7 November 2025: AGI takeover: latest updates

Dear fellow shareholders,

Last week Novomatic AG announced that it has extended its off-market takeover offer for Ainsworth Game Technology (ASX: AGI) for another month. With a current holding of 61.8%, this means that Novomatic has secured less than 10% of the company’s shares in the six months since it first announced its Scheme of Arrangement.

It is encouraging to see that the vast majority of shareholders have chosen not to sell to Novomatic for the disappointingly low price of $1/share. At the time of writing, AGI shares were trading at $1.02, which is still a significant discount to the company’s net asset backing.  

What happens now?

I have announced a Proportional Takeover Offer for 2.9% of each shareholder’s shares in Ainsworth at $1.30. The process to formalise the offer will likely take another six weeks. I am, however, bound by my statements to date and any future statements in the lead up to the formal offer. The offer is designed and legally required to be fair to all shareholders.  Further information on the offer will be released soon. 

Depending on acceptance levels and a matrix of other factors, I may consider making further proportional takeover offers in the future[1]. Novomatic has already stated that it will not accept my offer.

If you have any questions or wish to get in touch with me, please don’t hesitate to contact me on Kjerulf.Ainsworth@protonmail.com or 0417 133 300, or via www.AGIfightback.com. 

Yours sincerely,

Kjerulf Ainsworth

[1] Proportional Takeover Bid announcement page 1: “Depending on acceptance levels, market conditions and ongoing assessment of AGI’s strategic direction, I may consider making further proportional takeover offers in the future. No decision has been made in this regard, and there is no certainty that any further offer will be made.”