Shares in waste management company Bingo Industries Ltd (ASX: BIN) are down 0.3% to $3.11 at the time of writing after an announcement Bingo has successfully completed its $73 million retail entitlement offer.
Bingo announced valid applications for $62 million with approximately $6 million subscribed for under the oversubscription facility – equating to a high take-up rate of approximately 86%
Bingo recently reported growth of 44.8% for FY18 pro forma net profit after tax before amortisation of acquired intangibles to $48.2 million with revenue growth of 44.5% to $303.8 million.
Investors responded well to Bingo's initial announcement it would acquire Dial A Dump for $577.5 million – funded by an overall $425 million entitlement offer and an issue of new Bingo shares to vendors on the acquisition's completion.
Fellow waste management Cleanaway Waste Management Ltd's (ASX: CWY) share price surged after the release of its FY18 results.
Sector cousin Sims Metal Management Ltd (ASX: SGM) shares have bottomed out of late down a further 1% to $12.49 at the time of writing with a solid FY18 result on August 24 failing to impress investors.
