The executive chairman and major shareholder in Ainsworth Game Technology, Len Ainsworth, is selling his 53 per cent stake in the company to Novomatic.
Ainsworth has agreed to sell his 172.1 million ordinary shares at AU$2.75 (US$1.99) per share for a total cash consideration of around AU$473.3m, subject to regulatory approvals.
AGT said in a filing to the Australian Securities Exchange that Ainsworth will still hold a small number of shares that remain subject to employee options under the Len Ainsworth Option Share Trust.
“The board supports the transaction and will convene an extraordinary general meeting of shareholders to seek the necessary approval,” the company said. “The EGM will be held within three months and further details will be provided to shareholders in due course.”
“I’m pleased Novomatic, in agreeing to acquire my shareholding, has committed to Ainsworth and our international growth strategy,” said Len Ainsworth. “Novomatic has a clear commitment to innovation and new product development which aligns with AGT’s.”
