Ann: Managing Director's Address to Shareholders, page-9

This is from MF

Apiam is a rural veterinary business, it’s trading at 9x FY19’s estimated earnings with a grossed-up dividend yield of 4.6%.
Unlike its capital city focused veterinary peers, a large part of Apiam’s earnings are generated by serving the large livestock population in regional Australia. This could be an attractive source of organic growth if Australia’s livestock exports keeps growing.
Other growth strategies for Apiam include opening veterinary businesses in regional Petstock retail stores. It is also slowly acquiring regional standalone veterinary clinics.