Changes are happening - please bear with us while we update our site.

Join Free
Log in

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

Join Free
Log in

Why Bingo (ASX:BIN) Shares Turned From Trashed To Treasured

The Bingo Industries Ltd (ASX:BIN) share price went up more than 15% today after announcing news regarding the ACCC.
Picture of Jaz Harrison

Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
More analysis

The Bingo Industries Ltd (ASX: BIN) share price went up more than 15% today after announcing news regarding the ACCC.

Bingo Industries is a waste management business, it provides residential and commercial waste services, recycling services and bin manufacturing. It started in 2005 when the Tartak family purchased a small skip bin business.

Why The Bingo Share Price Rose 15%

The Bingo share price rocketed today because the Australian Competition and Consumer Commission (ACCC) announced it would not oppose Bingo’s proposed acquisition of Dial A Dump Industries with the company willing to divest its recycling facility at Banksmeadow in New South Wales.

Bingo expects to achieve annual cost synergies of around $15 million per year over a two-year period through internalisation of waste volumes, operational efficiencies and ‘rationalisation’ of overheads.

The ACCC said there are larger players than Bingo in the waste industry such as Suez, Veolia and Cleanaway.

Bingo also announced that the Board has approved the implementation of an on-market buy-back of up to $75 million due to the suppressed share price.

[ls_content_block id=”14948″ para=”paragraphs”]

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Access all reports now

Unsubscribe anytime. Read our Terms, Financial Services Guide, Privacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Latest stories

Free passive income report
Skip to content