LISTED pharmacy software specialist, Corum Group Limited, has announced it does not expect payment of an outstanding $2.2 million debt until at least Feb 2020.
The money is owed to Corum due to its stake in the PharmX pharmacy ordering platform, which is also partly owned by FRED IT Group, Mountaintop Systems and the parent company of Simple Retail.
According to an ASX update just before Christmas, the $2.2 million owed to Corum "has been withheld due to a significant dispute between other investors".
The Supreme Court in Vic has ruled that PharmX must distribute dividends from 2017 and 2018, despite two holders in the PharmX Unit Trust using their combined votes to block payments.
Corum has only been drawn into the case because of its 30% stake in PharmX, with the dispute centring on Telstra's 50% ownership of FRED IT which was claimed to have impacted the PharmX trust agreement.
Subsequent to the judgement ordering the release of the unpaid revenue, investors have now been ordered to undertake mediation on unrelated elements of the case.
"As a consequence, Corum will not receive payment before that mediation process has concluded," the company said.
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