APIAM ANIMAL HEALTH LIMITED (AHX)

delisted at entity's request under Listing Rule 17.11

we understand Pepper Bidco Pty Ltd and Pepper Holdco Limited, entities controlled by Adamantem Capital Fund II, which is managed and advised by Adamantem Capital Management Pty Ltd, acquired all of the issued shares in AHX - the All Scrip electors received 0.87 HoldCo Shares per Apiam share, reduced to reflect the Special Dividend of $0.10 and there were two mixed consideration options

Apiam is pleased to confirm that the Scheme has been implemented today, 23 February 2026. Accordingly, Apiam is now a wholly owned subsidiary of BidCo. On Monday, 16 February 2026, the fully franked special dividend of $0.10 per Apiam Share was paid to Apiam Shareholders who were recorded on the Apiam Share Register on the Special Dividend Record Date (being 7.00pm (Melbourne time) on Friday, 13 February 2026). Accordingly, the Scheme Consideration has been adjusted in accordance with the terms of the Scheme to reflect the payment of the Special Dividend. Apiam Shareholders who have not made a valid Election (or have made a valid Election to receive the All Cash Consideration) have today been sent an amount of $0.77 cash for each Apiam Share held as at the Scheme Record Date, being 7.00pm (Melbourne time) on Wednesday, 18 February 2026.

The securities of Apiam Animal Health Limited will be suspended from quotation at the close of trading on 6 February 2026 under Listing Rule 17.2, following lodgement of the Supreme Court of New South Wales orders with ASIC approving the scheme of arrangement by which by Pepper Bidco Pty Ltd and Pepper Holdco Limited, entities controlled by Adamantem Capital Fund II, which is managed and advised by Adamantem Capital Management Pty Ltd, will acquire all of the issued shares in AHX.

listed entity carried for record purposes only