23 October 2025: $1.30 per share proportional takeover bid for 2.9% of AGI

Dear fellow shareholders,

I have today announced that I will make an AUD$1.30fa/share proportional takeover bid to acquire 2.9% of Ainsworth Game Technology (ASX: AGI). This represents a 28.7% premium to the existing unconditional AUD$1/share offer by majority shareholder Novomatic AG. 

You can find the letter sent to AGI and the ASX here. 

What does this mean?

I will offer every shareholder the opportunity to sell 2.9% of the shares they hold to me. 

Why 2.9%?

Regulatory requirements in the gaming industry are rightly onerous and time consuming. They deter ownership above 10% of AGI for the moment. 

How is this different from Novomatic’s offer? 

Novomatic is offering to buy 100% of all shares it does not currently own. Shareholders who accept the offer must sell 100% of their shares. I am offering to buy a proportion of all shares I do not own – namely, 2.9% of each shareholder’s parcel of shares. 

What is the rationale for this offer? 

This offer will allow minority shareholders to realise immediate value at a premium, while maintaining the majority of their shareholding and future exposure to AGI’s performance. 

When will the offer go live? 

You will be sent a Bidder’s Statement within 60 days of this announcement with full details of the offer and how to accept, should you choose to. 

Do I have to do anything now? 

You do not need to take any action now. This letter is to advise you of my intention to make the off-market offer, with details to be provided in due course (within 60 days). Please remember: you are not required to sell your shares, whether to me in response to this offer or to Novomatic following its takeover offer. Decisions about your shares should be based on your own assessment of value and risk. 

While currently constrained by regulatory requirements that delay me from owning 10% or more of AGI, I believe that shareholders deserve to have access to an alternative offer that better reflects the real value of AGI. I also believe the interests of minority shareholders need to be better represented by the Board and I will agree to become a board member, should a seat become available, for a fixed period of 12 months in order to help get the company back on track. 

If you have any questions you can contact me directly at Kjerulf.Ainsworth@protonmail.com, on 0417 133 300, or via or via the below contact form.

Thank you for your continued support. 

Yours Sincerely, 

Kjerulf Ainsworth