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- Apiam Animal Health (AHX) has successfully completed an institutional placement and raised $6 million
- All up, 7.5 million fully-paid ordinary shares were issued to institutional investors at 80 cents
- This price equated to a 5.9 per cent discount to Apiam’s last trading price of 85 cents on April 14
- Apiam will use the funds to speed up its regional expansion and assess new acquisition opportunities
- Shares in Apiam are down a slight 1.18 per cent and are trading at 84 cents
Apiam Animal Health (AHX) has successfully completed an institutional placement and raised $6 million.
All up, 7.5 million fully-paid ordinary shares were issued to institutional investors at 80 cents.
This price represents a 5.9 per cent discount to Apiam’s last trading price of 85 cents on April 14, and a 5.6 per cent discount to the 10-day volume-weighted average price.
Apiam will use the funds to speed up its regional expansion and assess new acquisition opportunities.
Recently, there has been a rapid acceleration in pet ownership in regional areas, creating a favourable veterinary market.
Due to this, Apiam has opened two new purpose-built clinics in Shepparton and Torquay North in Victoria.
“The rapid growth in pet and production animal ownership in regional corridors, particularly as a result of changing population demographics and favourable seasonal corridors, has presented a very exciting market opportunity for Apiam,” Managing Director Dr Chris Richards commented.
“This placement will support us in accelerating our regional expansion plans and capturing the significant growth we are seeing in many veterinary areas,” he said.
“As an established regional player, Apiam is well placed to scale-up and leverage these opportunities as they emerge,” he added.
Shares in Apiam are down a slight 1.18 per cent and are trading at 84 cents at 3:56 pm AEST.
