Apiam Animal Health (ASX:AHX) - Managing Director, Dr Chris Richards
Managing Director, Dr Chris Richards
Source: Finance News Network
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • 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.

AHX by the numbers
More From The Market Online

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Brian Leedman’s BlinkLab to join ASX: AI-driven smartphone app screens for autism, ADHD

BlinkLab is a world-first, AI-driven digital healthcare venture, that uses a smartphone and facial recognition to…

Osteopore stock spikes 900% on Singapore and Vietnam approvals

Osteopore's (ASX:OSX) share price was up 38% after the regenerative medicine company received approval for its…

Amplia Therapeutics takes step up in pancreatic cancer treatment

Amplia Therapeutics is on to next step in its pancreatic cancer treatment research after a successful…