Pharmacy Daily | Corum resolves Westpac loan dispute

PHARMACY software supplier Corum Group yesterday announced the resolution of its long-running battle with Westpac Bank. Under the terms of the settlement Corum will pay Westpac $1.2 million as “full and final settlement of Corum’s obligations” under a 2007 loan agreement, and Westpac will in turn discharge its charge over Corum’s assets. Corum will also redeem for cash the $1.85m and interest due on its Convertible Notes which were subordinated by the Note holders in favour of Westpac, and repay the $1.5m outstanding balance of a loan owed to Lujeta Pty Ltd. The company said that the funds required to settle the amounts had been generated from the group’s operations. “Corum will then be debt free and its assets will be totally unencumbered,” the firm said. This week Corum also announced the appointment of former NSW govt minister Michael Cleary as an independent non-executive director, and the resignation of Peter Bradfield from its board.

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