Kjerulf Ainsworth has raised governance concerns at Ainsworth Game Technology (AGT) while advancing proposals for board changes and dividend reform, as part of his ongoing takeover bid for a 5.5 percent stake.
In a second supplementary bidder’s statement released on Tuesday, Kjerulf Ainsworth outlined his position on upcoming shareholder resolutions and confirmed his offer will remain open until April 27th at 7pm Sydney time unless extended or withdrawn.
Kjerulf Ainsworth said he would support a proposed amendment to tighten director remuneration and disclosure requirements, describing it as a “positive” step for governance. However, he opposed a separate resolution to renew proportional takeover provisions, arguing it could “restrict the ability of other parties… to offer AGT shareholders an opportunity” to sell shares and may entrench existing control.
In parallel, he has nominated former AGT chief executive Lawrence Levy as an independent non-executive director, with the intention of later supporting his appointment as chairman.
Kjerulf Ainsworth said Levy would bring “valuable continuity and strategic insight” to the company’s next phase of development.
Kjerulf Ainsworth also signaled plans to push for a constitutional amendment to mandate dividend payments, noting that the company has not paid dividends since October 2018 despite reporting growth. He said the continued withholding of returns “raises a legitimate question” about whether the board has appropriately balanced reinvestment and shareholder returns.
The developments come amid a long-running control contest with Novomatic, AGT’s majority shareholder since 2018. Kjerulf Ainsworth, a significant minority investor and son of founder Len Ainsworth, has consistently opposed efforts to consolidate ownership, positioning his bid as a move to improve governance and protect shareholder value.
