Pioneer Credit : Cleansing Prospectus

ASX release

30 March 2022

Cleansing Prospectus

Pioneer Credit Limited (ASX: PNC) ('Pioneer' or the 'Company') confirms that a Cleansing Prospectus for the issue of up to 100 fully paid ordinary shares in the Company ('Shares') at an issue price of $0.55 per Share was lodged with ASIC on 30 March 2022. A copy of the Cleansing Prospectus is attached.

The primary purpose of the Cleansing Prospectus is to remove any on-sale trading restrictions attached to Shares issued by the Company following the recent A$11.35m share placement.

This Cleansing Prospectus is substantially administrative in nature and is not issued to raise capital.

Authorised by: Sue Symmons Company Secretary

Investor and media enquiries:

Keith John

Managing Director Pioneer Credit Limited M: 0438 877 767

About Pioneer

Pioneer Credit is an ASX-listed company (ASX: PNC) providing high quality, flexible, financial services support to help everyday Australians out of financial difficulty. Pioneer Credit has the trust of long-term vendor partners to do the right thing and respectfully support customers to achieve their financial independence.

Pioneer Credit has established a solid foundation to pursue further growth by leveraging its outstanding industry relationships, compliance record and customer-focused culture.

www.pioneercredit.com.au

PIONEER CREDIT LIMITED

ABN 44 103 003 505

CLEANSING PROSPECTUS

This Cleansing Prospectus relates to an offer of up to 100 Shares at an issue price of $0.55 per Share to raise up to $55 (before expenses) ('Offer').

This Prospectus has been prepared primarily for the purpose of satisfying the conditions of section 708A(11) of the Corporations Act to remove any trading restrictions on the sale of Shares issued by the Company prior to the Closing Date.

IMPORTANT INFORMATION

This is an important document that should be read in its entirety. Shareholders who do not understand it should consult their professional advisers without delay.

The Shares offered by this Prospectus should be considered speculative.

TABLE OF CONTENTS

CORPORATE DIRECTORY

Directors

Registered Office

Michael Smith Chairman

Keith John Managing Director

Level 6

108 St Georges Terrace Perth WA 6000

Telephone: 1300 720 823

Andrea Hall Non-Executive Director

Peter Hall Non-Executive Director

Stephen Targett Non-Executive Director

Michelle d'Almeida

Non-Executive Director

Company Secretary Sue Symmons

ASX Code

Share Registry*

Link Market Services Limited Level 12

250 St Georges Terrace Perth WA 6000

Telephone: 1300 554 474

Auditors*

PNC

Website

Deloitte Touche Tohmatsu Tower 2, Brookfield Place 123 St Georges Terrace Perth WA 6000

www.pioneercredit.com.au

Solicitors

K&L Gates Level 32

44 St Georges Terrace Perth WA 6000

Telephone: + 61 8 9216 0900

Telephone: + 61 8 9365 7000

* These entities have not been involved in the preparation of this Prospectus and have not consented to being named in this Prospectus. Their names are included for information purposes only.

• 1. SUMMARY OF IMPORTANT DATES AND IMPORTANT NOTES

• 1.1 Important notes

  This Prospectus is dated 30 March 2022 and was lodged with ASIC on that date. ASIC, the ASX and their respective officers take no responsibility for the contents of this Prospectus or the merits of the investment to which this Prospectus relates.

  No Shares may be issued on the basis of this Prospectus later than 13 months after the date of this Prospectus.

  The Offer is only available to those who are personally invited to accept the Offer by the Directors. Applications to accept the Offer under this Prospectus can only be submitted on the Application Form which will be provided by the Company to invited investors. The Directors reserve the right to issue Shares pursuant to the Offer at their absolute discretion.

  This Prospectus is a transaction specific prospectus for an offer of continuously quoted securities (as defined in the Corporations Act) and has been prepared in accordance with section 713 of the Corporations Act. It does not contain the same level of disclosure as an initial public offering prospectus prepared in accordance with section 710 of the Corporations Act. This Prospectus is therefore intended to be read in conjunction with the information publicly available in relation to the Company which has been notified to ASX. In making representations in this Prospectus, regard has been had to the fact that the Company is a disclosing entity for the purposes of the Corporations Act and certain matters may reasonably be expected to be known to investors and professional advisers whom potential investors may consult.

• 1.2 Investment advice

  This Prospectus is an important document and requires your immediate attention. It should be read in its entirety. This Prospectus does not provide investment advice and has been prepared without taking account of any particular Shareholders' financial objectives, financial situation or particular needs (including financial or taxation issues). If you do not understand any part of this Prospectus, you should consult your accountant, tax adviser, stockbroker, solicitor or other professional adviser.

• 1.3 Risk factors

  Potential investors should be aware that subscribing for Shares in the Company involves a number of risks. Accordingly, an investment in the Company should be considered speculative. Some of the risks that should be considered are set out in Section 5 of this Prospectus. There may also be risks in addition to those set out in section 5 that should be considered in light of your personal circumstances. Investors should consider consulting their professional advisers before deciding whether to apply for Shares pursuant to this Prospectus.

• 1.4 Applicants outside Australia

  The distribution of this Prospectus in jurisdictions outside Australia may be restricted by law and persons who come into possession of this Prospectus should seek advice on and observe any of these restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This Prospectus does not constitute an offer of Shares in any jurisdiction where, or to any person to whom, it would be unlawful to issue this Prospectus.

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