Bingo Industries’ shares have rebounded after touching the red line on the announcement of $73 million capital raisings. Currently, i.e. as at 13 September 2018 (3:02 PM AEST), BIN’s stock has surged up by about 1% to $3.160.
This week, waste management company Bingo Industries Limited announced the successful completion of $73 million raisings from retail investors as a part of underwritten 1 for 2.48 accelerated non-renounceable entitlement offer. The company declared that the offer closed on 7 September 2018 raising $73 million at $2.54 per share.
In the retail offering the company has got to see a high take up rate of approximately 86% with valid applications received for around $62 million while further subscription of approximately $6 million under the Oversubscription Facility were highlighted.
Under the entitlement offer the company has raised approximately $425 million including both institutional and retail component of the offer.
In the settlement of Retail Entitlement Offer the new shares are expected to be issued by the company on 14 September 2018.
On the back of achieving 44.8% growth in pro forma net profit after tax before amortisation (NPATBA) to $48.2 million in fiscal 2018, the Board of Directors have announced final dividend of 2 cents, fully franked, payable on 27 September 2018.
Bingo Industries’ stock has seen a performance change of 42.51% over the past one year. As at 13 September 2018, the stock traded at PE of 31.30 x with market capitalization of circa $1.73 billion.
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