Apiam Animal Health (AHX AU): Adamantem's NBIO

• Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group, has announced a non-binding indicative Offer from PE outfit Adamantem Capital.

• Adamantem is offering A$0.88/share, a 64.5% premium to last close. If terms are firmed, shareholders will also be afforded a partial scrip option into an unlisted bidco.

• Adamantem has also entered into a call option for 19.9% of shares out at A$0.88/share. An independent board committee are assessing the approach. Due diligence not yet granted.

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

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Conclusions First

• The call option is with Chris Richards, founder and major shareholder.

  • The call option leaves Richard with ~4.3%.

  • Richards stepped down as CEO on the 5th June 2025.

• Other key shareholders include Woolworths Ltd (WOW AU) (via its 2022 acquisition of PETstock in 2022, 11.5%); Vita Pepe (recently appointed NED) and Dixon Hospitality.