By Andy Young
Shareholders at Ainsworth Game Technology (AGT) have approved the sale of Len Ainsworth’s 52.2 per cent stake in the company to Austrian gaming company Novomatic.
Some shareholders had tried to block Ainsworth’s $500 million deal, but in the end 61 per cent of shareholders eligible to vote backed the sale.
Danny Gladstone, AGT’s CEO said: "From AGT's perspective, we are pleased that shareholders have passed the Resolution. While the process has been protracted, this is an important and exciting point in AGT's development.
“Novomatic is a highly respected and impressive industry leader. We look forward to progressing this relationship with a view to delivering the significant expected benefits that have been outlined and execute on our international growth strategy".
Novomatic's CEO, Harald Neumann added: "Through Novomatic's majority shareholding, AGT will benefit from collaboration across a range of markets that will be substantially positive for long term shareholder wealth creation.
“We value the trust and support by the minority shareholders through the positive vote of approving the share transaction and will make every effort to meet their expectations. We will commence implementing the binding commitments as outlined in the Notice of Meeting to crystallise the expected benefits of the relationship."
The completion of the share sale is still subject to a range of regulatory and gaming licence approvals.