The latest ASX query reply indicated that LWP was anticipating an amount of $252,000 from the ATO by 15 April. This date has been and gone with no update from the company. With an estimated $82,000 left at the end of the March quarter, this R&D rebate is about the last resort for this company.
This matter has been under consideration and investigation by the ATO for some time.
We have gone from Konig claiming LWP was owed $2.7million and that LWP has enough cash for 4 years:
to the current situation where the company has no idea what may or may not be heading their way. LWP has admitted to misleading the market over these rebates and their cash position a number of times, including in the ASX query replies of May 2017 - where LWP states they were owed an amount between $1.6m and $2m, the 14 August Update:
And then the 10 September 2017 ASX query reply where we find out both of these announcements are false.
On 24 January, we were informed that shareholders had met with a Steve Irons MP, head of the Joint Parliamentary Committee that oversees ASIC who passed on shareholders complaints direct to James Shipton, ASIC chairman.
https://hotcopper.com.au/threads/meeting-with-steve-irons.3977092/
Shareholders have been in further contact with the office of Steve Irons regarding the awarding of grants and/or rebates to LWP Technologies while they are under investigation by ASIC for misconduct. A brief was passed on to Minister O’Dwyer’s Office - Minister for Financial Services - and Minister Ciobo who holds responsibility for AusTrade as well as the ATO.
It defies common sense for one government department to give money to a company that is under investigation by another government department. That a brief was passed onto two Ministers offices confirms to me that there is an investigation underway into the business dealings of this company.
There has been no announcement regarding any grants from AusTrade or any grants from the ATO so far so it appears that people are starting to take complaints about this company seriously and the wheels of investigation are finally turning.
LWP have said they they will call an AGM once the rebate amounts are known. Maybe they need to follow the lead of AMP and apologise for their misconduct and just disappear into the sunset.
