Ann: Release re Share Transaction, page-18

Additional commentary on the AFR from Watermark Funds Management on the transaction:

http://www.copyright link/business/...-cashes-out-473m-pokies-stake-20160223-gn0zuq

"...Ainsworth Game Technology said it supported the deal and would convene an emergency meeting for shareholders to vote on the transaction.

However, Watermark Funds Management, a shareholder in Ainsworth, said it was suspicious of Novomatic's motives in holding a controlling stake without launching a takeover.

"It looks suspicious that Novomatic want to control Ainsworth but not own 100 per cent," Watermark investment analyst Joshua Ross said. "The current offer does not make sense for minority shareholders – it looks to be to their detriment. Novomatic will gain from access to the US, however, the prospect of a takeover from a third party are diminished, and Novomatic is not necessarily aligned with minority shareholders."