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Kjerulf Ainsworth, son of Ainsworth Game Technology founder Len Ainsworth, has raised his holding in the Australian slot machine maker to 9.55 percent. This increase follows a series of on-market purchases and filings with the Australian Securities Exchange (ASX), reflecting his expanding influence within the company.
According to the Form 604 notice [pdf]filed on June 3, 2026, Ainsworth’s interest grew from 27,522,207 shares (8.17 percent) to 32,160,635 shares (9.55 percent). Most acquisitions took place between March and June, with prices ranging from AUD 1.05 to AUD 1.60 per share. The largest single purchase occurred on June 2, when he acquired 2,083,000 shares at AUD 1.60 each.
On-Market Purchases and Proportional Takeover Offer
This stake increase follows Ainsworth’s proportional off-market takeover offer launched in March, which aimed to acquire 5.5 percent of each shareholder’s ordinary shares at AUD 1.30 per share. Several acquisitions under this offer contributed to the overall increase, alongside routine on-market purchases.
The Form 604 filings detail the acquisitions, including transaction dates, share numbers, and purchase prices, illustrating a deliberate approach to strengthening his influence. These purchases occurred continuously from late March through early June, with multiple small and large lots executed in succession.
Governance Disputes and AGM Outcomes
Austrian gaming equipment group Novomatic AG remains the controlling shareholder of Ainsworth Game Technology, holding over 67 percent of shares. In August 2025, Novomatic submitted an unconditional takeover bid at AUD 1.00 per share to acquire the remaining shares and reach a 75-percent threshold to privatize the company. That bid ended in February 2026 without achieving the intended majority.
Kjerulf Ainsworth publicly opposed the offer, arguing that it undervalued the company. In a statement to Inside Asian Gaming, he said: “Ultimately, the key issue remains unchanged. Ainsworth needs better governance, it needs stronger management, it needs proper accountability and shareholders deserve transparency about what’s happened in the past and what’s happening now. That’s really what this entire dispute comes down to”.
As the GGRAsia reports, at the company’s annual general meeting in late May, shareholders blocked the election of Lawrence Levy as a non-executive director, despite Ainsworth’s support. They also rejected two proposals by Novomatic, which included amendments to the constitution on director disclosure and a renewal of proportional takeover provisions.
Financial Performance and Shareholder Strategy
Ainsworth Game Technology has faced a challenging period financially. The company forecasted first-half revenue of around AUD 116 million, down 23.7 percent year-on-year, and profit before tax, excluding currency effects and one-off items, of approximately AUD 1 million, a significant decline from AUD 13.9 million the prior year.
As the second-largest shareholder, Kjerulf Ainsworth continues to consolidate influence and advocate for stronger corporate governance. The combination of on-market purchases and off-market takeover acceptances has positioned him to play a key role in shaping the company’s future direction and oversight.