Reef Casino Trust (ASX: RCT), an investment trust holding the Reef Hotel Casino property in Cairns, has seen significant movement in the off-market takeover bid by Iris Cairns Property Pty Ltd. Iris, acting as trustee for the Iris Cairns Property Trust, today released its Fourth Supplementary Bidder’s Statement, announcing that crucial conditions for its acquisition of all RCT units have been met. This marks a definitive step in the ongoing bid process.
The announcement confirms the fulfillment of two key regulatory conditions, specifically sections 10.7(c) and (d) of the original Bidder’s Statement, which required approvals from Queensland Government agencies. With these approvals secured, Iris has now declared its offer free from the minimum acceptance condition (section 10.7(a)). Iris currently holds a 79.79% voting power in Reef Casino Trust, with major unitholders, collectively representing 71.96% of RCT units, having already accepted the offer. The offer period is set to close at 7:00pm Sydney time on 14 August 2026, unless extended.
Iris reiterates that the bid offers a considerable cash premium to unitholders, representing a 28.15% premium to the RCT unit price on 11 July 2025 and a 43.80% premium to the three-month volume weighted average price to 25 February 2025. The directors of Reef Corporate Services Limited, as responsible entity for RCT, maintain their recommendation for unitholders to accept the offer in the absence of a superior proposal, a view supported by the Independent Expert’s finding that the offer is fair and reasonable. Iris cautions unitholders against risks of non-acceptance, including reduced liquidity, potential delisting from the ASX, and delayed payment should compulsory acquisition occur if Iris reaches 90% ownership. Unitholders are encouraged to accept promptly for timely consideration.
