Reef Casino Trust (RCT), ASX code RCT, announced amendments to its Takeover Bid Implementation Agreement with Iris Cairns Property Pty Ltd on August 28, 2025. RCT is a single-purpose trust that owns and manages The Reef Hotel Casino, located in Cairns, North Queensland. The revised agreement sees Iris Cairns Property increasing its offer to acquire all ordinary units in RCT.
Under the amended terms, Iris will increase the consideration payable for each RCT unit to $3.87, up from the previous offer of $3.72. This values the total equity of RCT at approximately $192.7 million. Consequently, the break fee payable by either Iris or RCT has also been increased to $1,927,300.09. The date for lodging the Bidder’s Statement with ASIC and distributing it to the Target and ASX has been moved to Friday, August 29, 2025.
The Independent Board Committee (IBC) of RCSL has unanimously recommended that unitholders accept the offer, subject to there being no superior proposal, regulatory conditions being met, and the Independent Expert determining the offer is either fair and reasonable, or not fair but reasonable. RCT’s two largest unitholders, Accor and Casinos Austria International, collectively holding over 71% of RCT units, have indicated their support for the offer and intend to accept it, barring a superior proposal.
The offer price of $3.87 per unit represents a 4.31% premium to the closing unit price on August 27, 2025, and a 41.76% premium to the closing unit price on February 25, 2025, before Iris’s initial proposal. The Directors intend to accept the Offer in respect of all the Units they hold or control. Unitholders will receive RCT’s Target’s Statement around September 29, 2025.
