Kjerulf Ainsworth Raises Ainsworth Stake to 9.55%

Kjerulf Ainsworth has increased his stake in Ainsworth Game Technology Ltd to 9.55%, following a series of on-market share purchases made during May. The move lifts his holding closer to 10% and follows earlier buying activity that had already pushed his interest above the level seen in late April.

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Shareholding Moves

The update was disclosed in a Wednesday filing by the slot machine maker to the Australian Securities Exchange. At the end of April, Mr Ainsworth held 8.35% of the company’s ordinary shares after completing a proportional offer for 5.5% of each shareholder’s ordinary shares. That was the second proportional offer he had made for the company’s stock.

His latest acquisitions were made on-market in May at prices ranging from AUD1.05, or US$0.75, to AUD1.60 per share. The buying activity has steadily lifted his position in the business founded by his father, Len Ainsworth.

Novomatic’s Control

Novomatic AG, an Austrian gaming equipment company, owns over 67% of Ainsworth Game and is the majority shareholder. In August 2025, they tried to increase their share to 75%, making an unconditional offer of AUD1.00 per share for the remaining stock. So, they aimed to privatize the business after reaching this threshold.

That bid ended in February this year without Novomatic reaching its target. Mr Ainsworth had opposed the offer to minority shareholders, arguing that the price undervalued Ainsworth Game. His latest increase in stake comes after that failed attempt to consolidate full control of the company.

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AGM Decisions

The company’s annual general meeting in late May also produced several notable outcomes. Shareholders voted against the election of Lawrence Levy as a non-executive director, even though his nomination had been supported by Mr Ainsworth. Mr Levy is a former chief executive of Ainsworth Game.

The meeting also rejected 2 proposals put forward by Novomatic. Those included amendments to the constitution related to disclosure of director interests and a separate proposal to renew proportional takeover provisions. The voting result showed shareholders were prepared to push back on several matters linked to the company’s governance and ownership structure.

Financial Outlook

This month, Ainsworth Game forecast its first-half revenue at about AUD116 million, a 23.7% drop from last year. Their profit before tax, ignoring currency effects and one-offs, is looking like around AUD1 million, down from AUD13.9 million last time.

With this, shareholders now face more questions. Ownership has been shifting lately, along with takeover whispers and disagreements among shareholders, making things even more complicated. With Mr Ainsworth continuing to build his position and Novomatic still holding the majority, the company remains a focal point for both control and performance concerns.

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Source: GGR Asia