3 March 2016
Sarah Thompson, Anthony Macdonald, Joyce Moullakis
Len Ainsworth might argue there's no issue with his wife and son voting their stock in his controversial sale of his 53 per cent of Ainsworth Game Technology.
And that's exactly what Ainsworth Game Technology's independent directors will consider when they meet as soon as Thursday to determine whether the family should be considered associates, and not allowed to vote their 10 per cent or so combined stake.
It's a big decision for the disgruntled minority investors because if the family is precluded from voting it could pave the way for investors to block the deal.
Alternatively, the independent directors might compromise.
One investor, who hasn't spoken to the AFR before and is a top 10 holder outside the family holdings, sees a possible solution.
Offering all investors a chance to sell at $2.75-a-share, the same price Ainsworth has secured from Novomatic.
He argues the company could borrow funds allowing it to offer to buyout all minority investors, and still keep gearing in line with other gaming groups including Aristocrat Leisure.
It may be a more equitable outcome.
But Ainsworth shares are trading at closer to $2.27, so the market isn't yet pricing this as a realistic option.
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