare Locums Plc
("HCL" or "the Company")


HCL announces that the ordinary shares of the Company have been suspended from trading on AIM with immediate effect.

The Board has strong reason to believe that the financial performance of HCL for the year to 31 December 2010 will be materially below market expectations.

Serious accounting irregularities have been brought to the attention of the Board as a result of which the Company will be carrying out an immediate investigation to consider the financial implications.

The Company also announces that both Executive Vice Chairman, Kate Bleasdale and Chief Financial Officer, Diane Jarvis have been suspended pending the outcome of the investigation.

A further announcement will be made in due course.

Oh crap!

It is crap from the start.

we warned in 283, what a bunch of.......

Kate Bleasdale and friends perform with Abba tribute band, Bjorn Again at her wedding.

Write up in todays Daily Mail SD

.

Telegraph report:

http://www.telegraph.co.uk/finance/newsbysector/pharmaceuticalsandchemicals/8282267/Healthcare-Locums-suspends-founder-Kate-Bleasdale-for-serious-accounting-irregularities.html

Healthcare Locums suspended executive vice-chairman Ms Bleasdale and finance director Diane Jarvis on Tuesday amid allegations of "serious accounting irregularities". The company also suspended its shares and warned financial performance for 2010 could be materially below expectations.

Although the company would not give details, the investigation is expected to look back to March 2010 when Healthcare Locums' shares plunged 30pc after it restated the prior year's accounts. The Telegraph understands the company could be facing further material readjustments to financial results.

With Ms Bleasdale at its head, Healthcare Locums has been one of the most closely followed companies on the Aim market. A steady stream of acquisitions pushed the shares up from 127p at the start of 2009 to 282p a year later. Since then they have fallen back to 112p, where they were suspended.

During that time the company saw one of its corporate brokers, Peel Hunt, walk away; it carried out acquisitions including the 6.7m purchase of Redwood Health, a company belonging to Ms Bleasdale's husband John Cariss; it also announced a bid approach from an unnamed suitor.

As The Telegraph reported in July, the business and assets of Redwood Health were bought by Healthcare Locums despite carrying a going concern warning.

The company's most recent acquisition, Healthcare Australia Holdings, was completed in December for 77.8m. The purchase made making Healthcare Locums the largest medical staff company in the world.

The flurry of events has not stopped Healthcare Locums enjoying almost unquestioning support from the City. Acquisitions were supported by shareholders, and analysts have consistently rated the company a "buy" or "hold".

Evolution Securities analyst Adrian Kearsay has been the only analyst in recent months to buck the trend by advising clients to sell. Hedge fund Cartesian Capital was one of the few fund managers to have a significant short position.

Other shareholders include Tosca, Lloyds, JP Morgan and Credit Suisse. Ms Bleasdale is reported to have a near-10pc stake in the company, worth about 12m. She holds it through a limited liability partnership.

Speaking on Tuesday, Ms Bleasdale said she was not aware of her suspension until the stock market announcement was made. She said: "I am absolutely devastated. I am just amazed. I grew this company from nothing to being the largest healthcare staffing company in the world."

Her suspension from Healthcare Locums is not the first setback in a colourful business career. She shot to prominence in 2002 after winning a 2.2m sexual harassment case against another healthcare recruiter she set up, Match Group, and the chairman she helped recruit, Sir Tim Chessells.

After taking some time out she returned with Healthcare Locums in 2003, growing the company into a publicly listed giant of the medical staffing market with a turnover of 172.1m last year.

Despite the apparent success she has continued to be dogged by disputes and litigation. Last year former business partner and inventor Debbie Forster alleged Ms Bleasdale and her husband had tried to oust her from a company she set up, Stayput Solutions.

23 February 2011
Healthcare Locums plc announces that Kathleen Veronica Bleasdale has resigned from the Board of Directors of the Company with immediate effect. This does not affect her status as an employee of the Company.

HLO also announces that Healthmark UK LLP has formally withdrawn its notice requisitioning a general meeting of the Company, details of which were announced on 8 February 2011.

As a result of the withdrawal of the general meeting requisition, the Company is no longer required to send a circular to shareholders convening a general meeting.

Healthcare Locums Plc

Directorate Change

The Board of Healthcare Locums Plc, ("HCL" or "the Company") announces that it has accepted the resignation of Mo Dedat as an Executive Director of the Company. While Mr Dedat will step down from the Board with immediate effect, he will remain in his full time role as the Company's Chief Operating Officer.

Peter Sullivan, Chairman, said: "It is important to restructure the Board to introduce new and independent talent. Mo's in-depth knowledge of the medical recruitment marketplace means his contribution is very important to HCL and I am pleased that, while he has stepped down from the Board, he will remain in his operational role and be fully engaged in taking the business forward.

By Jonathan Russell 11:50PM GMT 19 Mar 2011 Sunday Telegraph:
The ex-nurse no stranger to the courts during her 20-year business career is in dispute with former business partner Debbie Forster. The case which started as a simple employment dispute at Leeds Employment Tribunal has escalated into a High Court showdown due to start at the end of this month. Costs and damages for the losing party after the three-week trial will run to millions of pounds.

The case relates to Ms Bleasdale's involvement in Stayput Solutions a company set up by Ms Forster to market her invention a button that can trace clothes back to their owner. After investing hundreds of thousands of pounds in the company for a majority stake Ms Bleasdale and husband John Cariss sacked Ms Forster alleging gross misconduct. The pair claim Ms Forster duped them into investing by falsely claiming Stayput had a 750,000 contract with a major care home an allegation Ms Forster denies.

The court case is the latest storm to hit Ms Bleasdale in a turbulent few months. In January she was suspended as executive vice-chairman of Healthcare Locums after the company said it had discovered serious accounting irregularities. The company also suspended finance director Diane Jarvis and temporarily halted trading in its shares. Without revealing the outcome of its investigation or resuming trading in its shares the company sacked Ms Bleasdale earlier this month. It has not revealed the reason for the dismissal. Ms Bleasdale is understood to have engaged lawyers to protect her rights with regard to Healthcare Locums.

She is also engaged in dispute with another former business partner, recruitment company Xchangeteam, which is claiming hundreds of thousands of pounds in damages for breach of fiduciary duty when Ms Bleasdale sat on the Xchangeteam board. Ms Bleasdale has described the claim as "opportunistic".

Both Ms Bleasdale and Ms Forster declined to comment.

Directorate Change
The Board of Healthcare Locums plc (the "Company") has accepted the resignation of Diane Jarvis as Chief Financial Officer of the Company with immediate effect. Ms Jarvis' employment by the Company has also ceased with immediate effect.

Ms Jarvis' resignation follows an investigation by the Company into financial irregularities that occurred during her tenure as Chief Financial Officer and for which she has accepted responsibility.

5th May '11
Healthcare Locums plc ("HCL" or "the Company") is pleased to announce that it has appointed three Executive Directors to the Board, all with immediate effect.

"Stephen Burke is appointed as Group Chief Executive Officer. Mr Burke has approximately 30 years experience of working in international recruitment companies, since 2001 at senior Board level. Mr Burke was previously Managing Director of Michael Page UK and a main Board Director of Michael Page International plc ("Michael Page"). He joined Michael Page in the early 1980s shortly after graduation, and spent the following 24 years with the group, during which time he worked across many of its business units as a divisional Managing Director, both in the UK and in Europe. He was responsible for significant growth in each of the business units and was appointed to the Michael Page Board in 2001 as one of four Executive Directors. He played a central role in the group's full listing in 2001 and subsequent position in the FTSE 250. Mr Burke left Michael Page in 2005 to develop his career as a Non-Executive Director on the boards of both listed and private companies. He has most recently been a Non-Executive Board Director for Matchtech Group, the AIM listed technical and professional services recruitment company, a post he has held since 2006.

In addition, Colin Whipp is appointed to the Board as Interim Chief Financial Officer and Chief Restructuring Officer. Mr Whipp, a Chartered Accountant, has played a significant role in advising HCL since March and is taking up his interim role while both he and the Company consider options for a permanent appointment in due course. Mr Whipp has extensive senior experience in multinational companies in the health sector and has worked in a number of turnaround situations in the public and private sectors.

The final Board appointment is that of Andrew McRae, who continues as Managing Director of Healthcare Australia Holdings Pty Ltd ("HCA"). Mr McRae was instrumental in overseeing the successful integration into HCL of HCA, which was acquired in December 2010. Formerly Managing Director of international operations at Hays Plc, and an Executive Director of HCL, Mr. McRae is a Chartered Accountant and has worked in the human capital sector for the last 16 years and in the specialist recruitment sector for the last six years.

The Board of HCL believes that the creation of an entirely new, strong, well regarded and experienced management team is an important milestone in the progress being made in stabilising the business since its statement of 25 January 2011 and the suspension of its shares from trading on AIM. The Board of HCL now comprises three Executive Directors and two Non-Executive Directors.

In addition the Board states that it is in the final stages of appointing an additional independent Non-Executive Director and will update the market in due course.

It is the Board's present intention to announce a comprehensive update to shareholders by the end of June 2011, which will include the 2010 financial results, details on current trading and the outcome of the ongoing investigations into accounting irregularities. The Board's priority is to ensure that the suspension of the Company's shares from trading on AIM is lifted as soon as possible."

This is still suspended, right?

Yes, but an update will be officially issued by the end of June '11.

presumably sp will tank when financials and accounting irregularities are eventually revealed.

Initially I would agree. Should then find a base from which to consolidate, hopefully.

6th June 2011
Dear Shareholder, Notice of AGM

"As you are no doubt aware, on 25 January 2011, the Board announced the discovery of serious accounting irregularities within the Group and trading in the Company's shares on AIM was suspended. An immediate investigation was launched to establish the circumstances surrounding the commission of, the extent of and the financial implications of these accounting irregularities. Since then, the entire personnel of the Board has changed. Considerable progress has been made in the investigation and it had been the Board's intention to lay the audited 2010 accounts before the Company's Annual General Meeting. Our aim is to ensure that the investigation is as thorough as possible. However, aspects of the accounting irregularities are taking longer to resolve and unfortunately this is currently preventing us from finalising the audited accounts.

The Company is obliged to hold its Annual General Meeting by the end of June 2011 and is therefore convening this meeting in the absence of the 2010 financial statements. It is the intention of the Board to complete the 2010 audited accounts as soon as possible and then to convene a separate Extraordinary General Meeting to consider these and conduct other business which would normally be considered at the Annual General Meeting together with the accounts.

The uncertainty created by the investigation has been frustrating for the Group's employees as well as your Board, the shareholders and the Group's other stakeholders. In the circumstances, I am grateful to our employees for the dedication they have shown. It should be noted that the Australian business which the company acquired in December 2010 has been trading well and appears to be unaffected by the accounting irregularities which occurred in the UK. I am also grateful for the cooperation of the Group's lenders who have been supportive of the Group and the work of the Board in its efforts to normalise the situation.

I am pleased to have been joined on the Board by colleagues with a breadth of experience in both managing and resolving complex business issues. Your Board's priority is to finalise the audited annual accounts and I look forward to being able to give shareholders a more detailed update as soon as possible."

Letter from the Board of Directors, which should provide some comfort for the future of HLO.
http://moneyam.uk-wire.com/cgi-bin/articles/201106291100013507J.html

Or maybe not, as described in the letter below!!
http://www.moneyam.com/action/news/showArticle?id=4175862

What a pig in a poke. Gis a job - "To cite just one example, the Banks have mandated that HCL hire Zolfo Cooper and other advisors at a fee level in excess of 1 million per month".

StockMarketWire.com
Healthcare Locums' Australian subsidiary, Healthcare Australia Holdings Pty, has completed the sale of its homecare division.

The gross consideration, before expenses, was A$34m.

The net proceeds of the sale will be used to reduce the company's debt.

"Further to the AGM statement made by the Company on 29 June 2011, the Board of HCL confirms that it is finalising the investigations into accounting irregularities, working to complete the 2010 audited accounts and continuing negotiations to stabilise the capital structure of the Group with a view to the restoration of trading in the Company's shares on AIM as soon as possible.

A further announcement will be made at the appropriate time."

Rumour in the Sunday Telegraph of a fund raising at 10p to a specific institutional investor. Gets worse & worse!

Harry unless they come clean and produce properly audited accounts would anybody want to buy more shares in this discredited company with little tangible assets?

StockMarketWire.com
Healthcare Locums plans a substantial refinancing to secure its future.

The refinancing comprises a 60m placing, an open offer of up to 4.25m, debt for equity conversion and debt repayment and restructuring.

These are all conditional upon the approval of the shareholders.

The placing has been offered to a range of new and existing shareholders.

Toscafund, an existing shareholder that has been very supportive of the company and its management, , has agreed to subscribe 33.6m for 336,375,000 new ordinary shares and - separately from the debt for equity conversion - ACE Limited has agreed to subscribe 13.16m for 131,625,000 new ordinary shares.

StockMarketWire.com
Healthcare Locums plunged into the red in the year to the end of December posting a pre-tax loss of 56.5m against a 5.9m profit last time.

Revenues fell to 157.2m from 167.5m with gross profits down at 41.2m from 50.4m and margins falling to 26% from 30% in 2009.

Chairman Peter Sullivan said: "Despite its recent troubles, HCL remains fundamentally a good business.

"The board and I are confident that HCL can grow again and prosper from here on."

New shares now available to existing shareholders at 10p, which means , when trading recommences, the sp is going to take a very hefty dive.

Healthcare Locums shares have been suspended since 25 January this year, following the suspension (and later resignation) of its founder and Executive Vice Chairman, Kate Bleasdale. Accompanying the suspension notice was a profit warning, as well as three words that investors truly fear to hear: serious accounting irregularities.

On 19 August, Healthcare Locums' grim final results (including a pre-tax loss of 56.5 million) included a proposed refinancing to reduce the group's debt and allow its shares to resume trading on the junior market. This would include a 60 million placing and an open offer of up to 4.25 million, a debt-for-equity conversion, plus the repayment and restructuring of debt.

ShareSoc says No

As part of the rescue of Healthcare Locums, major shareholder and activist investor Toscafund has agreed to subscribe 33.6 million for over 336 million new shares, and ACE Limited has agreed to subscribe 13.2 million for almost 132 million shares. In effect, this would leave these two investors firmly in the driving seat should the proposals go ahead.

Following this announcement, the UK Individual Shareholder Society (ShareSoc) has hit out at these proposals, forcefully arguing that shareholders should defer their support for the recapitalisation of Healthcare Locums.

ShareSoc warns, "It is clear that the deal is going to dilute most of the shareholders in the company very substantially, whereas it will be mainly to the advantage of Toscafund and others involved in the refinancing. Minority shareholders (such as the individual shareholders we represent) may be prejudiced."

ShareSoc goes on to say, "We remain unconvinced that a better proposition might not yet become available, bearing in mind that the directors seem to be exaggerating the financial difficulties of the company. The past accounting issues seem relatively minor and mostly do not have any cash impact. The threat by the board that insolvency proceedings would be a likely outcome of a failure to approve the proposals (with "shareholders receiving no value for their current shareholdings") is also questionable in our view."

It also points out that one large institutional investor, Arundel Capital, has stated there is no certainty that the recapitalisation will win shareholder approval, before going on to question the motives of the board and its unwillingness to consider alternative proposals.

ShareSoc also wants to see the firm's half-year results, so that shareholders can get a better view of the company's financial position before acting. Hence, it urges shareholders to sit tight, await developments, and defer any decision on voting for the proposals and subscribing for new shares in the placing.

StockMarketWire.com
Healthcare Locums has urged shareholders to back the refinancing package.

Last month Arundel - which holds 0.5% of Healthcare Locus - indicated that it opposed the recommended refinancing and claimed it has the support of a total of 21.6% of shareholders.

Healthcare Locums says Arundel has been invited to substantiate that claim and to provide particulars of those shareholders but has not done so.

A statement says: "The directors believe the consequences facing the company if the refinancing is not approved are serious and not in the best interests of shareholders."

Has anybody had voting papers from the company yet ??? SD

No, but surely we won't get them as shares held in nominee account so individual names not on the share register?
Have had an offer to buy more shares at 10p, but not prepared to throw good money after bad, so declined.

HC
so did I--- thank you. SD

Result of General Meeting and Lifting of Suspension

On 19 August 2011, the Board of HCL announced a substantial refinancing of the Company, comprising a 60 million Placing, an Open Offer of up to 4.25 million, the Debt for Equity Conversion and the Debt Repayment and Restructuring (together referred to as the "Refinancing").

The Placing, the Open Offer, the Debt for Equity Conversion and the Debt Repayment and Restructuring are all conditional upon the approval of the Refinancing Resolutions by Shareholders at the General Meeting.

The Board of HCL is pleased to announce that all the Refinancing Resolutions proposed at the General Meeting held today were duly passed by Shareholders, as were all the Non-Refinancing Resolutions. The Board is therefore pleased to announce that the Refinancing is unconditional in all respects subject to Admission.

Valid applications were received under the Open Offer in respect of 9,450,971 New Ordinary Shares, which was less than the maximum of 42,505,790 New Ordinary Shares available under the Open Offer. Accordingly all such applications were accepted in full.

As a result of the above, the Company has requested that trading in the Ordinary Shares on AIM be restored. The restoration of trading of the Ordinary Shares is expected to take place at 7.30am on 13 September 2011. Application has been made to admit the total number of 734,450,971 New Ordinary Shares to be issued under the Placing, the Open Offer and the Debt for Equity Conversion to trading on AIM. Dealings in the New Ordinary Shares are expected to commence at 8.00am on 13 September 2011.

Following completion of the Refinancing, the number of Ordinary Shares in issue will become 847,799,742 on 13 September 2011.

.

20 minutes to go until this tanks big time, imo.

734,450,971 New Ordinary Shares to be issued under the Placing!!! Someone's having a laugh.

Unlucky 13th.

mitzy not unlucky reality has kicked in.

Entrepeneur of the year!

lol...

always a bad sign.

Keeps on falling ..5p soon..?

Interim Results.

HIGHLIGHTS

Business Challenges & the new Board's response

. HCL has an experienced new Board and executive management team which was formed during the first half of 2011.

. Challenges faced since the beginning of 2011 have been considerable. The new Board has needed to extensively restate prior year figures as set out in the 2010 Annual Report, refinance the Group to ensure future stability and plan the re-engineering of the UK business to meet the significantly changing needs of the healthcare staffing market.

. Inevitably the new Board has been unable to implement a number of its planned actions until the refinancing had been secured due to lack of cash and an inability to commit future funds. However, following the approval of the refinancing by shareholders, the Board now believes that HCL is in a far stronger position to respond to the changing needs of its UK customers by significantly re-engineering its UK business model and is well positioned for improved performance over the medium term

UK & Australian businesses


. In the UK, HCL is a leading business; one capable of generating good levels of profit by delivering a high level of service on competitive terms to the NHS and private sector. It remains a top-three healthcare staffing provider and the new executive team is committed to substantially improve the business model, to address changing market dynamics.

. In Australia, the HCA business, which was acquired in December 2010, has since its acquisition continued to trade in line with expectations. The Board's goal is to build a broadly based specialist healthcare recruitment business in Australia, similar to HCL's position in the UK.

. The Board believes that operational benefits can be achieved over time by owning both the UK and Australian healthcare recruitment businesses.

Refinancing & Recommencement of Trading of shares on AIM

. Since their appointment in early 2011, it has been the Directors' priority to stabilise the Group's capital structure by reducing debt, including funds received from the disposal of the Homecare Division in Australia in July 2011 and raising further funds for working capital.

. On 19 August 2011 the Board announced a refinancing plan, including a 60m placing, This was approved by shareholders in a General Meeting on 12 September 2011 and was accompanied by an open offer which raised a further 0.95m.

. Trading in the Company's shares resumed on 13 September 2011 following the approval of the refinancing.

This is a disgraceful share. Turkey of the year!

Notice of Proceedings
It has come to the attention of the Board of Healthcare Locums plc that proceedings have been filed against Healthcare Locums plc, Kathleen V Bleasdale, Diane Jarvis and Alan Walker (all being previous directors of Healthcare Locums plc) in the United States District Court for the Southern District of New York.

The proceedings have been filed by Permian Master Fund, LP; Permian Investments Partners, LP; Arundel Capital LLC; Arundel Long Fund LP; Arundel Hedge Fund LP; Privet Capital, LLC and Flinn Investments, LLC. The Summons and Complaint allege that Healthcare Locums plc and the named former directors made misrepresentations during 2010 concerning the Company's profitability and its accounting practices. The Summons and Complaint have not as yet been served on Healthcare Locums plc. However, the Company is taking legal advice and will update shareholders as and when appropriate.

I'd (almost) forgotten about these!

Good for a CGT writeoff, that's about it!

StockMarketWire.com
Healthcare Locums posts pre-tax losses of £12.9m for the year to the end of December - down from £63.6m last time.

The adjusted earnings, before interest, tax, depreciation, amortisation, highlighted items and share based charges or credits increased from a loss of £0.1m in 2010 to a profit of £5.9m in 2011.

Chairman Peter Sullivan said: "Without doubt, 2011 has been the most challenging year in the history of Healthcare Locums plc.

"In January, the Company announced the suspension of its shares following the discovery of serious accounting irregularities and that the financial performance of the UK business was well below the then market expectations.

"The UK business was not generating free cash and the business model had not been adapted sufficiently to accommodate changing market conditions.

"The investigation of the irregularities took several months to complete and led to the restatement of the 2009 accounts when the 2010 accounts were published in August.

"During the course of the investigations it became clear that the capital structure of the group and the costs of servicing its debt were unsustainable.

"In July, the board announced the disposal of the Homecare Division of Healthcare Australia which raised approximately £20.3m in cash that was used to reduce group debt.

"This was insufficient to restore financial viability and the board sought a capital injection and re-negotiated bank facilities.

"The refinancing was approved at a general meeting of the company in September following which the Company's shares were re-admitted to trading.

"All of these issues had to be managed against a background of difficult market conditions, especially relating to supplies to the UK's major customer, the National Health Service, which was implementing its own stringent cost saving measures."

Sullivan added: "The sale of Homecare and the refinancing completed in September re-structured the balance sheet and removed a major source of risk to the on-going financial viability of the group.

"At 31 December 2011, the group had bank and finance lease debt net of cash of £23.4m. In addition, the group has a £10.2m zero-coupon loan note that is not repayable in normal circumstances until 30 September 2021.

"This is stated at £2.6m on the balance sheet at 31 December 2011."

Looking ahead, he said: Although there will be many risks and challenges ahead, we believe that 2011 saw the nadir in the company's fortunes.

"The group has been re-financed; a new leadership team has brought operational stability and is implementing new growth strategies to generate long-term improvements in financial performance.

"Despite all the issues of 2011, the group remains a leading business in healthcare recruitment in both the UK and Australia.

"In the short-term we have the uncertainty regarding two major legal cases to deal with.

"Once legacy issues are addressed, the board and I are confident that the group can prosper."

AGM Statement.

Peter Sullivan, non-executive Chairman of Healthcare Locums PLC, will make the following statement at the Company's Annual General Meeting being held later today:

"I am pleased to announce that the new management team leading your Company has made significant progress in ensuring the stabilisation of the business. In the UK, the transformation of the Company to one that puts the satisfaction of its customers' requirements at the heart of its business is well underway. Provision of locums to the NHS through framework agreements is now the normal way of doing business.

So we can expect a 1000% increase in the sp any time soon then? ;o)

I've expunged these from my memory - but we can hope! :-)

StockMarketWire.com
A US lawsuit filed against Healthcare Locums and some of its former directors has been dismissed voluntarily by the plaintiffs.

The suit was filed by Permian Master Fund,Permian Investments Partners, Arundel Capital, Arundel Long Fund, Arundel Hedge Fund, Privet Capital and Flinn Investments.

Healthcare Locums says it had no prior notice and no explanation has been given by the plaintiffs as to their reasons for seeking voluntary dismissal.

Chairman Peter Sullivan said: "The board welcomes this decision.

"The filed legal proceedings were an unwelcome distraction and the board was always of the opinion that the claims were wholly without merit."

Outcome of Employment Tribunal

HCL states that the Judgment of the London Central Employment Tribunal in the case of Kate Bleasdale v HCL was received today. All of Kate Bleasdale's claims failed. Her dismissal was held to be non-discriminatory and fair.

What a shocker!

Notice of Proceedings

Following the dismissal of the proceedings in the United States District Court for the Southern District of New York, as previously reported, it has come to the attention of the Board of Healthcare Locums plc that proceedings have now been commenced against Healthcare Locums plc, Diane Jarvis and Alan Walker (both being previous directors of Healthcare Locums plc) in the Supreme Court of the State of New York.

The proceedings have been filed by Permian Master Fund, LP; Permian Investments Partners, LP; Arundel Capital LLC; Arundel Long Fund LP; Arundel Hedge Fund LP; Privet Capital, LLC and Flinn Investments, LLC ('the Plaintiffs').

Kathleen V Bleasdale is not a party to the proceedings. It is also noted that she was released from the former proceedings in the District Court by the Plaintiffs without prior explanation or reference to the Company.

The Summons and Complaint allege that Healthcare Locums plc and the named former directors made misrepresentations during 2010 concerning the Company's profitability and its accounting practices. The Summons and Complaint have not as yet been served on Healthcare Locums plc. However, the Company will update shareholders shortly.

Peter Sullivan, Chairman, commented "The Board is surprised to hear that the Plaintiffs continue to pursue their claim and maintains its opinion that the Plaintiffs' filed legal proceedings are wholly without merit."

Healthcare Locums PLC today releases a trading update for the half year ended 30 June 2012.

In the AGM statement of 23 May 2012, the Company indicated that unexpected delays in the tendering processes of several national and regional NHS procurement frameworks would have an impact on the timing of HCL signing supply agreements which in turn could affect the anticipated rate of growth for this year. This remains the case and as a result the UK gross profit in the first half of the year has been below management's expectations. HCL has continued to restructure its UK operations and as a result the overall performance at Adjusted EBITDA* level has improved in the UK compared with the second half of 2011.

In Australia, the Company previously stated that progress and trading were encouraging and opportunities for organic growth existed but the national roll out of the existing doctor locum business was behind schedule due to the change in management. Since then, trading in May and June has also been disappointing for the nursing agency and has been behind the Board's expectations. The Board now expects trading to improve in the second half of the year, as Australia moves into its seasonally busier time of the year and the benefits of investments made in the Australian business and of changes in the management team begin to come through.

Overall, with weaker trading than expected, the group expects to report a negative Adjusted EBITDA* for the first half.

HCL ended the first half with £10.3 million in cash compared to £14.2 million as at 31 December 2011. We remain in constructive talks with our lending banks, which have been supportive to date, to ensure banking covenants are appropriate for the business on an on-going basis.

Despite the disappointing trading in the first half, the Board remains confident that HCL is well placed to increase its share of NHS framework business and the increased cost it has put into Australia will begin to reap its reward.

Blah blah blah!

Update on the US proceedings commenced against HCL

Healthcare Locums plc today announces its interim results for the 26 week period ended 1 July 2012.

FINANCIAL HIGHLIGHTS
· Revenue of £101.1m (H1 2011: £116.8m)

· Adjusted EBITDA* loss of £0.8m (restated H1 2011: profit £3.7m)

· Adjusted loss from continuing operations** of £4.0m (restated H1 2011: profit £0.6m)

· Loss from continuing operations of £4.8m (restated H1 2011: loss £6.8m)

· Net debt £30.9m (31 December 2011: £26.0m)

· Financial covenants reset and start of loan repayments deferred until June 2013

http://www.moneyam.com/action/news/showArticle?id=4454052

Company update. Looking grim, imo.

http://www.moneyam.com/action/news/showArticle?id=4525034

StockMarketWire.com
Healthcare Locums has confirmed it has received an indicative joint proposal from Toscafund and ACE to all the outstanding shares for at least 0.54p apiece - the closing market price on 5 February.

Parties acting in concert with Toscafund, ACE and parties acting in concert with ACE own, in aggregate, approximately 72.% of the issued share capital of the company.

Subject to reaching agreement with the company and the lending banks, Toscafund and ACE have indicated their joint intention to inject significant capital into the business following successful completion of an offer.

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.

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 5.00pm on 10 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, Toscafund and ACE need an extension to the timetable to reach agreement with HCL's lending banks and the Company.

Notice of claim
The Board of HCL has received a letter from solicitors instructed by Kate Bleasdale, the former executive vice chairman of the Company, giving notice of a potential claim pursuant to section 994 of the Companies Act 2006. The letter alleges that Ms Bleasdale's position as a shareholder of HCL has been unfairly prejudiced by virtue of the events that led to the suspension of trading in HCL's shares in January 2011 and the subsequent restructuring in September 2011.

Amongst other things, Ms Bleasdale claims:

1 The Board's decision in January 2011 to suspend trading in the Company's shares was unreasonable and unnecessary.


2 The refinancing plan favoured the larger shareholders at the expense of smaller shareholders.


3 In supporting the refinancing plan, the Board acted unreasonably and contrary to the interests of the Company and, in particular, failed to consider and/or pursue alternative refinancing options.

As a result of these actions, Kate Bleasdale asserts that HCL should purchase her current shareholding at a price of £1.12 per share being the share price immediately prior to its suspension in January 2011. The cost of so doing would be approximately £2.24 million.

The Board is currently considering the appropriate response with the Company's legal advisors. However, the Board observes:

1 The account set out by the solicitors for Kate Bleasdale is not consistent with the overall findings of the Employment Tribunal that heard her unsuccessful claim for unfair dismissal, discrimination and whistle blowing.


2 The issue of whether there were realistic alternatives to the refinancing proposal was subject to vigorous debate at the General Meeting held on 12 September 2011. Ms Bleasdale and her associates attended that meeting and were given ample opportunity to put forward opposing arguments. Having done so, the shareholders nevertheless voted in favour of the restructuring plan.

OFFER DECLARED UNCONDITIONAL IN ALL RESPECTS

Introduction

On 11 April 2013, the Board of Directors of Angel Acquisitions Limited ("Angel Acquisitions") and the Board of Directors of Healthcare Locums plc ("HCL") announced the terms of a recommended offer to be made by Angel Acquisitions to acquire the entire issued ordinary share capital of HCL (the "Offer"). The full terms and conditions of the Offer and the procedures for acceptance were set out in the offer document issued by Angel Acquisitions on 17 April 2013 (the "Offer Document").

Capitalised terms used in this announcement have the same meanings given to them in the Offer Document unless stated otherwise. All references to time in this announcement are to London time.

HCL Shares Acquired
The Angel Acquisitions Board announces that as at 7 am on 22 April 2013, Angel Acquisitions has acquired 589,969,453 shares from ACE Holdco and Tosca Opportunity, representing approximately 69.6% of the entire issued share capital of HCL (the "Acquired Shares"). The Offer did not relate to the Acquired Shares, which were acquired pursuant to the terms of a Joint Venture Agreement between Angel Acquisitions, Tosca Opportunity, ACE Holdco and Ares Europe, and not pursuant to the Offer.

Offer Declared Wholly Unconditional
Angel Acquisitions refers to paragraph 1(a) of Part A of Appendix I to the Offer Document and hereby announces that it is electing to waive the condition set out in that paragraph as to acceptances of the Offer, together with all other conditions of the Offer which have not yet been satisfied or waived.

Accordingly, Angel Acquisitions today announces that all of the conditions to the recommended Offer for HCL have been satisfied or waived and that the Offer is declared wholly unconditional.

Settlement
The consideration to which any HCL Shareholder accepting the Offer is entitled under the Offer will be settled (i) in the case of valid acceptances received on or before the date of this announcement, on or before 6 May 2013; and (ii) in the case of valid acceptances received after the date of this announcement, but while the Offer remains open for acceptance, within 14 days of such receipt, in each case in the manner described in the Offer Document.

StockMarketWire.com
Angel Acquisitions has made an offer to acquire the entire issued share capital of Healthcare Locums (HCL).

The recommended offer was made last month and Angel says that it has now received acceptances from shareholders representing 77.33% of the issued shares in HCL.

The offer has become unconditional in all respects and Angel has requested that HCL applies to AIM for the cancellation of admission to trading on AIM of its shares.

HCL has confirmed that the expected date of cancellation is 3 June 2013.