DISCOUNT pharmacy group, Chemist Warehouse (CWH), is set to add a strategically located pharmacy to its portfolio of stores, when the Federal Court issues its ruling on a case involving a Tasmanian store.
Court papers revealed that Warren Lucas, CWH's Tasmanian State Manager, had entered an agreement to buy the Priceline Pharmacy Eastlands, the only pharmacy in the state's largest shopping centre, from Jeremy Lewis Hampton and his Zomay Holdings Pty Ltd company.
The court heard Hampton signed an Offer of Purchase on 01 Nov 2018, agreeing to sell the store for a net total of $2.2 million, with settlement due to occur on 04 Feb, which was later pushed back to 12 Feb to allow stock to run down.
Hampton confirmed by email that he was happy for a formal contract to be prepared.
On 19 Nov Lucas paid a 10% deposit, as agreed, however, on 22 Nov a lawyer acting on Hampton's behalf put for a number of reasons claiming the Offer of Purchase was not binding.
Federal Court Justice David O'Callaghan ruled the agreement was binding, on 29 May he was informed an administrator had been appointed to Zomay, and he would not issue a declaration and orders until a later date.
However, he indicated that he would have ordered Hampton to "perform the agreement", adding that Lucas should pay Hampton $1.7 million for the store's fixtures and fittings, plus an additional payment of up to $500,000 representing the value of the stock held by Priceline Pharmacy Eastlands.
Justice O'Callaghan has granted liberty to apply to relist the case.
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