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Why the Bingo Industries Ltd (ASX:BIN) share price jumped higher today

Garbage collection and recycling company Bingo Industries Ltd (ASX: BIN) will remain a family-controlled business, according to an announcement made to the market on Tuesday.

The release refers to recent speculation that the Tartak family, who founded Bingo, would have sold part of their shares in August, after the end of a voluntary escrow period. The family owns on aggregate a 30% stake in the company, including a 17% share in the hands of Bingo’s CEO and managing director Daniel Tartak. The Australian Financial Review reported a possible sale of shares a few days ago.

Today the Tartak family communicated they do not intend to sell their shareholding at the end of the escrow and confirmed their commitment to Bingo. The family remain confident in the positive long-term outlook for the company and the whole industry and expect the introduction of a new waste levy in Queensland in early 2019 to benefit the business.

Bingo reaffirmed its pro forma FY18 EBITDA guidance of $93 million, a 45% increase on the previous year.

Investors gave the release a warm reception. After starting the day in the red, Bingo’s share price jumped 9% higher right after the announcement. The stock currently trades at $2.63, up 4% on yesterday’s closing price.

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Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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