Iris obtains Queensland approvals for Reef Casino Trust bid
The bidder said it now holds 79.79 per cent of the voting power in Reef Casino Trust.
Australia.- Iris Cairns Property has moved closer to completing its acquisition of Reef Casino Trust after obtaining key regulatory approvals from the Queensland government to satisfy two outstanding conditions of its off-market bid. Iris confirmed that the offer is no longer subject to the minimum acceptance condition, allowing the takeover to proceed without requiring a specified level of investor acceptances.
The bidder said it now holds 79.79 per cent of the voting power in Reef Casino Trust. It also confirmed that major unitholders representing 71.96 per cent of the trust’s units have accepted the offer and cannot withdraw their acceptances.
Reef Casino Trust owns and leases the Reef Hotel Casino complex in Cairns, Queensland. Iris said it will provide an update on the remaining conditions by August 6. The takeover offer is scheduled to close on August 14, unless the offer period is extended.
Reef Corporate Services Limited, the responsible entity for Reef Casino Trust, continues to recommend that unitholders accept the bid in the absence of a superior proposal. Iris also said investors who choose not to accept the offer could face reduced liquidity in their holdings, while compulsory acquisition may occur if the bidder reaches the ownership threshold required under Australian law.
