On 8 October 2026, a notice lodged with the ASX on behalf of Iris Cairns Property Pty Ltd, as Trustee for the Iris Cairns Property Trust (Iris), stated that Iris had commenced dispatch of its bidder’s statement for an off-market Takeover bid for all units in Reef Casino Trust (ASX:RCT) that it does not already own. The date of the offer is 8 October 2026, and the offer is now open for acceptance.

What the notice says

The notice was provided by law firm Gilbert + Tobin under section 633(1C)(c) of the Corporations Act, with copies of the bidder’s statement dated 24 September 2026 and the access letters being sent to unitholders under section 110D. The notice is the bidder’s document, so its statements come from Iris and not from Reef Casino Trust.

Offer price and timetable

The bidder’s statement offers A$4.67 cash for each unit. It describes the offer as unconditional and all cash, with payment due at the earlier of one month after acceptance or 21 days after the end of the offer period. The offer opened on 8 October 2026 and closes at 7:00pm (Sydney time) on Monday, 9 November 2026, unless extended.

The statement says the price represents a 29.54% premium to the closing unit price of A$3.6050 on 23 September 2026, the last trading day before the proposed offer was announced, and a 27.78% premium to the one-month Volume weighted average price of A$3.6547 to that date. It also states a 20.67% premium to the A$3.87 bid price under an earlier bid by Iris.

Iris’s existing holding and intentions

The statement says Iris’s earlier off-market bid closed on 14 August 2026, after which Iris holds approximately 85.77% of the units and controls the trust. The new bid is described as giving remaining unitholders a further opportunity to realise cash and allowing Iris to increase its interest.

Iris says that if it acquires a relevant interest in 96.45% or more of units, it will be entitled to compulsorily acquire the rest under Part 6A.1 of the Corporations Act and intends to do so, then seek removal of the trust from the ASX official list. If it reaches at least 90% but less than 96.45%, it may be entitled to compulsorily acquire under Part 6A.2, where the price received may differ from the offer price.

Sector backdrop

Takeover bids for listed trusts follow the same Chapter 6 process as for companies. Bidders must lodge a bidder’s statement, and the target must respond with a target’s statement. Unitholders choose whether to accept before the offer closes.

Where a bidder already holds a high proportion of units, a further bid can be used to approach the compulsory Acquisition thresholds. Trading Liquidity in the remaining units may be limited, and the statement itself refers to historically low liquidity.

Risks shareholders should weigh

The materials are prepared by the bidder and present the bidder’s view. Unitholders are directed to read the full bidder’s statement and any response from Reef Casino Trust’s Responsible Entity before deciding.

Iris already controls about 85.77% of units. The bidder’s statement notes heightened risks for minority unitholders who do not accept, including lower liquidity, potential changes to distributions and the possibility of delisting. If compulsory acquisition under Part 6A.2 applies, the price may differ from the offer price.

Accepting a cash offer ends the holder’s exposure to the trust, including any later distributions or changes in value, and tax outcomes depend on individual circumstances. The Offer Period may be extended, and the statement notes a potential fall in unit price if the offer is not successful, which is a statement of the bidder’s view.

What’s next

The offer closes at 7:00pm (Sydney time) on 9 November 2026, unless extended. Unitholders can accept electronically through the Automic portal or by returning an acceptance form. Shareholders may wish to watch for the target’s statement, any extension notices and changes to Iris’s holding during the offer period.