Apiam Animal Health has officially become a wholly owned subsidiary of Adamantem Capital's entities following a scheme of arrangement, with shareholders receiving a special dividend and a mix of cash and shares. The company will soon be delisted from the ASX.
- Scheme of arrangement completed, Apiam now fully owned by Pepper Bidco Pty Ltd
- Fully franked special dividend of $0.10 per share paid to shareholders
- Shareholders received cash and/or HoldCo shares based on election, no scaleback applied
- Board changes implemented with new directors appointed
- Apiam to be delisted from the ASX effective 24 February 2026
Completion of Acquisition
Apiam Animal Health Limited has officially transitioned into a wholly owned subsidiary of Pepper Bidco Pty Ltd, entities managed by Adamantem Capital Management. This follows the successful implementation of a scheme of arrangement on 23 February 2026, marking a significant milestone in Apiam's corporate journey. The acquisition consolidates Adamantem's position in the veterinary services sector, leveraging Apiam's extensive network of over 80 clinics and a workforce exceeding 1,000 employees.
Shareholder Returns and Consideration
Prior to the scheme's implementation, Apiam paid a fully franked special dividend of 10 cents per share on 16 February 2026, rewarding shareholders ahead of the acquisition completion. Shareholders then received the scheme consideration, which varied according to their election: all cash, all scrip, or a mixed option combining both. Notably, the total number of HoldCo shares issued did not exceed the maximum threshold, so no scaleback arrangements were necessary, ensuring shareholders received their full entitlement.
Governance and Structural Changes
The acquisition brought immediate changes to Apiam's board and company secretary. Founding directors Professor Andrew Vizard, Richard Dennis, and Evonne Collier resigned, while Angus Stuart and Anthony Kerwick joined the board. Bruce Dixon and Vita Pepe remain as directors, providing continuity. Additionally, Matthew White replaced Natalie Climo as company secretary. These changes signal a new governance era aligned with the strategic direction under Adamantem's ownership.
ASX Delisting and Market Implications
Trading in Apiam shares was suspended on 6 February 2026, with formal removal from the ASX scheduled for 24 February 2026. This delisting reflects the company's transition from a publicly traded entity to a private subsidiary, which may impact liquidity and shareholder engagement going forward. Investors will now look to Adamantem's stewardship to drive growth and operational efficiencies within Apiam's veterinary services network.
Looking Ahead
While the acquisition closes a chapter on Apiam's public company status, it opens new possibilities under private ownership. The veterinary sector remains competitive and evolving, and Adamantem's backing could accelerate Apiam's expansion and innovation. However, details on post-acquisition strategy and financial performance remain to be seen, leaving stakeholders attentive to forthcoming updates.
Bottom Line?
With the acquisition complete and delisting imminent, all eyes now turn to how Adamantem will shape Apiam’s future growth and shareholder value.
Questions in the middle?
- What strategic initiatives will Adamantem implement to enhance Apiam’s market position?
- How will the delisting affect liquidity and shareholder communication over the long term?
- Will there be further operational or structural changes within Apiam under new ownership?