SYDNEY: Complii FinTech Solutions has entered into a Non-Binding Term Sheet (NBT) to sell its Registry Direct business unit, which is expected to be completed on 30 September 2024.
The business unit will be acquired by Mr Steuart Roe, the Founder and CEO of Registry Direct, in a Management Buy-
Out. Mr Roe is also currently a director of Complii.
Registry Direct is an online share and unit registry software, originally acquired by Complii in October 2022.
As part of the agreement, Complii is divesting all of Registry Direct’s assets, including the Registry Direct brand, IP, software platform, key personnel and client list.
Mr Roe will excuse himself from board meetings of Complii from execution of this NBT until the proposed transaction is completed or terminated.
Upon completion, Mr Roe will resign from the board of Complii, and Mr Mason and Ms Sarich will resign from the board of Registry Direct.
The transaction consideration will an initial payment of $3,850,000 by Mr Roe (and/or entities associated with him) to Complii upon completion, payable on the expected completion date of 30 September 2024: two further payments of $500,000 each for service fees under the SA, payable in June 2025 and June 2026.
The Company intends to utilise the transaction consideration for working capital purposes.