The Supreme Court of New South Wales has approved the scheme of arrangement for Adamantem Capital Fund II’s acquisition of Apiam Animal Health, marking a pivotal step toward the deal’s completion and the suspension of Apiam shares on the ASX.
- Supreme Court of NSW approves scheme of arrangement
- Acquisition by Adamantem Capital Fund II entities
- Scheme to become effective upon ASIC lodgement
- Apiam shares expected to be suspended from ASX trading
- Further confirmation pending lodgement with ASIC
Court Approval Secures Legal Green Light
Apiam Animal Health Limited has reached a significant milestone in its acquisition journey, with the Supreme Court of New South Wales granting formal approval to the scheme of arrangement proposed by Adamantem Capital Fund II’s controlled entities. This legal endorsement is a crucial step that clears the path for the acquisition to proceed under Australian corporate law.
The court’s decision, handed down on 6 February 2026, follows a thorough review process including affidavits and exhibits, culminating in orders that validate the arrangement between Apiam and its shareholders. This approval means the scheme is set to become legally effective once the court orders are lodged with the Australian Securities and Investments Commission (ASIC), expected imminently.
Implications for Apiam Shareholders and the ASX
With the scheme’s effectiveness, Apiam shares will be suspended from trading on the ASX, signaling the transition of ownership from public shareholders to Adamantem’s entities, Pepper Bidco Pty Ltd and Pepper Holdco Limited. This suspension is a standard procedure in such acquisitions, reflecting the shift from a publicly traded company to private ownership.
Apiam, a leading player in Australia’s rural veterinary services sector, operates over 80 clinics nationwide and employs more than 1,000 staff. The acquisition by Adamantem, a private equity fund, suggests a strategic move to consolidate and potentially expand Apiam’s footprint in the veterinary healthcare market.
Looking Ahead – What Comes Next?
While the court’s approval is a decisive legal milestone, the full impact of the acquisition on Apiam’s operations, strategic direction, and financial performance remains to be seen. Investors and stakeholders will be watching closely for further announcements confirming the lodgement with ASIC and the formal effectiveness of the scheme.
The involvement of Adamantem Capital Fund II, known for its investments in healthcare and services, may signal forthcoming initiatives aimed at growth or operational enhancements within Apiam. However, details on post-acquisition plans have yet to be disclosed.
Bottom Line?
With court approval secured, all eyes now turn to ASIC lodgement and the next phase of Apiam’s transformation under new ownership.
Questions in the middle?
- What strategic changes will Adamantem implement post-acquisition?
- How will the acquisition affect Apiam’s service delivery and expansion plans?
- What is the expected timeline for the scheme’s effectiveness and share suspension?