Yellow Brick Road Holdings Limited (ASX: YBR) and Sequoia Limited (ASX: SEQ) entered into alliance and a sale contract. This agreement was made in relation to the head office working as well as business functions which comprises its Yellow Brick Road Wealth Division. Yellow Brick Road Wealth Division works under 2 Australian Financial Services Licences.
The transaction is expected to complete in the early 2020 after the transfer of advisers & completion of other implementation facets of the Transaction.
The sale will not have impact on the YBR mortgage distribution business or its Australian credit licence (ACL), and all YBR franchisees continue to remain operational under their current YBR franchise / licence agreements.