Monday 20. June, 2016

Australia’s Takeover Panel Rules on Ainsworth Vote

Australia’s takeover panel has concluded an investigation and has found that in order to prevent any conflict of interest, the wife of Len Ainsworth, will not vote on his proposed sale of stake in the company he founded, Ainsworth Game Technology.

Last month, a question was brought forward about the conflict of interest that would result if Len Ainsworth’s wife, Gretel, voted on the sale. The Australian Securities and Investment Commission (ASIC) and the Fortress Investment Group hedge fund moved to block his relatives from taking part in the vote and voting in favour of the acquisition deal.

Ainsworth is looking to sell his majority stake in the company to Novomatic for A$473 million. His wife, Gretel, owns 8.96 percent of the company and their son, Stephen Ainsworth, owns 0.02 percent.

Ainsworth is looking to sell 51.81 percent of his 53 percent majority stake, which together with his wife’s stake would leave them with a total of 10.15 percent stake in the company.

“This could represent a blocking stake for the purposes of Chapter 6A of the Corporations Act 2001, meaning that the likelihood of a takeover may be reduced,” read a statement from Ainsworth Game Technology.

In order for the deal to be closed, more than 50 percent of the minority stakeholders must vote in favour of the sale. The vote is scheduled to take place no sooner than June 27. Ainsworth and Novomatic agreed that Novomatic will buy the stake at A$2.75 per share.

Now that the takeover panel has ruled according to the request of the Australian Securities and Investment Commission and the Fortress Investment Group and Gretel and their son Stephen will not be voting, no conflict of interest is apparent and the vote can go through when planned.


All new Australian players get 130 free spins and bonuses up to €1000 on the first three deposits.


Get 30 free spins and 4 welcome bonuses to a total value of $1400 as a new Australian customer!


New Australian players get 35 free spins on Spiñata Grande and a 100% welcome bonus up to $200!

400% BONUS

As a new Australian customer, deposit €100 and you will get €500 to play for!


Get a €10 exclusive bonus on your first depost and get 10% top-up on your winnings or 10% cashback on your losses the first week.


Get 50% of the deposit you make in free spins! Deposit $400 in order to get 200 free spins! Also, 100% bonus on your first deposit!

$500 BONUS

Join All Australian Casino and get a 100% bonus up to $500 as a new Australian customer!


As a new Australian player, you get 50 free spins and a 200% welcome bonus!


Get up to $1000 in bonus on your first four deposits. Also, 180 free spins to all new Australian players!


Get 100 free spins on Starburst and a first deposit bonus worth up to $400 as a new Australian player!

PokiesPedia was last updated:
April 16, 2017

Receive 100 Free Spins Now!

Receive 100 Free Spins Now!

Join our mailing list to receive 100 free spins instantly and the best bonus offers for Australians!

You have Successfully Subscribed!