Healthcare Locums PLC

Healthcare Locums PLC ("HCL") is one of the largest providers of temporary (locum) and permanent medical staff in the UK, providing staff to the NHS and private healthcare providers. HCL also has significant presence in Australia via its Healthcare Australia subsidiary.

On Monday 12 September 2011, shareholders of Canaccord Genuity Canaccord Genuity's client Healthcare Locums PLC ("HCL", "the Group") voted in favour of a proposed restructuring which resulted in the Group being recapitalised via a £61m equity placing and open offer, a partial pay down of the Group's senior bank debt (originally £100m but reduced by the disposal of an Australian subsidiary in July for A$34m), a new facility provided by the senior lenders, a partial debt-to-equity conversion of the £30m mezzanine tranche and the write-off of remaining senior and mezzanine debt, fees, accrued interest and hedge break costs.