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Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

Ben Blaschke by Ben Blaschke
Mon 21 Jul 2025 at 05:41
Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

AGT’s head office in Las Vegas, Nevada

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Kjerulf Ainsworth, the second-largest shareholder of Ainsworth Game Technology (AGT) and son of company founder Len Ainsworth, has accused the company of undervaluing property assets in its bid to privatize by way of a complete sale to largest shareholder Novomatic.

The Australian Financial Review reports that the accusation relates to AGT’s American assets, with an independent valuation finding that properties owned in Nevada and Florida are worth a combined AU$116 million (US$76 million). The properties are valued 40% lower at AU$68.7 million (US$44.8 million) in AGT’s publicly available financials.

Kjerulf Ainsworth, who also believes AGT shares should be worth closer to AU$3 per share than the AU$1 per share offered by Novomatic, told the AFR that he wants a new valuation of the company’s US assets and an answer as to how the current share offer represents value for shareholders.

“That would be a starting point,” he said. “We’d like full access to the properties for an updated valuation … a clear answer on when the properties were last valued, by whom, the assessed value and the methodology … an answer as to why the independent board about the scheme has not addressed the property valuations.”

Novomatic currently holds a controlling 52.9% stake in AGT and is looking to acquire the 47.1% it doesn’t own for around AU$158.6 million (US$102 million).

However, shareholder tension has risen since the deal was first announced in April with local media recently reporting on a historical investigation in Austria into alleged corruption by AGT CEO Harald Neumann during his time as CEO of Novomatic AG. The timing of those reports making Australian media headlines was curious to say the least and AGT has stated its belief that the one investigation into Neumann and Novomatic that remains open will soon be dismissed. Both have denied the allegations.

Shareholders, meanwhile, are waiting on a scheme booklet on the Novomatic takeover deal to be distributed, complete with the report of an independent expert.

Novomatic shares are currently trading at AU$0.97 – down from their all-time high of AU$4.50 back in 2013 and a five-year high of AU$1.40 in 2021.

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Tags: Ainsworth Game TechnologyAustraliaKjerulf AinsworthNorth AmericaNovomaticproperty
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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