Ainsworth Game Technology (AGT) has received a further update from bidder Kjerulf David Hastings Ainsworth as part of his off-market takeover bid for 5.5% of its fully paid ordinary shares.
In a second supplementary bidder’s statement dated 14 April, Ainsworth set out his position on governance matters due to be considered at AGT’s 2026 Annual General Meeting, along with his views on shareholder returns.
The statement builds on his original bidder’s statement lodged on 12 March and a first supplementary statement dated 30 March.
Ainsworth said he supports a Novomatic-requisitioned resolution to amend AGT’s constitution in relation to directors’ interests and remuneration. He said the proposed changes would tighten the requirements in that area.
However, he said he intends to vote against the proposed renewal of AGT’s proportional takeover provisions. According to the supplementary statement, Ainsworth believes the measure could prevent shareholders from selling part of their holdings under a proportional bid without prior approval, reducing the scope for future offers and reinforcing Novomatic’s existing position as major shareholder.
Ainsworth also confirmed his support for the appointment of Lawrence Levy as an independent non-executive director. He has formally nominated Levy for election at the 2026 AGM, subject to the relevant regulatory approvals.
Levy previously served as AGT CEO from July 2019 to September 2021 and has held senior roles across the gaming sector. Ainsworth said that background would provide continuity and strategic perspective at board level.
The bidder also said he intends to requisition a separate shareholder meeting to consider a constitutional amendment linked to dividend payments.
He noted that AGT has not paid a dividend since October 2018 despite what he described as strong financial performance and revenue growth and said this raised questions over how the board was balancing reinvestment with shareholder returns.
Earlier coverage of the bid noted that Ainsworth’s first supplementary bidder’s statement related to his second off-market offer for 5.5% of AGT shares at AU$1.30 ($0.89) per share, with the offer open until 27 April unless extended or withdrawn.
The supplementary statement says ASIC relief allows disclosure of voting power using a date up to four trading days before the offer date
