RooLife Group (ASX:RLG) entered into a binding term sheet to sell its wholly owned Australian digital marketing unit, CHOOSE Digital, for a consideration of AU$356,500, according to a Friday Australian bourse filing.
The purchasers for the unit include Barry Consulting, Kaya Budi Holdings as trustee for The Wee Family Trust, Shane HoeHock Wee and Sandra Wee as trustees for the Wee Super Fund, and Trindis.
The consideration consists of an upfront consideration of AU$200,000 payable upon execution of the term sheet and AU$156,500 deferred consideration payable on or before Dec. 31.
Warren Barry, who was its head of Australian sales and responsible for the CHOOSE business operations, resigned from his role with the firm.
Completion is scheduled for later this month.
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