Minorities should oppose Len Ainsworth’s share sale

His wife and family should also be prevented from voting at the EGM to approve the sale to Novomatic

Len Ainsworth recently agreed to sell his 53% stake in Ainsworth Game Technology (ASX: AGI) to Austrian gaming giant Novomatic for $2.75 per share. Under section 611 item 7 of the Corporations Act, Novomatic can purchase his shares without having to mount a full takeover bid for AGI if minority shareholders approve at an upcoming extraordinary general meeting (EGM).

I’d prefer Novomatic make a full takeover bid for the company rather than gaining control for about half the cost and suggest the board persuade Novomatic to do exactly that whilst also inviting other offers for the company.

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