Iris Cairns Holds 79.79% of Reef Casino Trust Units as Offer Nears Close

Regulatory Approvals Clear Path for Iris Cairns Takeover

Iris Cairns Property Pty Ltd, acting as trustee for the Iris Cairns Property Trust, has announced the fulfilment of the remaining regulatory conditions for its off-market takeover bid for Reef Casino Trust (ASX:RCT). This development follows the receipt of necessary approvals from Queensland Government agencies, removing key obstacles that had delayed the bid.

With these regulatory hurdles cleared, Iris Cairns has formally freed the offer from the minimum acceptance condition originally stipulated in the bid documents. This move signals the bidder's confidence in progressing the acquisition without waiting for a minimum threshold of acceptances.

Iris Cairns Now Controls Nearly 80% of Reef Casino Trust

As of 24 July 2026, Iris Cairns holds voting power over 79.79% of Reef Casino Trust units, based on 49.8 million units on issue. Major unitholders, collectively holding 71.96% of units, have already accepted the offer, reinforcing strong support for the takeover.

The directors of Reef Corporate Services Limited, responsible entity for RCT, continue to recommend acceptance of the offer, provided no superior proposal emerges and the independent expert maintains its opinion. Lonergan Edwards & Associates Pty Ltd, the independent expert, has reaffirmed that the offer is fair and reasonable.

Offer Closes Mid-August Amid Liquidity and Delisting Risks

The offer period is set to close at 7:00pm Sydney time on 14 August 2026, unless extended under the Corporations Act. Unitholders are urged to accept promptly to secure the cash premium offered, which stands at a notable 28.15% above the RCT unit price prior to the bid announcement and a 43.80% premium relative to the three-month volume weighted average price before initial proposal disclosures.

Remaining unitholders face risks if they do not accept the offer, including reduced liquidity, potential delisting from the ASX, uncertain future distributions, and diminished influence over trust decisions. Iris Cairns has indicated intentions to compulsorily acquire remaining units if it surpasses the 90% ownership threshold, which would delay consideration payments for those who do not accept the offer.

Next Steps for Unitholders and Market Implications

Unitholders who accept before the offer becomes unconditional can expect payment within one month of that event or within 21 days after the offer period ends, whichever is earlier. The bidder has made accepting straightforward with online and physical acceptance options.

This takeover bid resolution comes after a period of regulatory delays that extended the offer period to August 2026, during which Reef Casino Trust continued to report steady distributions and operational performance. The unfolding acquisition will be a key development for the trust's liquidity profile and market presence.