Following the tragic passing of NewLease co-founder and group managing director Doug Tutus, the company will continue to proceed with its previously announced Australian Stock Exchange listing.

In a deal which will see FFR acquire all the issue capital of NewLease, the company made the announcement via the ASX website yesterday.

The move will see FFR renamed Rhype, a business which will wholly own NewLease as a result.

"It's tragic that Doug won't participate in the next phase of the company's development,” said Dawn Edwards, interim CEO, NewLease.

“He was proud of the businesses he created, helped build and lead. The public listing of NewLease is a significant milestone in the company's growth that Doug was eager to achieve.

"We are fortunate that Doug left the company in such a strong position and the leadership team is committed to delivering on the potential that Doug and I always saw.

“Our entire organisation is absolutely aware of where we need to go and how we need to get there.

“If anything, we are now, more than ever, driven to fulfil NewLease's potential, both for ourselves and for Doug's legacy."