Following the $11.9 million successfully raised from the Institutional Component of Apiam Animal Health’s Entitlement Offer, I am pleased to confirm tha the Retail Component is now open.
Eligible Retail Shareholders can subscribe for 1 New Share for every 4.8 Shares held at 7:00pm Monday 30 May 2022 at the Issue Price of $0.70 per New Share – the same price as the Insititutional Component. Combined, Apiam will raise a total of $20.25m (before costs) with the Offer fully underwritten should any shareholders elect not to fully subscribe for their entitlement.
Funds raised will be applied towards the recently announced acquisition of Victorian Equine Group and Romsey Veterinary Surgery, undertake further acquisitions and reduce debt.
Acquiring VEG follows the successful acquisitions earlier in FY22 of Scenic Rim Veterinary Service (QLD) and Agnes Banks Equine Clinic (NSW) which are also equine referral clinics. With other recent clinic acquisitions in south-east Queensland hub-and-spoke model is performing well and has delivered excellent growth across the region.
Based on the $20.25m raise, formal approval from NAB for a $20m increase in Apiam’s acquisitions facility and strong free cash, Apiam will be set up to deliver on our $300m base revenue target by FY24 – effectively doubling our revenue base in two years.
With our targeted acquisition pipeline, Apiam has a strong opportunity to drive organic growth in new clinics where this raise sets us up to drive shareholder value.
To access your form:
Upon ussing of New Shares under the Offer, shares will appear in the same location as the HIN listed on your personalised form.
A digital copy of the Entitlement Form can be viewed here.
Should you have any questions about your application, please reply to this email or contact our Company Secretary, Ms Eryl Baron on +02 8016 2895.
The Offer is now open and will be closing on Friday, 17 June 2022.