ASIC's reasons for cancelling the licence are unusually brief.

The licence authorised DGR to provide financial product advice and deal in interests in managed investment schemes limited to horse racing to retail and wholesale clients.

Why was it cancelled?

"ASIC cancelled the licence because DGR has ceased to carry on a financial services business.

"ASIC may cancel an AFS licence held by a body corporate without a hearing if the body ceases to carry on a financial services business."