March 12, 2024 3 min read


Ainsworth Shareholder Accuses CEO of Devaluating the Company’s Shares

Neumann recently commented on Ainsworth’s ongoing review and discarded the option of a second listing in the US, saying that it would be too expensive

Ainsworth Game Technology’s leadership has been accused of talking down the value of the stock, the Australian Financial Review reported. Shareholders believe that this devaluation, which comes amid the company’s strategic review, might be related to the rumored takeover by Novomatic.

For reference, Macquarie was hired to conduct Ainsworth’s strategic review in 2023. The news led to an immediate spike in the latter company’s share price.

David Kanen, the president of Kanen Wealth Management, discussed the matter, expressing his thoughts and concerns. His company owns some 8 million Ainsworth shares but he believes that the business has been severely undervalued.

Kanen shared his concerns about Ainsworth CEO Harald Neumann’s recent comments. For reference, Neumann recently commented on Ainsworth’s ongoing review and discarded the option of a second listing in the US, saying that it would be too expensive.

The American shareholder disputed Neumann’s claims that a second listing would be too expensive. Whereas the latter man believes that a listing could cost as much as AUD 10 million, Kanen says that the price shouldn’t exceed AUD 2 million.

Kanen and other shareholders believe that the ongoing devaluation of Ainsworth’s stock might be a setup for the aforementioned Novomatic takeover. He pointed out that Neumann used to work for the latter company.

Kanen: Shareholders Should Vote Down a Deal that Undervalues Ainsworth

The shareholder slammed CEO Neumann’s alleged talking down of the company stock and described the listing price provided by him as a “falsehood.” Kanen is firm that the US is a more liquid market and would attract more investors. On the contrary, not pursuing the additional listing would leave the company in obscurity, the American investor said.

They’ve hired Macquarie to sell the company prior to realizing a fair value on the public market, thereby keeping AGI price depressed.

David Kanen

Kanen concluded that if there is a deal from Novomatic that undervalues Ainsworth, shareholders would have to vote it down.

Despite Kanen’s claims, Simon Mawhinney from Allan Gray, another investor, disputed the claims that a listing would be affordable. According to Mawhinney, the fierce competition on overseas stock markets means that a listing would be very expensive.

In any case, Kanen is certain that Ainsworth should improve its strategy and boost its profitability. He proposed the creation of new cabinet and gaming products, saying that this could significantly improve the revenues and EBITDA.

In the meantime, experts suggest that companies such as Oaktree and Merkur Group might also be interested in acquiring Ainsworth.  


Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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