Iris Cairns Plans Offer Extension as Regulatory Approval Delays Hit Reef Casino Trust Bid

Regulatory Delays Stall Takeover Timeline

Iris Cairns Property Pty Ltd, acting as trustee for the Iris Cairns Property Trust, has issued its first supplementary bidder’s statement updating investors on the progress of its off-market takeover bid for Reef Casino Trust (RCT). The key development is a significant delay in the regulatory approval process required from the Queensland Office of Liquor and Gaming Regulation (OLGR), which has pushed back the expected timeline for completion of suitability investigations.

Originally, Iris anticipated that the regulatory approvals necessary for the takeover would be secured by December 2025. However, the OLGR has now indicated that its investigations, mandated under the Casino Control Act 1982 (Qld), are unlikely to be finalized before the end of the current offer period on 13 March 2026. In fact, decisions are not expected until at least the end of May 2026, creating a material timing mismatch with the original bid schedule.

Offer Period Extension and Unitholder Support

In response to these delays, Iris Cairns has confirmed its intention to extend the offer period beyond 31 May 2026 to accommodate the extended regulatory review. While the exact length of the extension remains undecided, the bidder has committed to providing further updates once a decision is made.

Importantly, major unitholders CAIL and Accor have reconfirmed their support for the bid despite the extended timeline. They have agreed not to exercise any withdrawal rights that might arise from the offer period extension due to the regulatory approval condition, provided no superior proposal emerges and the independent expert continues to view the offer as fair or reasonable. This backing from key stakeholders provides a degree of stability amid the uncertainty.

Implications for the Takeover and Market

The delay in regulatory approvals underscores the complex and often protracted nature of gaming and casino licensing in Queensland, where probity and suitability assessments are rigorous. For investors and market watchers, the extended offer period means a longer wait to see the outcome of this significant transaction, which could reshape ownership of Reef Casino Trust.

While Iris Cairns remains committed to the takeover, the evolving timeline introduces an element of risk and uncertainty. The company’s willingness to extend the offer period and the major unitholders’ continued support suggest confidence in the eventual success of the bid, but the final regulatory decision remains a critical hurdle.

Investors should monitor forthcoming announcements closely, particularly regarding the length of the offer extension and any developments in the regulatory review process.