Pioneer Credit Limited (ASX: PNC) shares are still in a trading suspension, but the company has announced a very promising update.
Pioneer Credit is a debt collecting business that also provides other financial services with over 160,000 customers across Australia and New Zealand. Pioneer Credit acquires and manages retail debt portfolios. With headquarters in Perth, the company also has offices in Sydney, Melbourne, Brisbane and Manila.
Pioneer Credit’s Positive Announcement
Pioneer Credit confirmed today that its ‘senior financiers’ have indicated that approval to provide a further standstill period that will end on 2 December 2019 (unless extended further), subject to agreeing on formal documentation.
The documentation is being finalised and management will update the market as soon as it’s finished.
Pioneer Credit is also working with Azure Capital to assess a number of non-binding indicative proposals for both takeovers and new funding, so it has created a short listed on interested parties for the next steps.
But it’s not as though the company is thinking about stopping, it’s trading normally which includes investing in the forward flow debt portfolio program from free cashflow.
Despite the good news, I reckon the growth shares in the free report below could deliver much better long term returns.
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