OFX Group (ASX:OFX), Orion Equities (ASX:OEQ) and Reef Casino Trust (ASX:RCT): How Are Corporate Transactions Shaping These Three Stocks?

Sonal Goyal

26 October 2026 09:37 PM AEDT

OFX Group (ASX:OFX), Orion Equities (ASX:OEQ) and Reef Casino Trust (ASX:RCT): How Are Corporate Transactions Shaping These Three Stocks?

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Key Highlights

OFX Group (ASX:OFX) and Orion Equities (ASX:OEQ) touched 52-week lows, while Reef Casino Trust (ASX:RCT) touched a 52-week high on 26 October 2026.
OFX's exclusivity with Equals ended, and Orion will seek Shareholder approval to delist on 27 November.
Iris is offering $4.67 per Reef Casino Trust unit, with the offer scheduled to close on 9 November.

OFX Group Limited (ASX:OFX) traded at $0.385, down 24.51%, and Orion Equities Limited (ASX:OEQ) traded at $0.13, down 25.71%, after each touched a 52-week low during the Trading session on 26 October 2026. Reef Casino Trust (ASX:RCT) traded at $4.65, up 0.22%, after touching a 52-week high. OFX is a cross-border payments company, Orion is a listed Investment company and Reef Casino Trust is an ASX-listed trust subject to a Takeover offer.

OFX Group: Exclusivity Ends and 2Q27 Update

On 26 October 2026 OFX said its Transaction Process Deed with Alakazam Holdings Bidco, owner of Equals Group, had terminated after Equals did not re-confirm its $1.00 per share proposal on 23 October. Talks continue non-exclusively and there is no certainty a transaction will proceed. The same release reported 2Q27 net Operating Income of $45.3 million, up 3.1% on 1Q27 and down 9.6% on the prior corresponding period, and net available cash of $36.6 million.

Corporate Revenue was $28.4 million, High Value Consumer revenue $13.3 million and Enterprise revenue $2.8 million, down 31.3%. Client wallet balances were $294.6 million, and about $15 million of annualised cost reductions were executed at quarter end. Net cash held was $63.3 million.

Orion Equities: Proposed Voluntary Delisting

Orion announced on 26 October 2026 that it will seek shareholder approval on 27 November 2026 to be removed from the ASX official list. Its board cites few shareholders, trading of 296,000 shares (2% of shares on issue) in nine months to 30 September, a top 20 holding of 66%, estimated savings of about $41,000 a year and a Market Value historically below net tangible assets. Delisting would occur no earlier than a month after approval.

The company recently bought back 23,769 shares held by 34 of its 201 shareholders for $4,753.80. After a delisting it would remain subject to the Corporations Act and be classed as an unlisted disclosing entity while it has at least 100 shareholders. Annexures to the announcement give ten years of price, Volume and net Tangible Asset data.

Reef Casino Trust: Target's Statement

On 23 October 2026 the trust lodged its Target's Statement responding to Iris Cairns Property's off-market takeover bid. Iris offers $4.67 per unit in cash, holds a relevant interest in 96.33% of units and the offer is due to close at 7:00pm Sydney time on 9 November unless extended. The independent directors recommend acceptance in the absence of a superior proposal, and the independent expert assessed a value range of $3.81 to $4.18 per unit.

The offer opened on 8 October 2026 and represents a 29.54% premium to the unit price of $3.6050 on 23 September 2026. Lonergan Edwards concluded the offer is fair and reasonable in the absence of a superior proposal. The Target's Statement does not take personal circumstances into account and encourages unitholders to seek independent advice.

About the Companies

OFX Group Limited (ASX:OFX): OFX is a Sydney-headquartered money transfer and financial operations company serving clients in over 50 currencies and 180-plus countries, with about 700 employees and a listing on the ASX since 2013.

Orion Equities Limited (ASX:OEQ): Orion Equities is a Perth-based listed investment company quoted on the ASX since November 1970. Its latest Annual Report shows net Assets of $6,786,182, with investment property carried at $2.5 million.

Reef Casino Trust (ASX:RCT): Reef Casino Trust is an ASX-listed trust whose Responsible Entity is Reef Corporate Services Limited. The takeover offer comes from Iris Cairns Property Pty Ltd as Trustee for the Iris Cairns Property Trust, which is the majority unitholder.

Risks Across the Three Companies

OFX's transaction is uncertain and its revenue is lower than a year earlier. Orion's delisting needs a special resolution and would remove ASX listing protections. The Reef Casino Trust offer can be extended or withdrawn and Iris already holds a very large majority.

Catalysts on Investors' Radar

Outcomes of OFX's non-exclusive discussions, Orion's 27 November meeting and the 9 November offer close are the dated items.

Additional details sit behind each item. OFX expects underlying operating expenses of $85 million to $87 million for 1H27, including Bad Debts of $3.8 million, and reported net cash held of $63.3 million. Orion's annual report shows net assets of $6,786,182 against $6,582,320 a year earlier. Reef Casino Trust's independent expert assessed a value range of $3.81 to $4.18 per unit, and the offer represents a 29.54% premium to the unit price on 23 September 2026.

Final Perspective

The three financial names each have a corporate transaction in progress, from talks to delisting to a takeover offer, and each has dated or defined next steps.

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