Australian gaming machine manufacturer Ainsworth Game Technology‘s annual general meeting has underscored lingering shareholder divisions, with a board nomination backed by minority investor Kjerulf Ainsworth failing to secure support while roughly one-quarter of votes opposed several company-backed resolutions.
The most visible flashpoint was Resolution 4, which sought the election of Samuel Lawrence Levy as a non-executive director. Levy, a former AGT chief executive whose nomination had been supported by Kjerulf Ainsworth, received only 25.18 percent of proxy votes in favor, while 74.82 percent were cast against. The chair also voted open proxies against the resolution.
The result follows a period of corporate activity at AGT, including Novomatic’s takeover offer and Kjerulf Ainsworth’s proportional takeover offers for 2.9 percent and 5.5 percent of shares at AU$1.30 ($0.85) per share, above Novomatic’s AU$1.00 ($0.65) offer. Chair Danny Gladstone told shareholders those activities had now concluded and the company would continue operating under its established strategies.
However, voting patterns at the AGM suggest the contest has left a sizeable dissenting bloc. Around 25 percent of proxy votes opposed several resolutions, including the election or re-election of directors, the remuneration report, constitutional amendments, and the renewal of proportional takeover provisions.
The meeting also highlighted scrutiny over AGT’s research and development spending. Gladstone addressed comments about the level of R&D investment and its financial returns, arguing that continued product investment was necessary in a highly regulated and competitive gaming equipment market.
AGT reported 2025 revenue of AU$290.8 million ($189 million), up 10 percent, but warned that first-half 2026 revenue is expected to fall to about AU$116 million ($75.4 million), mainly due to weaker North American sales.
