Supreme Court okay with MIRA take over of BINGO

BINGO Industries has announced that the Supreme Court of New South Wales has made orders approving the proposed scheme of arrangement under which Recycle and Resource Operations Pty Limited, an entity majority owned by Macquarie Infrastructure and Real Assets and its managed funds, will acquire all of the issued shares in BINGO.

BINGO confirms that it has lodged an office copy of the orders made by the Supreme Court of New South Wales approving the proposed scheme of arrangement. The Scheme is now legally effective and it is expected that quotation of BINGO shares on the ASX were suspended from the close of trading. BINGO shareholders will be provided the Scheme consideration on implementation of the Scheme (expected to be Thursday, 5 August 2021) in respect of BINGO shares held at 7.00pm (AEST) on Thursday, 22 July 2021. BINGO shareholders will also receive the fully franked special dividend of $0.117 per BINGO share announced on Tuesday, 13 July 2021 in respect of BINGO shares held at 7.00pm (AEST) on Monday, 19 July 2021. Payment of the Special Dividend is expected to occur on Wednesday, 28 July 2021.

In a statement when the takeover was first announced, BINGO CEO Daniel Tartak said he still wanted to be in charge as he had plans for expansion.

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“My aim is to keep running Bingo but ultimately that will be up to MIRA,” he said.

The business was started 16 years ago by Tartak’s father Tony, whereby he had four skip-bin trucks to an enterprise that now has 15 MRFs and two landfills over NSW and Victoria. It was listed on the ASX in 2017. One of  Daniel Tartak’s priorities is to expand into Queensland.