Australia's Pioneer Credit gains most in a month on premium placement

Pioneer Credit

09/03/2022 02:55

** Shares of Pioneer Credit Ltd  PNC.AX  jump as much as
6.8% to A$0.550, seeing their best session since Feb 10 - if
gains hold
    ** The financial services firm says it has completed raising
A$11.35 mln ($8.25 mln) via a share placement  urn:newsml:reuters.com:*:nFWN2VB10M
    ** Issue price of A$0.55 per share was at a premium of 6.8%
the last closing price on Mar 4, when it previously traded
    ** Co says capital raised will be used to fund partly a
portfolio purchase consisting of performing assets, for which it
is appointed as the preferred buyer
    ** Co also upgrades its EBITDA guidance to more than A$64
mln for FY22 
    ** Shares hit highest since Feb. 24, rising for second
straight day  
    ** Stock has fallen about 1% this year, as of last close

($1 = 1.3755 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))