No intention to sell Bingo Industries shares: Tartak family

No intention to sell Bingo Industries shares: Tartak family

Bingo Industries Limited (Bingo) has issued a statement on the ASX regarding speculation about a potential sale of shares by the end of the voluntary escrow period in August.

The Tartak family, who own about 30 per cent of the $1 billion group, floated on the ASX last year after raising $440 million.

“The Tartak family’s decision not to sell reflects their strong commitment to Bingo and their view that the long-term outlook for the company and the industry remains favourable, including the expected positive impact on Bingo from the impending introduction of a Queensland waste levy, expected to be legislated in early 2019,” the statement read.

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Bingo will announce its FY18 full-year results on Tuesday, 21 August and the statement reaffirms its previously stated guidance of pro forma FY18 earnings before interest, taxes, depreciation and amortisation of about $93 million.

“I see [the statement] as very binding. I’m still a new CEO, still building credentials for myself, the last thing I would do is go against my word,” Chief Executive Daniel Tartak told the Australian Financial Review.

He added to the publication that he had been open with investors about his “five-year vision” for the company and it “seems right we continue to be long-term holders”.

Mr Tartak said Bingo Industries issued the statement in response to a “bit of market chatter and speculation”.

In March, Bingo Industries announced its half year results for the 2018 financial year, reporting strong net revenue growth of 43 per cent.

The company’s net revenue has increased to $142.4 million compared to this time last year, which according to its FY18 half-year results, reflects business momentum and increased market share.