That offer was way back last August?
...and close to 79 million shares were to be added to the register ....
21/8/18; Acquisition of Dial A Dump Industries and $425 million Entitlement Offer .... “priced at $2.54 per new ordinary share”
But on 18/02/19 there was the sell off was more than 63 million shares (the low that day was $1.40) and by 25/3/19 when BINGO announced completion of Dial-a-Dump Industries acquisition many more millions of shares had been traded, the close was $1.475, and there was an enormous ‘book value’ loss .
.... “As announced on 21 August 2018, BINGO expected to acquire DADI for an enterprise value of $577.5 million.
The acquisition has been partially funded through a $425 million underwritten Entitlement Offer at $2.54 per share ....... The proceeds from the Entitlement Offer have been used to satisfy the cash consideration of $377.5 million. The scrip consideration for the acquisition has been satisfied by the issue of 78,740,154 BINGO shares to the vendors at the Offer Price of $2.54, noting that a current BINGO share price of $1.491 reflects a reduction in the acquisition book value of approximately $83 million.”
So now these things are settled and everything technically everything is getting back to the fundamental values that set the SPP price ?
Except there were under 35 million shorts out in November last year compared to almost 75 million last Friday ...(The Shorts!)
And the massive high volume season of ‘trashing and thrashing’ the company’s price actually commenced a profit downgrade rather than the SPP?That is with the 18/2/19:Bingo market update and FY19 outlook flagging previously forecast growth figures for FY 2019 no longer applied ;
“... BINGO now expects underlying EBITDA for the full year ending 30 June 2019 to be broadly in line with the previous year.
This compares with the Company’s prior guidance of underlying EBITDA growth in the range of 15%-20%...”
Anyway it’s all very interesting the way the technicals and fundamentals correlate and thank you again!
Cheers
