Complii Fintech Solutions Ltd entered into a non-binding heads of agreement to acquire Registry Direct Limited (ASX:RD1) on February 5, 2020. Under the proposal, consideration comprises approximately $4.2 million worth of new shares in Complii valuing each Registry Direct Limited share at approximately AUD 0.024. At completion of the transaction Registry Direct Limited is expected to own approximately 19.1% of Complii. Complii Fintech Solutions Ltd will also conduct a private placement. Don McLay non-executive Chairman of Registry Direct Limited will become an executive director of Complii and Head of Registry Business. Craig Mason, Executive Chairman of Complii Fintech Solutions will become Managing Director and Chief Executive Officer of the combined group. All Registry Direct Limited staff are being offered equivalent positions within the combined group. The deal is subject to certain conditions including completion of satisfactory due diligence by each party and the approval from shareholders of Registry Direct Limited in meeting due by the end of March 2020.

Complii Fintech Solutions Ltd cancelled the acquisition of Registry Direct Limited (ASX:RD1) on March 27, 2020. As a result of the material change in market conditions, principally as a result of the COVID-19 pandemic, Complii is no longer able to raise sufficient funds on the terms previously announced to meet the conditions of the acquisition.