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Allwyn AG, the majority shareholder in Australia’s Reef Casino Trust (RCT), has restructured its holdings to take direct 67.1% voting power in the trust. RCT’s Thursday notice explained that Allwyn pulled off an upstream offshore transaction merging Allwyn International AG into Allwyn AG. That left Allwyn AG as the sole owner of Allwyn Austria Holding 1, streamlining its ownership chain without touching RCT’s ongoing takeover bid from Iris Cairns.
The company stressed that this move stands completely separate from Iris’ bid to buy RCT. It is not a rival offer or any kind of competing play, just an internal shift by Allwyn to hold its stake more directly. RCT runs the casino in Cairns, Queensland, and Allwyn’s grip gives it clear sway over trust decisions even as the Iris deal inches forward.
Iris Bid Faces Regulatory Delays Past March 31
RCT and Iris Cairns are yet to conclude their deal, which was expected to conclude on the 13th of March but may take longer, passing the 31st of March deadline. The deal is taking time as the regulators are yet to complete the casino and liquor licensing checks. However, RCT sealed the better deal earlier in the year when Iris Cairns increased its offer price for each unit to AU$3.87 ($2.52) compared to the previous offer of AU$3.72 ($2.42), raising the value to AU$192.7 million ($125.6 million).
That bump also raised the break fee to AU$1.9 million ($1.2 million) if the deal falls apart. Iris Hotel Group, part of Sydney-based Iris Capital, runs 13 hotels plus Casino Canberra—the country’s first legal casino—and Lasseters Hotel Casino in Alice Springs. RCT’s two biggest unitholders, France’s Accor and Casinos Austria International, control over 71% of units and plan to back the Iris offer unless something better comes along.
Takeover Hinges on 80% Acceptance and Approvals
The Iris bid still needs 80% minimum acceptance from unitholders, green lights from Queensland on casino and liquor rules, and final nods on share-purchase agreements. Iris filed its bidder’s statement back in August, with RCT dropping its target’s statement by late September. Allwyn’s restructure does not mess with any of that; it is just housekeeping on their end to simplify the ownership setup.
In late February, RCT released good results for the FY25 financial year, with the net profit increasing by 6.4% to AU$5.41 million ($3.82 million) due to an increase in revenue of 4.8% to AU$26.74 million ($18.88 million).
Ownership Clarity Amid Bid Uncertainty
Allwyn’s shift to direct 67.1% voting power through the Allwyn AG-Allwyn International merger keeps its influence front and center without stepping on the Iris Cairns bid. RCT made clear this is not a counteroffer or alternative play, just a clean-up of their offshore structure via Allwyn Austria Holding 1.
As Iris’ AU$3.87 per unit deal eyes an 80% threshold and regulatory okay from Queensland, Accor and Casinos Austria’s 71% stake tilts the scales their way. With FY25 profit at AU$5.41 million and revenue at AU$26.74 million, RCT stays steady. The March 31 deadline slips, but Allwyn’s move locks in its say while Iris waits on casino approvals.
Source: Asia Gaming Brief
