Pioneer Credit Limited's Acquisition of Part IX Debt Portfolio

Pioneer Credit Limited (ASX: $PNC) has acquired a significant Part IX (Insolvency) Debt Portfolio from Max Recovery Australia Pty Ltd for a total consideration of $15.8m. The portfolio mainly consists of banking and finance products and is partly funded by Pioneer's recently established finance facility with Nomura Australia Limited and from equity.

Pioneer Credit Managing Director's Statement on Acquisition

We are pleased to have been awarded this significant portfolio. The transaction reflects well on Pioneer's standing in the Australian market as a preferred provider for supporting multiple tier-1 PDP vendors' customers as they recover from financial difficulties.

Summary of Pioneer Credit's Acquisition and Outlook

Pioneer Credit Limited (ASX: $PNC) has successfully acquired a significant Part IX (Insolvency) Debt Portfolio from Max Recovery Australia Pty Ltd for $15.8m. The acquisition, partly funded by a recently established finance facility with Nomura Australia Limited and from equity, reaffirms Pioneer's standing in the Australian market. The company's Managing Director, Keith John, expressed satisfaction with the acquisition, emphasizing Pioneer's role as a preferred provider for supporting customers recovering from financial difficulties. Pioneer reaffirms its FY24 Purchased Debt Portfolio (PDP) Investment Guidance of $85m, indicating a strong outlook for the company's growth and continued support for Australians in financial need.