Interstaff International will undergo a name change as it sells its visa migration advisory business through a management buy-out to managing director Dan Engles, who today resigned from the board.
The division will be sold to an entity controlled by Mr Engles and immigration manager Sheila Woods.
Consideration for the sale is $260,000 which includes the cancellation of 100,000 Interstaff shares and 300,000 unlisted options held by Mr Engles and the cancellation of 100,000 unlisted options held by Ms Woods.
All employees at the Visa Migration Advisory Business will be transferred in the management buy-out.
The sale is subject to shareholder approval and the completion of an Independent Expert's Report.
Interstaff will retain the Labour Hire and Contract Management divisions and plans to change its name to ITS Corporation.