Ann: Release re Share Transaction, page-39

Excellent discussion here. Thanks everyone! Just a few thoughts of my own:

1. This sale is potentially the best situation for disposal of Len's shares. I think the disposal has been a cloud over this stock for some time, particularly distribution to family or instos and then sold off, suppressing the sp for a long time.

2. Novomatic's 53% is certainly a cheap way to effectively own the company. Whether minority s/holders are undermined is a debating point. Novomatic made promises that it probably will honour for some time, so AGI may continue to operate and trade as in the past (hopefully better).

3. AGI will likely benefit from Novomatic's technology, mgt, etc. Not so sure about Novo eager for AGI to jump into its European business (or Asia, where Novo is also strong). Novo seems to be weaker in Latin America, where AGI is growing quickly, so perhaps that is relevant. But certainly potential for cross-fertilization of technology and best practices.

4. Wednesday's sp? My guess is it will jump up somewhat, partly due to the $2.75 marker, but also due to short covering (AGI trades over past 20 days averaged 25.5% short sales). I think $2.75 is still a way off, but will get there and beyond eventually.