• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Ainsworth postpones vote on Novomatic takeover

May 24, 2016 Newsdesk Latest News, Top of the deck, World  


Ainsworth postpones vote on Novomatic takeover

Australia-based casino slot machine maker Ainsworth Game Technology Ltd has postponed for up to 30 days a meeting at which shareholders would be asked to vote on a takeover by Austrian gaming supplier Novomatic AG.

The date of the new meeting “will be no later than 30 days” after the originally planned date of June 3, but the precise date will depend on feedback from Australia’s Takeovers Panel, said Ainsworth Game Technology in a Monday filing to the Australian Securities Exchange.

Under a proposal announced on February 23, the privately held Novomatic would acquire 53 percent of Ainsworth Game Technology from Len Ainsworth, the Australian firm’s founder and chairman.

The delay in the meeting to vote on the deal centres on whether or not shareholding interests associated with the family of Mr Ainsworth might vote en bloc in favour of the deal – potentially to the detriment of other shareholders.

Ainsworth Game Technology had said in a filing on May 3 that its board “unanimously” recommended shareholders vote in favour of the deal with Novomatic.

But the Takeovers Panel had said in a May 16 press release it had received an application on May 13 from the Australian Securities and Investments Commission for the panel to get involved in the planned sale.

On May 17, the Takeovers Panel had said that Mr Ainsworth’s wife Margarete – also known as Gretel – had given an undertaking to the panel not to dispose of, transfer, or deal in, the 8.9 percent of shares she has in Ainsworth Game Technology while the panel was still considering issues connected to the business.

Then in a second press statement on May 17, the panel said that an investment firm called Fortress Centaurus Global Master Fund Ltd had made an application for the panel to get involved in the would-be deal between Ainsworth Game Technology and Novomatic.

Fortress Centaurus told the panel that despite asking Ainsworth Game Technology to do so, the gaming supplier had, in the words of the panel, “refused to confirm that it will treat Mr Ainsworth’s family members and their companies, which hold approximately 10 percent of Ainsworth Game Technology, as ‘excluded voters’ in relation to the [ratification of the Novomatic deal]“.

According to the panel’s second May 17 press statement, Fortress said in its application calling for the panel’s intervention, “they [Ainsworth family interests] are not disinterested shareholders and confidence in the integrity of the market for corporate control requires that they be excluded from voting in favour of the resolution.”


  • tweet
Related articles
  • Sci Games title ‘Hurricane Horse’ approved within Apac
    Sci Games title ‘Hurricane Horse’...

    Mar 01, 2021  

  • Aristocrat to launch EGM-based responsible gaming features
    Aristocrat to launch EGM-based...

    Feb 26, 2021  

More news
  • Fitch says LVS Nevada sale slight negative, Moody’s keener
    Fitch says LVS Nevada sale slight...

    Mar 05, 2021  

  • Travel ban on casino hub Sihanoukville: reports
    Travel ban on casino hub Sihanoukville:...

    Mar 05, 2021  


Latest News

Fitch says LVS Nevada sale slight negative, Moody’s keener

Fitch says LVS Nevada sale slight negative, Moody’s keener

Mar 05, 2021  

Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Read More
Travel ban on casino hub Sihanoukville: reports

Travel ban on casino hub Sihanoukville: reports

Mar 05, 2021  

Melco says City of Dreams in Cyprus open summer 2022

Melco says City of Dreams in Cyprus open summer 2022

Mar 05, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"

Junling Tan, Yu Sheng Tay and Vikas Halan

Analysts at credit rating agency Moody’s Investors Service



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Pansy Ho again cuts stake in MGM Resorts, for US$57mlnPansy Ho again cuts stake in MGM Resorts, for US$57mln March 4, 2021
  • LVS plans to keep U.S. base, stock listing: spokesmanLVS plans to keep U.S. base, stock listing: spokesman March 4, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us