WELLFULLY LIMITED Wellfully Limited (ASX:WFL) entered into a non-binding memorandum of understanding to acquire The Brandbase from Capital D Management LLP for AUD 2.8 million on December 6, 2022. The transaction is currently in evaluation, and may be subject to subsequent shareholder approvals in respect of the proposed earn-out. Capital D Management LLP will seek a reduction of the liabilities of TBB prior to the transaction, from AUD 1.6 million to AUD 0.8 million.
Capital D will be offered one Non-Executive Director position on Wellfully's Board of Directors. TBB generated sales revenue of AUD 12.2 million in the 12 months ending September 2022. The transaction is expected to close in the coming weeks.
As of December 23, 2022, The Brandbase entered into recent voluntary and temporary administration and the transaction expected to close at a later date.
