Kjerulf Ainsworth, son of the Ainsworth Game Technology’s (AGT) founder Len Ainsworth, has launched a fresh bid for shares as his ongoing power struggle with Novomatic rumbles on.
In a letter published by the ASX, Ainsworth confirmed that he intends to offer AU$1.30 (£0.69) per share to acquire a further 5.5% of ordinary shares.
If successful, the move would raise his stake in the company to 13.25%, and follows a similar offer in October for up to 2.9% of shares.
Ainsworth told investors: “As with my previous proportional takeover bid, which closed on 30 January 2026, the Offer will deliver an attractive premium relative to historical trading prices in Shares for a portion of each Shareholder’s investment in AGT.
“Shareholders will continue to participate in any future improvement in AGI’s performance by retaining the balance of their holdings.”
The deal will be structured like a proportional takeover, allowing shareholders to sell only a portion of their holdings while retaining an interest in the company.
Ainsworth has been a vocal critic of Novomatic’s attempts to gain control of AGT, stating that he believes Novomatic’s offer of AU$1 (£0.53) per share undervalues the company.
Novomatic currently holds a 66.59% share in AGT. However, the company’s attempt to purchase all the shares it did not already own failed in February after it did not gain enough shares to take control of AGT.
According to the release, this latest offer from Ainsworth represents a 23.8% premium on AGT’s closing share price on 10 March and the volume-weighted average price of the shares over the last 30 days.
AGT booked a net loss of AU$19.2m (£10.2m) in its 2025 financials reported in February, despite recording growth in its Asia-Pacific segment. The losses were attributed to a AU$43.1m (£23m) non-cash impairment of goodwill included in its 2025 results due to the underperformance of its North American business.