API calls in Morrow Sodali to road-test Wesfarmers bid

, Sarah Thompson and Kanika Sood

Mar 3, 2022 – 9.35pm

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Australian Pharmaceutical Industries has proxy solicitation firm Morrow Sodali working the phonAnthony Macdonaldes, running temperature checks on shareholders before an all-important takeover vote.

Two weeks out from the scheme meeting, Morrow Sodali’s call centre is said to be working overtime trying to track down API shareholders.

While it’s simple enough in theory, sources said API’s register wasn’t the easiest to track down.

Much of API’s bigger licks of stock are held under custodians’ names and there are plenty of smaller retail investors, including pharmacists, all of which are hard to reach. There are also still two proxy adviser reports due.

It will be interesting to see where the vote lands.

Scheme of arrangements need approval from 75 per cent shares voted at a scheme meeting to be successful.