GGRAsia – Margarete Ainsworth pledge to Australia takeovers body

Margarete Ainsworth pledge to Australia takeovers body

May 19, 2016 Newsdesk Latest News, Top of the deck, World

The wife of slot machine entrepreneur Len Ainsworth has given an undertaking not to dispose of, transfer, or deal in, shares she holds in Ainsworth Game Technology Ltd while Australia’s Takeovers Panel is still considering issues connected to the business.

Margarete Ainsworth holds 8.9 percent of the company’s shares, while her husband controls 53.7 percent.

The Takeovers Panel had said in a Monday press release it had received an application on May 13 from the Australian Securities and Investments Commission (ASIC) for the panel to get involved in the planned sale of a majority stake in Ainsworth to Austria-based gaming supplier Novomatic AG.

On Tuesday the Takeovers Panel said Mrs Ainsworth and an entity called Votraint No. 1019 Pty Ltd, controlled by her, had given the undertaking sought by the panel.

On February 23, Mr Ainsworth agreed to sell his 53-percent stake in Australian Securities Exchange-listed Ainsworth Game to Novomatic, a privately owned gaming technology company.

The ASIC argued in its application that Mr and Mrs Ainsworth either “have a relevant agreement or are acting in concert” in connection with the proposed share sale transaction.

Ainsworth Game had announced in a filing on May 3 that it was calling a general meeting of shareholders on June 3 in Sydney, New South Wales, and that the board “unanimously” recommended shareholders vote in favour of the deal with Novomatic.

Ainsworth Game’s shares jumped nearly 12 percent in value to AUD2.54 (US$1.83) between close of stock market business on May 9 and the Takeovers Panel’s announcement on May 13. At the close on Thursday, the firm’s shares stood at AUD2.40, down 2.44 percent on the day.