21ST August 2018

Bingo Industries (BIN) today announced it has entered into a binding agreement to acquire DADI for an enterprise value of $577.5 million. Consideration for the acquisition will comprise $377.5 million in cash and $200.0 million in Bingo shares to be issued to the vendors of DADI at completion of the Acquisition.

Separate to the Acquisition, Bingo will acquire two freehold properties, one located in Melbourne and one in Sydney (Bingo currently rents the Sydney property). The Acquisition will be partly funded by an underwritten 1 for 2.48 pro-rata accelerated, non-renounceable entitlement offer priced at $2.54 per ordinary share ("Offer Price") to raise $425 million of which $377.5 million will be used as cash consideration for the Acquisition. The remaining $200 million of scrip consideration for the Acquisition will be satisfied by the issue of approximately 79 million new Bingo shares to the vendors of DADI at the Offer Price upon completion of the Acquisition. The new Bingo shares issued to one of the vendors, Ian Malouf, will be subject to escrow over four equal tranches released, 9, 12, 18 and 24 months after completion of the Acquisition.

CEO Daniel Tartak has committed to invest a further approximately $72 million to take up 100% of his entitlements. Separately each of Tony Tartak, the founder of Bingo, and Mark Tartak have committed to invest a further approximately $9 million each. The balance of the Entitlement Offer will be underwritten by UBS AG, Australia Branch and Goldman Sachs Australia Pty Ltd.