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Reef Casino Trust Takeover Bid by Iris Cairns Property Becomes Unconditional

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Reef Casino Trust (ASX:RCT) said Iris Cairns Property, as trustee for the Iris Cairns Property Trust, has confirmed its off-market takeover bid is now unconditional after obtaining all required Queensland Government approvals and waiving the minimum acceptance condition, according to a Friday Australian bourse filing.

Iris currently controls nearly 80% of the voting rights in the company, while major unitholders representing about 72% of the trust's units have already accepted its takeover offer, per the filing.

The offer is scheduled to remain open until Aug. 14, unless extended, with Iris reiterating that the bid represents a significant premium to the company's share price before the offer was made, the filing said.

The bidder warned that unitholders who do not accept the offer could face reduced liquidity, a potential delisting and reduced influence, while noting that the company's directors continue to recommend the bid and the independent expert still considers it fair and reasonable.

Iris said it intends to compulsorily acquire the remaining company units if it reaches the 90% ownership threshold under the Corporations Act, the filing added.

The company's shares rose past 2% in recent Friday trade.

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