Reef Casino Trust Board Unanimously Recommends Iris Takeover Bid
Reef Casino Trust's board unanimously recommends unitholders accept Iris Cairns Property's A$4.67 per unit takeover offer.Summary
Reef Casino Trust (ASX:RCT), which owns and operates The Reef Hotel Casino Complex in Cairns, announced the lodgement of its Target's Statement responding to the off-market takeover bid by Iris Cairns Property Pty Ltd. The independent directors of Reef Corporate Services Limited, as responsible entity for RCT, unanimously recommended that unitholders accept the unconditional A$4.67 cash per unit offer, in the absence of a superior proposal and subject to the independent expert not revoking its opinion that the offer is fair and reasonable. Lonergan Edwards & Associates Limited, the independent expert, concluded the offer is fair and reasonable. The offer represents a 29.54% premium to RCT's closing unit price on 23 September 2026, the day before the bid was announced, and a 73.53% premium to the three-month volume weighted average price to 25 February 2025. Key reasons cited include the certainty of cash value, the significant premium, and the limited liquidity expected for remaining minority unitholders. As at 21 October 2026, Iris holds a 96.33% relevant interest in RCT units, meaning unitholders who do not accept would become minority investors facing reduced trading liquidity and a potential ASX delisting. The offer is unconditional and scheduled to close at 7:00pm Sydney time on 9 November 2026, unless extended or withdrawn.
(Source：Share Cafe)