One Investor Will Not Stop Buying Ainsworth Shares Even After the Takeover Fight Ended

Key Points

• Kjerulf Ainsworth pushed his stake in Ainsworth Game Technology to 9.55%, bringing his total to exactly 32.16 million ordinary shares through proportional takeover acquisitions and on-market purchases priced as high as AU$1.60 per share.
• The buying followed Novomatic’s failure to lift ownership to 75% through an AU$1.00-per-share bid, leaving the Austrian gaming group as majority shareholder with 67.39% after the Independent Board Committee terminated the takeover deed in February 2026.
• All of this is happening as trading conditions soften in 2026, with Ainsworth projecting a 24% revenue drop to AU$116 million for the first half and net debt reaching AU$14 million by 30 June 2026.

Most takeover battles end when the bidding stops. At Ainsworth Game Technology (AGT), the part that matters most may have started after the fight was already over. Novomatic did not get the level of ownership it wanted, yet one investor kept buying shares at prices well above earlier offers. That raises a question shareholders cannot ignore: if control has not changed hands, why does ownership activity keep climbing? The answer lives somewhere between corporate influence, a family defending something it built, and a business facing a much harder road than it did twelve months ago.

A Stake That Keeps Growing Even Though the Power at the Top Has Not Moved

Kjerulf Ainsworth has taken his ownership in Ainsworth Game Technology to 9.55%, according to a Form 604 filing lodged with the ASX on 2 June. His relevant interest now covers exactly 32,160,635 ordinary shares, rising from the 27.52 million shares, or 8.17%, that he disclosed in March.

Kjerulf Ainsworth is the son of Len Ainsworth, the gaming pioneer who built the company from the ground up.

The increase came from two places: acceptances received under his proportional takeover offer and a run of on-market purchases completed between March and June 2026. The single purchase on 2 June stood out, covering 2,083,000 shares bought at AU$1.60 each. Other purchases landed at prices between AU$1.05 and AU$1.60 per share.

Kjerulf Ainsworth launched an unconditional proportional off-market takeover offer priced at AU$1.30 per share earlier in the year. Despite setting that benchmark, he then paid AU$1.40, AU$1.50, AU$1.58, and AU$1.60 in later transactions.

A 9.55% stake does not threaten majority ownership.

Rather than chasing a full takeover, Kjerulf Ainsworth used proportional acquisitions. His March offer targeted 5.5% of each shareholder’s holding and let investors sell only part of what they owned. The offer closed on 27 April, lifting his voting power from 8.17% to just 8.24%. Seeing that the proportional route was not moving fast enough, he shifted to direct market purchases between May and June, ending with the June 2 block buy.

Novomatic’s Failed Bid Left a Shadow That Has Not Gone Away

In August 2025, the Austrian gaming technology group launched an unconditional offer of AU$1.00 per share for all the shares it did not already hold. The goal was to push ownership to 75% and lock in control over the business, with a possible path toward taking AGT private under a Transaction Implementation Deed.

The bid closed on 6 February 2026 and did not reach that 75% threshold. Because the target was missed, AGT’s Independent Board Committee used its right under clause 13.1(a) of the agreement to terminate the takeover deed and keep the company on the ASX. Novomatic stayed put as the majority shareholder with 67.39% of ordinary shares, and control of the company remained in its hands.

Kjerulf Ainsworth stood against the proposal from the start, saying the offer did not reflect what AGT was worth.

Boardroom disputes also surfaced. At AGT’s annual general meeting in May, former chief executive Samuel Lawrence Levy sought election as a non-executive director. Kjerulf Ainsworth backed the nomination. Shareholders did not. Only 25.18% of proxy votes went in favour, with close to three-quarters voting against.

The voting patterns across the meeting pointed to wider disagreements. Around one quarter of proxy votes went against director re-elections, the remuneration report, constitutional amendments, and the renewal of proportional takeover provisions.

The remuneration report received AGT’s first strike under Australia’s Corporations Act after more than 25% of shareholders voted against it. Two Novomatic-backed proposals on constitutional changes related to director interest disclosures and the renewal of proportional takeover provisions were also rejected.

At the meeting, chairman Danny Gladstone acknowledged both Novomatic’s takeover proposal and Kjerulf Ainsworth’s proportional takeover offers, saying the period of corporate activity had ended and the company would press ahead with its current strategy.

Financial Results Pile More Weight Onto an Already Difficult Position

AGT posted revenue of AU$290.8 million for the year ended 31 December 2025, which was 10% ahead of the prior year. Underlying EBITDA came to AU$48 million. Underlying profit before tax reached AU$21.1 million. Yet impairment charges, costs connected to the takeover process, and foreign exchange losses pulled the company into a statutory loss by the time everything was counted.

The biggest market for AGT is North America. Revenue from the region reached AU$151.3 million, representing over half of the total group revenue.

On 22 May, the company put out a market update. AGT projected first-half 2026 revenue of approximately AU$116 million, a drop of around 24% compared to the year before. Profit before tax, after removing currency movements and one-off items, is expected to be only around AU$1 million, a steep fall from AU$13.9 million previously. Net debt is forecast to reach AU$14 million by 30 June. Management tied the numbers to weaker outright sales, a reduction in gaming operations placements, and growing competition across North America.

The board chose to act on management with the appointment of Mr. Ryan Comstock as the permanent Chief Executive Officer on 11 May 2026.

Revenue in Asia Pacific rose 52% to AU$65 million during 2025, with the A-Star Raptor cabinet platform, stronger game results, and more unit sales supporting the increase. Latin America and Europe posted revenue gains too, though profitability in both came under pressure from changes in the product mix and a cost base that kept rising.

What the Road Ahead Looks Like for Ainsworth Game Technology?

The most recent filing confirms Kjerulf Ainsworth has moved from 8.17% in March to 9.55% in June, building through a mix of proportional acquisitions and purchases made on the market. Novomatic remains at 67.39% and keeps majority control firmly in place, even after falling short of the 75% threshold it was aiming for.

Shareholders are watching governance, board decisions, and financial performance with more focus now because ownership tension and operational difficulty are running at the same time.

Expert Insight: Why What Is Happening Here Matters to the Rest of the Industry?

The key point is not that ownership moved dramatically it did not.

Gaming equipment manufacturers and operators can see in this a reflection of something changing across the sector. Shareholder engagement on governance matters is becoming as significant as product performance and market position. Board composition, how executives are paid, and whether strategy is being carried out with discipline are all getting harder looks from investors, especially when top-line growth does not find its way to the bottom line.

Asia Pacific remains the region where the path forward looks most open, with the A-Star Raptor platform having already shown what is possible.

The numbers worth watching in the months ahead are whether Kjerulf Ainsworth crosses the 10% ownership mark, whether the disputes over governance grow into something louder at the next set of shareholder votes, and whether AGT manages to reverse the earnings position it has forecast for the first half of 2026.