Iris Cairns Property has lifted its relevant interest in Reef Casino Trust to 96.50%, crossing the threshold needed to compulsorily acquire the remaining units at $4.67 each. The offer closes on 9 November and Iris says it will not be extended unless required by law.
- 96.50% relevant interest in Reef Casino Trust units
- Compulsory acquisition of remaining units now available to Iris
- $4.67 per-unit consideration remains unchanged
- Offer closes at 7:00pm Sydney time on 9 November
- Iris says the offer will not be extended unless required by law
Iris crosses the compulsory acquisition threshold
The Reef Casino Trust (ASX:RCT) takeover has reached its decisive threshold, with Iris Cairns Property reporting a relevant interest in 96.50% of RCT units. That gives the bidder the right to begin compulsory acquisition of the remaining units under Part 6A.1 of the Corporations Act.
Iris said it intends to exercise that right either before or shortly after the offer period ends. Holders whose units are compulsorily acquired will receive the same $4.67 per-unit consideration as accepting unitholders, although payment will come later. The filing does not specify the exact timing of the compulsory acquisition process or the subsequent payment.
The $4.67 offer now has a hard deadline
The offer closes at 7:00pm Sydney time on Monday, 9 November, and Iris says it will not be extended unless the law requires it. Unitholders who accept before the deadline will receive the offer price sooner than those whose units are acquired compulsorily.
The milestone follows the independent directors' recommendation that holders accept the $4.67 offer. At that point, Iris had reported a 96.33% relevant interest, leaving only a narrow gap to the compulsory acquisition threshold.
Minority holders face the final decision
For remaining RCT unitholders, the choice is now primarily about timing rather than price: accepting the offer before it closes preserves the stated $4.67 consideration and should result in earlier payment, while holding out leaves the units subject to the compulsory acquisition process. Iris's statement says the price will be the same in either case.
The filing marks a substantial step towards Iris obtaining full ownership, but the transaction is not yet administratively complete. The immediate catalysts are the 9 November closing deadline, any compulsory acquisition notices and the eventual confirmation of the remaining units being transferred.
Bottom Line?
The price is fixed at $4.67, but timing is not: the key question now is how quickly compulsory acquisition and payment are completed after the 9 November close.
Questions in the middle?
- How many RCT units, if any, remain outside Iris's control when the offer closes?
- When will Iris issue the formal notices and complete compulsory acquisition of the remaining units?
- When will the final ownership position and any ASX delisting outcome be confirmed?