Complii FinTech Solutions Ltd announces divestment of Registry Direct business unit

Complii FinTech Solutions Ltd (ASX: $CF1) has announced its decision to divest its Registry Direct business unit through a Non-Binding Term Sheet (NBT) agreement with Mr Steuart Roe, the Founder and CEO of Registry Direct. The transaction is expected to be completed on 30 September 2024, subject to the parties entering into binding transaction documentation and approval by Complii shareholders pursuant to ASX Listing Rule 10.1 at a general meeting to be held prior to the completion date.

Executive Commentary on Divestment of Registry Direct Business Unit

This transaction is a positive step for Complii and will free the Company to be more focused and therefore more effective. It will help reshape our ecosystem further, consolidating our positioning as the 'backbone' of Australian equity capital markets.

Summary of Complii FinTech Solutions' Divestment Announcement

Complii FinTech Solutions Ltd (ASX: $CF1) has entered into a Non-Binding Term Sheet (NBT) to divest its Registry Direct business unit to Mr Steuart Roe in a Management Buy-Out. The divestment is expected to be completed on 30 September 2024, subject to the parties entering into binding transaction documentation and approval by Complii shareholders. The transaction consideration includes an initial payment of $3,850,000 and two further payments of $500,000 each for service fees under the services agreement. The Company intends to utilize the transaction consideration for working capital purposes. This divestment will allow Complii to focus on its core market and services, while maintaining a continued future long-term relationship with Registry Direct. The announcement has been authorized by the Board of Complii FinTech Solutions Ltd.