3 February 2026: Update on Ainsworth Game Technology Limited
Dear fellow shareholders,
I am writing in relation to the notice of extension sent to you last week by Novomatic AG (Novomatic) regarding its $1.00 per share off-market takeover bid for Ainsworth Game Technology Limited (AGI).
Some shareholders, having read this notice, have contacted me concerned that it means they are required to sell. Please be aware that you do not have to sell your shares for $1.00 per share if you do not wish to do so.
Novomatic’s intention, set out in its bidder’s statement, is to cause AGI to apply for delisting from the ASX, which it can do if it achieves 75% ownership.[1] If you wish to see AGI stay as a listed public company, as I do, you should consider holding onto your shares.
My intentions
The closing market price on ASX for AGI shares was $1.04 per share on Friday 30 January 2026, and I recently made a proportional takeover bid for 2.9% of each holder’s holding of AGI shares at $1.30 per share to provide all shareholders with an opportunity to sell some of their shares to me, while keeping my holding below 10%. Following closure of that bid, and with a current shareholding of approximately 7.37%, I am now intending to acquire further AGI shares on-market.
The reason for this is that offshore holders who wished to accept my bid were unable to do so for as yet unknown administrative reasons. Until those issues can be resolved, acquiring shares on market is the preferred interim approach. A further proportional takeover offer will nonetheless be made within 60 days from the 29th January, 2026. My last purchase of shares on market was 137 days ago on the 17th September, 2025.
As stated previously, I believe AGI shares are worth significantly more than Novomatic is offering. In my bidder’s statement, I have provided information regarding the value of AGI’s properties and my views on the company’s prospects. Given this, I believe Novomatic is likely to have to offer more than $1.00 per share in order to acquire 75% of AGI shares, and the current market price may suggest that others also believe this.
Novomatic stated in its bidder’s statement that its $1.00 per share bid was “full and final” and would not be increased; however, Takeovers Panel guidance would allow it to make a further higher bid, should it choose to do so, four months from the close of its current bid on the 6th February. Novomatic may also launch a new $1.00 bid if it chooses to do so.
Licensing update
While there are regulatory requirements that affect the ability of any shareholder to acquire shares in AGI, I am ensuring shares purchased in AGI in excess of 10% do not infringe the preliminary licensing rules in any of the approximately 300 jurisdictions in which the company operates. I believe that shareholders deserve to have access to an alternative opportunity to sell.
To date, all relevant and due jurisdictional licence applications have been completed and submitted. Gaming licences have already been granted by several jurisdictions. Further detail on licensing progress can be obtained by making contact via the communications channels below.
Governance questions
I believe the interests of minority shareholders need to be better represented by the AGI Board and, as I have said previously, I would 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. I have had concerns for some time now in relation to AGI board governance and decision making. It is in this context that I have offered to join the board, to seek to address these concerns from within.
In addition to the above, as a result of the company’s repeated and persistent refusal to respond meaningfully to important questions impacting shareholder value and the traded share price of AGI, I have been progressing a Books and Records application to be filed before the court shortly.
Be sure to check the market price for AGI shares before deciding to sell.
If you have any questions you can contact me directly at Kjerulf.Ainsworth@protonmail.com or via www.AGIfightback.com.
You should also consider contacting your financial, tax or legal adviser if you are in any doubt as to what to do.
Thank you for your continued support.
Yours sincerely,
Kjerulf Ainsworth
[1] Novomatic also notes that, after 12 months following completion of its bid, ASX may allow AGI to delist from ASX if a special resolution is passed to delist.