Austrian manufacturer of equipment for the international gambling industry and provider of related solutions NOVOMATIC AG said in a recent filing to the Australian Securities Exchange that if it completes the proposed takeover of fellow provider and manufacturer Ainsworth Game Technology Ltd., it would back the immediate appointment of an independent individual to the post of Chair of the latter company’s board.
In addition, the Austrian gaming giant would make sure that the Ainsworth Game Technology board would keep on having an independent directors majority.
NOVOMATIC first announced plans to acquire the Australian-listed gaming company on February 23. The Austrian holding said that it would purchase a 53% stake in Ainsworth Game Technology from the latter’s Chairman and founder Len Ainsworth.
Earlier this month, the Australian company said in a filing to the ASX that a shareholders meeting had been postponed for up to a month. The meeting was scheduled to be held on June 3 and during it, shareholders were to vote on the proposed transaction.
The meeting was delayed due to ongoing discussions on whether shareholding interests related to Mr. Ainsworth family should vote en bloc, possibly to the detriment of the rest of the company’s shareholders.
According to a Friday filing from Ainsworth Game Technology to the ASX regarding the potential takeover, NOVOMATIC has said that upon the transaction’s completion, if such completion occurs, an independent individual would be appointed as Chair of the Australian company. What is more, the board would be represented by a majority of independent directors until the end of 2018 or until NOVOMATIC and associates acquire more than 75% in Ainsworth Game Technology.
However, it was pointed out in the filing that if third parties proceed to gain control over the gaming technology company or “any unforeseen circumstance” related to its operations occur, the above-mentioned pledge would no longer apply.
With core operations in Europe, NOVOMATIC has been looking to expanding its presence in other markets as well. Last year, the company reported full-year revenue of €3.9 billion and EBIT of €374 million. It currently has business activities in 80 countries around the world and employs more than 24,000 people.
