Revised alternative bid submitted for Reef Casino Trust units
Morris Group provides updated proposal for all RCT units.
Key points:
– Morris Group has submitted a conditional off-market cash bid for all Reef Casino Trust (RCT) units, revising a proposal made in July 2025
– An existing matching right held by Iris Cairns Property Trust could affect the outcome
Reef Casino Trust (RCT) has received a revised alternative proposal from Morris Group through MGGM Cairns No1 Pty Ltd.
The proposal follows an earlier non-binding indication made on 28 July 2025 and involves the acquisition of all 49.8 million fully paid RCT units for a total of AU$184.3m (US$125m).
The revised proposal also includes an offer to purchase Casinos Austria International (Cairns) Pty Ltd and Reef Corporate Services Limited (RCSL) itself.
RCSL’s Independent Board Committee, supported by financial and legal advisers, will assess the proposal. Iris Cairns Property, as trustee for Iris Cairns Property Trust, holds a contractual right to match any superior proposal under the Takeover Bid Implementation Agreement dated 11 July 2025, as previously announced.
At the time of the original proposal, RCSL had advised unitholders to take no action regarding the Morris Group proposal at this stage, as the Independent Board Committee continued its assessment.
Good to know: Herbert Smith Freehills Kramer and Morgans Financial are advising RCSL while Accor and Casinos Austria International are represented by King & Wood Mallesons
However, with the revised bid now submitted, the Independent Board Committee will continue its review before providing further guidance to unitholders.
RCSL continues to recommend the offer from Iris Cairns Property Trust, subject to regulatory and expert approvals, and advises unitholders not to take action at this stage.
Updates on the Morris Group proposal and developments under the Iris agreement will be provided in accordance with continuous disclosure obligations.
This coincides with an independent review highlighting compliance concerns at SkyCity Adelaide, while The Star Entertainment has finalised binding agreements with Joint Venture Partners for staged asset transfers in Brisbane and the Gold Coast.
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