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The Agency Group Australia (ASX:AU1) - Managing Director, Paul Niardone
Managing Director, Paul Niardone
Source: The Agency Group Australia
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  • After successfully defending the action against MCL 105 in the Federal Court, The Agency Group Australia (AU1) has been awarded over $200,000 in costs
  • MCL 105, a firm affiliated with former AU1 Non-Executive Director Mr Mitchell Atkins, was ordered to pay AU1’s expenses in the costs decision
  • The total costs awarded to AU1 is $212,269
  • In addition to the judgement of costs in AU1’s favour, the $400,000 previously paid into court by AU1 will be returned to AU1 within the next several days
  • Shares in AU1 are up 2.04 per cent to 5 cents at 2:23 pm AEDT

The Agency Group Australia (AU1), after being successful in the Federal Court in its defence in the case against MCL 105, has received over $200,000 in a costs judgement.

The Court also determined that the administration, which was based on the contested fee, should not have taken place, a finding the directors of The Agency “wholeheartedly agree with”.

MCL 105, a firm affiliated with former AU1 Non-Executive Director Mr Mitchell Atkins, was ordered to pay AU1’s expenses in the costs decision.

AU1 was awarded costs of the proceedings on a lump sum basis of $140,505, the expenses for cost submissions at $4000, injunction proceedings at $28,266, and the administrators’ costs at $39,498. The total costs awarded to AU1 is $212,269.

In addition to the judgement of costs in AU1’s favour, the $400,000 previously paid into court by AU1 will be returned to AU1 within the next several days.

Under the initial judgement, AU1 was ordered to pay a $10,000, plus interest, unpaid due diligence charge out of a total claimed sum of about $390,000.

On the finalisation of this matter, The Agency Group Managing Director, Paul Niardone, said it was a “pleasing” resolution.

“With the matter now closed we can focus on continuing the build our industry leading business and achieve positive outcomes for our shareholders, staff and clients,” he said.

Shares in AU1 are up 2.04 per cent to 5 cents at 2:23 pm AEDT.

AU1 by the numbers
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