BINGO Industries today announces the implementation of the Scheme of Arrangement for 100% ownership of BINGO Industries by managed funds of Macquarie Infrastructure and Real Assets (MIRA) and their co-investors.
Under the Scheme, BINGO shareholders received an all cash consideration of $A3.45 per BINGO share or a mixed cash and unlisted scrip alternative at the equivalent of $A3.30 per share, comprised of $A1.32 in cash and the remainder in unlisted scrip in Recycle and Resource Holdings Limited.
BINGO Managing Director and CEO, Daniel Tartak welcomed the completion of the transaction and said MIRA’s investment in BINGO was positive for the company.
“We have the backing of one of the world’s leading alternative asset managers who will support BINGO’s continued growth and expansion,” he said.
“We are joining a world-leading organisation that has access to a global pool of knowledge, assets and resources that will help us continue to transform our business. MIRA has significant experience investing in and operating recycling and waste management businesses globally, and they are committed to bringing this expertise to BINGO for the benefit of the company’s customers, employees and local communities.”
BINGO Chairman, Michael Coleman and directors Maria Atkinson, Barry Buffier and Daniel Girgis have resigned from the BINGO Board. Mr Tartak, Ian Malouf and Elizabeth Crouch will remain as directors. They will be joined by new directors Kieran Zubrinich and Amanda McMillan from MIRA and Jason Chan from MIRA’s co-investor GIC from Singapore. Tony Shepherd will join the Board as its new Chairman.
“I’d like to welcome Kieran, Amanda, Jason and Tony to the BINGO Board. Their knowledge and experience will help BINGO. I’d also like to thank Mike, Maria, Barry and Daniel for their substantial contribution to the business. Their oversight and guidance has been a key factor in our success. I’d like to thank them for their service to BINGO over the past four years and for the counsel they have provided to our business and to me personally. There is no doubt that their leadership has enabled us to get to where we are today,” Mr Tartak said.
BINGO Managing Director and CEO, Daniel Tartak welcomed the completion of the transaction and said MIRA’s investment in BINGO was positive for the company.
“We have the backing of one of the world’s leading alternative asset managers who will support BINGO’s continued growth and expansion,” he said.
“We are joining a world-leading organisation that has access to a global pool of knowledge, assets and resources that will help us continue to transform our business. MIRA has significant experience investing in and operating recycling and waste management businesses globally, and they are committed to bringing this expertise to BINGO for the benefit of the company’s customers, employees and local communities.”
BINGO Chairman, Michael Coleman and directors Maria Atkinson, Barry Buffier and Daniel Girgis have resigned from the BINGO Board. Mr Tartak, Ian Malouf and Elizabeth Crouch will remain as directors. They will be joined by new directors Kieran Zubrinich and Amanda McMillan from MIRA and Jason Chan from MIRA’s co-investor GIC from Singapore. Tony Shepherd will join the Board as its new Chairman.
“I’d like to welcome Kieran, Amanda, Jason and Tony to the BINGO Board. Their knowledge and experience will help BINGO. I’d also like to thank Mike, Maria, Barry and Daniel for their substantial contribution to the business. Their oversight and guidance has been a key factor in our success. I’d like to thank them for their service to BINGO over the past four years and for the counsel they have provided to our business and to me personally. There is no doubt that their leadership has enabled us to get to where we are today,” Mr Tartak said.