A shareholder of healthcare recruiter Healthcare Locums (HCL), who it was believed had decided not sell his shareholding to the company’s two largest shareholders, has since told Recruiter that he has yet to make up his mind. 

Last week, HCL told the City that it had received an indicative offer from Toscafund Asset Management and Ares Capital Europe, who together hold around 72% of HCL shares, to purchase the remaining shares from current shareholders.

Last week, Craig Tibbles (right), director of candidate compliance firm Compli With Us, who holds 3.2% of HCL shares, was reported on a forum run by ‘Say NO to HCL’, a pressure group holding out against selling their shares to Toscafund and Ares, as having decided not to sell his shares. A member of the forum wrote: “We have support from Craig Tibbles.”

However, Tibbles tells Recruiter that he has yet to make up his mind, and won’t do so until more information is forthcoming from the HCL board. Tibbles says: “It is my understanding that the board of HCL have until 6 March – unless an extension is granted – to assess and present any formal proposal... Following this ‘closed period’ all shareholders will be presented with the board’s recommendations. There has been far too much sabre rattling regarding HCL. Informed judgements are now required.”

The value of Tibbles’ shares has fallen from £2.5m in September 2011 to around £125k today.

Former executive chairman and founder of HCL Kate Bleasdale, who is continuing to pursue a claim for compensation against HCL, tells Recruiter: “I am not going to voluntarily sell my shares,” adding: “I am not going to co-operate with the current management in any way, but if they compulsorily buy them from me there is nothing I can do.” 

Under the Companies Act 2006, once a bidder for a publicly quoted company has acquired 90% of shares, it can force minority shareholders to sell it their shares.

Bleasdale says she accepts that the purchase of the remaining shareholders by Toscafund and Ares is a done deal. “I cannot see there is anybody that can block it,” she says. Bleasdale owns 2m HCL shares, worth around £10,000.