Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group.</li>
<li>The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251212/pdf/06t8y2p0w1dc35.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group.
The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.

The Scheme Booklet is now out, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".


Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

<ul>
<li>Back on the 18th August, <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group, announced a A$0.88/share non-binding indicative Offer from PE outfit Adamantem Capital.</li>
<li>That was a 64.5% premium to last close. If terms were firmed, shareholders would also be afforded a partial scrip option.</li>
<li>Apiam and Adamantem have now firmed terms at A$0.87/share, including a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options available, including 100% scrip.</li>
</ul>


Back on the 18th August, Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group, announced a A$0.88/share non-binding indicative Offer from PE outfit Adamantem Capital.
That was a 64.5% premium to last close. If terms were firmed, shareholders would also be afforded a partial scrip option.
Apiam and Adamantem have now firmed terms at A$0.87/share, including a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options available, including 100% scrip.


Apiam Animal Health (AHX AU): Adamantem's A$0.87/Share Offer

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Vital Healthcare Property Trust / Equity Bottom-Up

<ul><li>Vital Healthcare (VHP) reported an FY25 result slightly below our expectations.</li><li>Guidance was for flat distributions but with a lower payout ratio, suggesting earnings will grow in FY26 for the first time in three years.</li><li>We continue to view VHP's defensive, long-term cash flows as attractive and retain our OUTPERFORM rating.</li></ul>

Vital Healthcare (VHP) reported an FY25 result slightly below our expectations.Guidance was for flat distributions but with a lower payout ratio, suggesting earnings will grow in FY26 for the first time in three years.We continue to view VHP's defensive, long-term cash flows as attractive and retain our OUTPERFORM rating.

Vital Healthcare FY25 Result—Passing Its Annual Check Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group, has announced a non-binding indicative Offer from PE outfit Adamantem Capital.  </li>
<li>
Adamantem is offering A$0.88/share, a 64.5% premium to last close. If terms are firmed, shareholders will also be afforded a partial scrip option into an unlisted bidco. </li>
<li>Adamantem has also entered into a call option for 19.9% of shares out at A$0.88/share. An independent board committee are assessing the approach. Due diligence not yet granted.</li>
</ul>



Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group, has announced a non-binding indicative Offer from PE outfit Adamantem Capital.  

Adamantem is offering A$0.88/share, a 64.5% premium to last close. If terms are firmed, shareholders will also be afforded a partial scrip option into an unlisted bidco. 
Adamantem has also entered into a call option for 19.9% of shares out at A$0.88/share. An independent board committee are assessing the approach. Due diligence not yet granted.


Apiam Animal Health (AHX AU): Adamantem's NBIO

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-clinical-labs-limited" target="_blank" data-smartkarma-citation="entities:36020:1" rel="noopener">Australian Clinical Labs (ACL AU)</a> has launched an all-scrip off-market takeover offer for <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a> at 0.74 ACL shares for each HLS share.</li>
<li>The offer is saddled with several onerous conditions which disproportionately shift the risk to HLS shareholders. The offer is long-dated as ACCC approval is expected to take six months.</li>
<li>The lack of premium and unattractive deal metrics suggests a high probability of Board rejection. Nevertheless, ACL’s bid underscores HLS’s beaten-down valuation. Expect improved terms.</li>
</ul>



Australian Clinical Labs (ACL AU) has launched an all-scrip off-market takeover offer for Healius (HLS AU) at 0.74 ACL shares for each HLS share.
The offer is saddled with several onerous conditions which disproportionately shift the risk to HLS shareholders. The offer is long-dated as ACCC approval is expected to take six months.
The lack of premium and unattractive deal metrics suggests a high probability of Board rejection. Nevertheless, ACL’s bid underscores HLS’s beaten-down valuation. Expect improved terms.


Healius (HLS AU): Australian Clinical Labs (ACL AU)’s Nil-Premium Merger Needs a Rethink

Australia

Healthscope Limited provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope serves customers worldwide.

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Healthscope Ltd (HSO AU)

Vital Healthcare FY25 Result—Passing Its Annual Check Up

Guidance was for flat distributions but with a lower payout ratio, suggesting earnings will grow in FY26 for the first time in three years.

Forsyth Barr

Apiam Animal Health (AHX AU): Adamantem's NBIO

Founder is supportive and exiting. That speaks volumes. This is a fair price. Currently ~14% adrift of non-binding terms. If illiquid - indicative...

David Blennerhassett

Healius (HLS AU): Australian Clinical Labs (ACL AU)’s Nil-Premium Merger Needs a Rethink

ACL’s pitch to HLS shareholders is that we will create better value than current management if you accept our unattractive terms. Fairer terms will...

Arun George

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Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

Clean deal. Trading at terms. Unless in - and/or can take advantage of the franking credits - I would be looking elsewhere.

David Blennerhassett

Apiam Animal Health (AHX AU): Adamantem's A$0.87/Share Offer

Clean deal. Trading super tight at 1.8%/5% gross/annualised spread, assuming late Feb payment. Unless in - and/or can take advantage of the...

David Blennerhassett

Vital Healthcare FY25 Result—Passing Its Annual Check Up

Guidance was for flat distributions but with a lower payout ratio, suggesting earnings will grow in FY26 for the first time in three years.

Forsyth Barr

Apiam Animal Health (AHX AU): Adamantem's NBIO

Founder is supportive and exiting. That speaks volumes. This is a fair price. Currently ~14% adrift of non-binding terms. If illiquid - indicative...

David Blennerhassett

Healius (HLS AU): Australian Clinical Labs (ACL AU)’s Nil-Premium Merger Needs a Rethink

ACL’s pitch to HLS shareholders is that we will create better value than current management if you accept our unattractive terms. Fairer terms will...

Arun George