LISTED pharmacy software provider, Corum Group Limited, will complete its acquisition of PharmX on Fri 04 Sep.
The move was flagged earlier this year, when the company told the Australian Securities Exchange (ASX) it intended to exercise its option to buy-out Fred IT's stake in the business following the conclusion of proceedings in the Supreme Court of Victoria late last year (PD 24 Mar).
In an announcement to the ASX this morning, Corum revealed that a binding agreement has been executed to buy the remaining 57% interest in PharmX Pty Ltd and PharmX Unit Trust it does not already own.
The company will pay $7.9 million in cash for the stake, with $3.75 million to be paid on or before 04 Sep, and the remaining $4.15 million by 15 Oct.
"Following completion PharmX will be an independent operating business within the Corum Group," the company told the ASX.
Corum has announced it will undertake a pro-rata one for three Non-Renounceable Entitlement issue (offer) at 4.2 cents per share to raise up to approximately $5.6 million before costs.
The offer is partially underwritten to $3 million by PAC Partners Securities Pty Ltd, as Lead Manager and Underwriter to the offer.
The offer represents a discount of 13% on the 15-day volume weighted average price at the close of trading on 28 Aug, and a 16% discount to the last traded price of Corum on the ASX.
Meanwhile the company also announced the resignation of CEO, Managing Director and Company Secretary, David Clarke, who has departed effective immediately "to pursue other interests".
Corum Chair, Nick England, revealed Julian Sallabank, as Clarke's successor in the CEO and Managing Director roles.
"I have known and worked with Julian for many years and he brings a track record for growing businesses and driving value," England said.
"The board would like to thank David for his contribution over the past seven years across his senior executive roles and wish him well with future endeavours."
Corporate lawyer, Julian Rockett has been appointed as Corum's new Company Secretary.
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