Pioneer Credit's $10m Placement for PDP Acquisition Growth

Pioneer Credit Limited (ASX: $PNC) has successfully secured binding commitments from institutional investors for a $10 million placement at a premium price of $0.45 per share. The placement, comprising 22,222,224 fully paid ordinary shares, will be utilized to acquire Purchased Debt Portfolios ('PDP's') and support further growth opportunities, with expectations of immediate earnings accretion. The Placement received strong support from institutional investors, including Samuel Terry Asset Management committing $8m and becoming a substantial shareholder in the Company.

Executive Commentary on Placement and Growth Strategy

Today's result reflects the strength of Pioneer's business. Pioneer has previously advised the market of the significant PDP opportunities available to the Company. Vendor interest in partnering with Pioneer has outstripped our capacity to absorb the volume of accounts currently available, and this placement will ensure we can acquire the best of those opportunities available to us.

Summary of Pioneer Credit's $10m Placement and Growth Outlook

Pioneer Credit Limited (ASX: $PNC) has successfully completed a $10 million placement at a premium price, signaling strong institutional investor support. The funds raised will be used to acquire Purchased Debt Portfolios ('PDP's') and support further growth opportunities, with expectations of immediate earnings accretion. The Company anticipates an upgrade in its FY24 PDP Guidance following the acquisition. The Placement received substantial over-subscription and is expected to settle on 26 March 2024, with the allotted date on 27 March 2024. Pioneer Credit's growth strategy, backed by the placement, aims to capitalize on the significant PDP opportunities available and leverage its industry relationships and customer-focused culture for further expansion.