Financial services provider Pioneer Credit will raise $10 million in a bid to further its growth opportunities throughout the remainder of the 2024 financial year.
In this podcast: Mark Beyer and Mark Pownall discuss opposition fracture; Perth house prices; RAC Insurance; Pioneer Credit; BGC stoppage; Hancock Prospecting; Azure Minerals, and private companies wrap.
Perth-based Pioneer Credit claims it lost more than $30 million because of PwC's breach of duty and misleading conduct, in a court action against the accounting firm.
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Shares in Perth-based debt recovery business Pioneer Credit received a boost on the news its customer performing arrangements had surpassed $400 million.
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Pioneer Credit has started to engage with potential buyers of the business and is also seeking to refinance its $220 million debt, after last week's collapse of the Carlyle Group takeover.
Pioneer Credit has accused its major lender and takeover bidder, US private equity group Carlyle, of trying to either push down its $120 million takeover offer to a very low price or withdraw from the deal altogether.
Pioneer Credit has named US investment group Carlyle as preferred bidder to acquire the business, at a price of $1.82 per share, a large discount to the company's latest closing price of $2.46 per share.
Pioneer Credit has reached a standstill agreement with two of its major lenders as it attempts to deal with the fallout from a change in the accounting treatment of its consumer debt portfolios.
Pioneer Credit could be in breach of its loan covenants, after it said a change in the accounting treatment of its consumer debt portfolios would likely result in a dent to its underlying earnings.
Pioneer Credit's shares have surged 27.4 per cent to close at $2.51 each, after the company confirmed it has received a takeover proposal at a “material premium” to its current share price.
Mineral Resources founder Chris Ellison has raised $36.9 million from the sale of some of his shares in the mining services group, adding to a string of big share sales by WA company directors who have cashed in on strong market rallies.
Financial services provider Pioneer Credit has raised $20 million from investors to fund the purchase of a $14 million debt portfolio, with long-term shareholder Banksia Capital selling its 9.75 per cent stake at the same time.
Perth-based financial services provider Pioneer Credit has signed a $100 million debt facility with Bankwest and Westpac as it seeks to continue growing its debt portfolio.
SPECIAL REPORT: The number of women serving on company boards is slowly one the rise, but it's still rare to see a female take the chair, judging by Business News's analysis of Western Australian company directors.
