Iris Cairns Property Pty Ltd (Iris) has commenced the dispatch of its bidder’s statement for an off-market takeover bid for all outstanding units in Reef Casino Trust (ASX: RCT). Reef Casino Trust is the owner and lessor of the Reef Hotel Casino complex in Cairns, North Queensland, while Iris Group is an Australian development and hospitality group with extensive property and venue holdings. The unconditional cash offer, priced at $4.67 per unit, is now officially open for acceptance by RCT unitholders.
The offer represents a notable premium, including 29.54% above RCT’s closing price of $3.6050 on 23 September 2026, the last trading day prior to the bid’s announcement. It also provides a 20.67% premium to Iris’s previous offer of $3.87 per unit. Iris Cairns Property currently holds approximately 85.77% of RCT units following its initial takeover bid and seeks to increase its interest, providing remaining unitholders with a further opportunity to realise certain cash value.
Iris has highlighted several reasons for unitholders to accept, including the offer’s unconditional all-cash nature and the historically low trading liquidity of RCT units. The bidder intends to compulsorily acquire any remaining units if its relevant interest reaches 96.45% or more and will then seek to delist RCT from the ASX, which would further reduce liquidity for minority unitholders. Iris also stated its intention to review RCT’s operations and noted that future distributions may be reduced or cease due to necessary investments in repairing and refurbishing the casino buildings.
The offer is funded through Iris’s existing debt facility and uncommitted cash reserves from its holding entity, covering the approximate $33.1 million required for the remaining units. Unitholders have until 7:00pm (Sydney time) on Monday, 9 November 2026, to accept the offer, unless the offer period is extended.
