97.05% stake triggers $4.67 compulsory acquisition process

Iris crosses into compulsory acquisition

Reef Casino Trust (ASX:RCT) is entering the final, largely procedural stage of its takeover after Iris Cairns Property lodged a notice to compulsorily acquire the units it does not already own or control. Iris held a 97.05% relevant interest in RCT as at 11 November, with the remaining units to be acquired on the same $4.67-per-unit terms set out in its unconditional offer.

The filing confirms the outcome anticipated after the 96.50% takeover threshold was reached before the offer closed. The compulsory acquisition process is governed by the Corporations Act 2001 and is expected to take approximately four to six weeks, although RCT cautioned that it may take longer in some circumstances.

Trading window is narrowing

For minority unitholders, the immediate issue is liquidity rather than a change in the offer price. RCT said trading is likely to be suspended from 19 November 2026 under ASX Listing Rule 17.4, meaning holders may be unable to sell their units on-market after that date.

The $4.67 consideration remains the reference point for units acquired through the compulsory process. Once the process is completed and Iris is registered as holder of the outstanding units, ASX has confirmed it will not exercise its discretion to remove RCT from the official list until three business days have passed.

Delisting now depends on completion

The notice does not itself complete the acquisition or fix the final delisting date. RCT will separately notify the market when the compulsory acquisition has occurred, leaving completion of the statutory process and the subsequent ASX action as the key remaining milestones.

That leaves a relatively clear but time-sensitive path for holders who have not accepted the offer: the units are set to become untradeable on-market before the compulsory acquisition is necessarily finished. The practical question is therefore no longer whether Iris has secured control, but how quickly the remaining administrative and legal steps can be completed.