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Reef Casino ( (AU:RCT) ) has issued an update.
Iris Cairns Property Pty Ltd, as trustee for the Iris Cairns Property Trust, has issued a second supplementary bidder’s statement for its ongoing off‑market takeover bid for all units in Reef Casino Trust at $3.87 per unit, updating investors on changes to its funding arrangements. The bidder has secured a new syndicated debt facility with funds managed by a large global investment manager, and will channel borrowings through an intercompany loan to ensure it can fully fund the cash consideration for the offer, reinforcing the financial backing behind the proposed acquisition and providing greater certainty to Reef Casino Trust unitholders about the bid’s execution.
The most recent analyst rating on (AU:RCT) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Reef Casino stock, see the AU:RCT Stock Forecast page.
More about Reef Casino
Reef Casino Trust is an Australian listed investment trust that owns and operates the Reef Hotel Casino complex in Cairns, focusing on gaming, hospitality and related property assets within the tourism and entertainment sector.
Average Trading Volume: 3,895
Technical Sentiment Signal: Buy
Current Market Cap: A$170.8M
See more data about RCT stock on TipRanks’ Stock Analysis page.