Monday, February 24, 2014

Reef Casino takeover by Aquis (update3)

Reef Casino has been placed into a trading halt on the ASX this morning pending an announcement in relation to a potential control transaction. Presumably this is related to the offer by Aquis? Two weeks ago RCT indicated a timeframe of 6 - 9 months for completion.

Update: Posted last night at AFR: Aquis to make $214m cash play for Reef Casino
Aquis, the developer owned by Hong Kong property player Tony Fung, could lodge a formal $214 million takeover bid for the company that runs the Cairns and Canberra casinos as early as Monday this week, according to sources familiar with the deal.
The previous announcement in November was a non-binding indicative conditional takeover proposal from Aquis.

Update 2: Well RCT is back trading again after formal details of the takeover proposal from Aquis were released. Todays announcements including the takeover implementation agreement itself can be found here at ASX.

There isn't much substantially new and implementation still remains subject to regulatory approvals. It does appear here as though Canberra Casino may have been separated out in the structure.

Aquis Canberra Pty Ltd and Aquis Canberra Holdings (Aus) Pty Ltd have been separately registered with ASIC this month.

There have also been three companies registered by ASIC this month registered with Aquis Reef names where the holder is registered in the tax haven British Virgin Islands.

RCT holders will receive a bidders statement next month and the offer is open until October 31st unless extended.

Previous post: Reef Casino: Revenue up, expenses down

The Australian; The Cairns Post


  1. Breaking news in The Compost - offer is now $276m... Has the offer raised or is the Post incorrect?

  2. The joint release today by Fung and RCT is very explicit: Joint announcement today specifically states $216.83 million. The reports today, including Cairns Chamber, of $269 million are seriously incorrect and misleading unless they include other the associated corporate entities where public information has not been provided.