Reef Casino Trust (ASX:RCT), a property trust that owns and operates the Reef Hotel Casino in Cairns, has announced the lodgement of its Second Supplementary Target’s Statement in response to the off-market takeover bid by Iris Cairns Property Pty Ltd. The announcement, released on March 3, 2026, refers to previous communications regarding Iris’s offer to acquire all issued units in RCT. The responsible entity for RCT is Reef Corporate Services Limited.
The Second Supplementary Target’s Statement provides an update on the conditions of the offer, particularly concerning the timing of casino and liquor licensing approvals. The Office of Liquor and Gaming Regulation (OLGR) has advised that its suitability investigations are not expected to be finalised before the end of June 2026. As a result, Iris has extended the offer period to 7:00 pm (Sydney time) on August 14, 2026, to allow sufficient time for the OLGR investigations and subsequent ministerial approval processes to be completed. The close of the extended offer period aligns with the expiration of the 12-month period allowed for completion of the offer under a no-objection letter issued to Iris by the ACCC.
RCT unitholders are advised to access and review the Second Supplementary Target’s Statement, along with the original Target’s Statement and First Supplementary Target’s Statement, to make informed decisions regarding the offer. The document can be accessed online at the provided website or by contacting the Unitholder Information Line. The telephone number for the Unitholder Information Line is 1300 077 160 (for calls made from within Australia) or +61 1300 077 160 (for calls made from outside Australia) or alternatively you can send an email to Open Engagement.
The directors of RCT continue to recommend that unitholders accept the offer, in the absence of a superior proposal and subject to the Independent Expert not withdrawing or revoking the Reasonable Opinion.
