Kjerulf Ainsworth Increases Ainsworth Game Technology Stake to 9.55%

Investor Kjerulf Ainsworth has increased his stake in Ainsworth Game Technology Ltd, a manufacturer of land-based slot machines, to 9.55% through a series of open market transactions completed in May. This brings his holding closer to the 10% threshold.

The acquisitions follow a failed privatization attempt by majority shareholder Novomatic AG. At the end of April, Ainsworth held 8.35% of the company's shares. His May purchases were executed at prices ranging from AUD 1.05 to AUD 1.60 per share.

Additionally, Ainsworth Game Technology saw shareholder pushback at its late May annual general meeting. Shareholders voted against the election of Lawrence Levy as a director, despite Ainsworth's support. Novomatic also had two constitutional proposals rejected.

The company is facing financial headwinds, forecasting first-half revenue of approximately AUD 116 million, a 23.7% decrease year-over-year. Adjusted profit before tax is projected to be around AUD 1 million.