Apiam Animal Health (ASX:AHX) has announced that it has completed the acquisition of two rural vet practices, operating as the Terang and Mortlake Veterinary Clinic (TMVC) in Western Victoria, for total consideration of $1.6 million.
As part of the consideration for the TMVC acquisition, Apiam has issued 584,013 fully paid ordinary shares to the owners of TMVC at a price of $0.8219 per share, which was the 15-day volume weighted average price prior to completion. Of the consideration issued to the owners of TMVC, 292,008 shares are escrowed until 1 November 2018 and the remaining 292,005 shares are escrowed until 1 November 2019. The balance of the consideration was paid in cash.
Consistent with Apiam’s strategic growth plan, the acquisition of these clinics enables the Company to grow its existing presence in Victoria’s Western district, and importantly expand its dairy and beef offering (services, products, genetics) in this region. TMVC has six veterinarians and is a diverse practice predominantly servicing the dairy industry, and is also active across the beef, equine and companion animal categories.
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