On 16 October 2019 Xplore Wealth Limited (ASX: XPL) (the Company) notified the market that it had received a notice from AusIndustry disallowing $1.18million in respect of a pre-acquisition historical research and development claim made by Linear Financial Holdings (now named Margaret Street Financial Holdings Pty Ltd) (Margaret Street Financial). The Company also advised at that time that it would apply for an internal AusIndustry review in accordance with the appeal provisions.
The Company is now very pleased to advise that AusIndustry have concluded their internal review and have notified the Company that they have accepted the original research and development claim made by Margaret Street Financial. This decision overturns the original findings of AusIndustry and supports the original claim made by the Company.
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