Ainsworth deal in jeopardy?

If ASIC gets its way, Len may not be able to sell his controlling stake in the company after all.

The Takeovers Panel has received an application from the Australian Securities and Investments Commission (ASIC) to block Len Ainsworth’s wife from voting her 9% stake at the June 3 shareholders' meeting to approve the sale of Len's 53% stake in Ainsworth Game Technology to Austria-based Novomatic for $2.75 per share. If Gretel Ainsworth is precluded from voting, it would require a majority of the remaining 38% of shareholders to back the deal to see it succeed. While there are potential benefits to the sale, we consider it unfair to minority shareholders for reasons discussed in Ainsworth: Interim result 2016. The Takeovers Panel hasn't decided to review the application yet, let alone made a decision on Mrs Ainsworth’s stake, but we will keep you updated. HOLD.

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