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Ainsworth must be glad he cashed his chips
Myriam RobinSenior WriterLen Ainsworth's January sale of most of his shares in Ainsworth Game Technology to Austrian gambling giant Novomatic marked the second time he divested from a pokies business he founded. The first, at Aristocrat, turned out to be premature, after a cancer diagnosis that wasn't. But you can't say Ainsworth's timing wasn't impeccable the second time round.
That's because with Friday's trading update, which slashed forecast pre-tax profit by 53 per cent, those 172 million shares he offloaded for $473 million on January 5 would today be worth far, far less. By selling in January, he got $265 million more than he would have gotten at market-prices on Friday: one last fantastic trade before the 95-year-old sailed off into retirement.
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