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Bingo Industries Ltd (ASX:BIN) moves closer to $578 million acquisition

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.

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Motley Fool contributor Carin Pickworth 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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