Healthcare recruiter Healthcare Locums (HCL) is poised to raise £60m from the issue of new shares, according to a report in today’s Daily Telegraph.

According to the Telegraph, proposals seen by the Sunday Telegraph suggests HCL has been looking to price a tranche of new shares at 10p each, placing the majority of them with existing shareholder Toscafund.

The Telegraph reports that, according to the documents, the company had planned to announce the fundraising on 11 August. 

Last week the London Stock Exchange gave HCL additional time to provide audited accounts and to relist its shares.

A spokeswoman explains that the exchange has “the discretion to provide a derogation of AIM (Alternative Investment Market) rules” in certain circumstances, although it could not comment on HCL specifically.

When HCL’s shares were suspended following the discovery of accounting irregularities in late January, they were trading at 112.5p apiece.

In a statement, a spokesperson for HCL told Recruiter: “As per the announcement of 26 July, the board 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.”

Adrian Kearsey, a support service analyst at Shore Capital, told Recruiter that the absence of up-to-date accounts (HCL’s 2010 accounts have yet to be finalised) and profits figures, made it difficult to work out the value of the business and shares. 

He adds that that one thing in HCL’s favour was the public support of “a lot of shareholders”. This was “the cornerstone” on which HCL could build any fundraising around, says Kearsey.