Len Ainsworth to sell his stake to Novomatic, remain as chairperson

Founder and executive chairman of Ainsworth Game Technology, Len Ainsworth is planning to sell his stake in the company, according to a recent filing to the Australian Stock Exchange.

According to the announcement, Ainsworth has agreed, subject to certain conditions to sell 100 percent, or 172.1 million ordinary shares in AGT to Novomatic, the privately owned Austrian gaming technology company. However, as Novomatic will own around 53 percent of AGT’s issued capital upon completion of the sale, the sale is subject to shareholder approval. An EGM will be held to decide on this within 3 months, the company said.

Ainsworth said he was pleased with Novomatic’s agreement to acquire his shareholding. Ainsworth will remain as chairperson, according to the announcement.

In a separate announcement, Ainsworth Game Technology announced profit after tax at $33.1 million for six months ended Dec. 31, 2015, a 4.3 percent decrease from the same period in 2014. Revenue increased 26.8 percent to $141.9 million, up from $111.9 million in the same period in 2014 and EBITDA increased 6.9 percent to $53.8 million, up from 50.3 in the previous year.

Ainsworth said domestic markets were challenging and competitive, but had a confident international outlook. International revenues grew 57 percent to $91.6 million.