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Complii Fintech Solutions Ltd (ASX:CF1)

ALERT: Price-sensitive ASX Announcement for CF1
Current share price for CF1 : $0.027 0.003 (12.50%)+
Announcement
Release
26 Aug 2024 8:08AM
Price at Release
$0.024
Full Release
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Summary
Complii FinTech Solutions Ltd announced it has entered into a binding Share Sale Agreement with Mr. Roe for the management buy-out of its Registry Direct business unit. This transaction is subject to shareholder approval, with completion expected by early to mid-October 2024. The agreed sale includes an initial deposit of $100,000 and a total payment of $3,750,000 upon completion, with additional service fees payable over the next two years. Post-sale, Registry Direct will continue to access Complii’s platform and products. The agreement also outlines board resignations pertinent to the transaction.
Key Points
  • Complii FinTech Solutions Ltd has entered into a binding Share Sale Agreement with Mr. Roe for a management buy-out of Registry Direct.
  • The Share Sale Agreement is subject to shareholder approval as per ASX Listing Rule 10.1.
  • The initial deposit of $100,000 has been paid by Mr. Roe, with an additional $3,750,000 (including a $500,000 service fee) to be paid upon completion.
  • Two further payments of $500,000 each for service fees will be made in June 2025 and June 2026.
  • Registry Direct will have continued access to Complii's platform and products post-sale.
  • Mr. Roe will resign from Complii’s board upon completion, and Mr. Mason and Ms. Sarich will resign from Registry Direct’s board.
  • The transaction is expected to complete by early to mid-October 2024, pending shareholder approval.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.