Australian slot machine supplier Ainsworth Game Technology said Monday it has appointed Macquarie Capital as its financial advisor with a view to exploring “potential opportunities” that may enhance shareholder value.
Ainsworth issued a statement in response to reports in the Australian Financial Review suggesting the company could go private given the challenging market conditions it has endured in recent years.
While it confirmed the appointment of Macquarie Capital to lead such exploration, Ainsworth said the process was only just getting underway and it had not received any expressions of interest at this stage.
“The process will look to review and assess all strategic alternatives which could assist the Company in maximizing shareholder value,” it explained.
“The strategic review will include a broad range of potential organic and inorganic alternatives, and there can be no assurance that any transaction will result. The Company remains committed to driving sustained, long-term growth through delivering on our product strategy and continued investments in R&D.”
Ainsworth’s most recent financial results highlighted a significant year-on-year increase in revenues for the six months to 30 June 2023, although profits were subdued due in part to a write-down on investments made in Argentina. The company also noted that conditions in the domestic Australian market remained challenging.
CEO Harald Neumann said at the time that Ainsworth was focused on upgrading its technology and improving game performance.
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