Apiam announces Capital Raising via Entitlement Offer
Bendigo, May 26, 2022 AEST (ABN Newswire) - Apiam Animal Health Limited (
ASX:AHX) is pleased to announce the launch of a 1 for 4.8 pro-rata non-renounceable entitlement offer to Eligible Shareholders (Entitlement Offer), to raise up $20.25 million before costs. The new fully paid ordinary shares (New Entitlement Shares) to be issued pursuant to the Entitlement Offer will be offered at $0.70 per share (Offer Price). The Offer Price represents a 9.1% discount to the last traded price of $0.77 for the Company's shares on 25 May 2022, and an 10.6% discount to the 5-day volume-weighted average trading price (VWAP) of $0.783 for the Company's shares, for the period ending on 25 May 2022.
Dr Chris Richards, Apiam's Managing Director commented "we continue to advance our accelerated growth strategy and announced last week the acquisitions of Victorian Equine Group and Romsey Veterinary Surgery. We have also identified additional strategic opportunities within other fast-growing regional veterinary markets".
"Funds raised from the Entitlement Offer will support us to pursue our strategy to double our revenue base to more than $300 million by FY24 and execute on the next phase of growth opportunities we have identified".
Shaw and Partners Limited (ACN 003 221 583) (Shaws) and Morgans Corporate Limited (ACN 010 539 607) (Morgans), have been jointly appointed as exclusive book-runners and underwriters to the Entitlement Offer. The Company, Shaws and Morgans have entered into an underwriting agreement (the Underwriting Agreement), pursuant to which Shaws and Morgans (each an Underwriter and together the Underwriters) will fully underwrite any shortfall in either the retail component (the Retail Entitlement Offer) or the institutional component (the Institutional Entitlement Offer) of the Entitlement Offer.
Apiam's Managing Director has agreed to take up an entitlement of ~$4.5 million under the Entitlement Offer.
To view the Terms of the Agreement, please visit:
https://abnnewswire.net/lnk/23N554V1
To view the Capital Raising Presentation, please visit:
https://www.abnnewswire.net/lnk/617785ZM
About Apiam Animal Health Limited
Apiam Animal Health Limited (ASX:AHX) is one of Australia's leading rural veterinary businesses made up of more than 80 Veterinary Clinics and 330 highly experienced veterinarians as part of a team of over 1300 dedicated professionals. The majority of Apiam's vet clinics, production animal, and allied businesses have been around a long time, many of them decades and are spread Australia wide reaching into the heart of dairy, beef, sheep and pig country and the regional towns that are at their centre.
Apiam Animal Health is committed to providing best in class care for its clients, the animals in their care and the communities where people live and work. The Company's purpose, to enrich the lives of animals, people and communities, is applied across all businesses from vet clinic to production animal consultancy, logistics and laboratory with vets and allied staff sharing expertise and specialist knowledge. Apiam is focused on meeting the needs of its clients and shaping the future of the industry to deliver best practice animal health and welfare at a local level and nationally.
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