I would think that it should, if it doesn't, which would surprise me. On live, being a mage, I had done a lot of research around the PoP era. Pets would equip armor based on AC (highest was equipped). The beginning mage summoned armor included no hp, only AC, which was given to pets.
I'd have to look for reference links on it to verify, and I don't see why EQEmu wouldn't include it. I'm not at home to check into the coding, but if no one gets to it before me, I will verify that as well.
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