Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

• Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for Apiam Animal Health (AHX AU), Australia’s largest rural and regional veterinary group.

• The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix & match options are afforded, including 100% scrip.

• The Scheme Booklet is now out, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says “fair & reasonable“.

Apiam is super illiquid - look away now if that is not your thing.

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The Trade:

• Clean deal.

• Trading at terms.

• Unless in - and/or can take advantage of the franking credits - I’d be looking elsewhere.