The majority of customer accounts acquired are under forward flow agreements, where Pioneer agrees to purchase and the vendor agrees to sell a proportion of its portfolio, meeting agreed characteristics for an agreed term (typically of 12-24 months).  Pricing is typically reported as a percentage of the face value of the debt or “cents in the dollar”.
Pioneer’s objective is to invest in debt portfolios and then recover an amount on the accounts that make up those portfolios that exceeds the purchase cost by an amount that is large enough to pay all of Pioneer’s operating expenses and generate a profit and adequate return on capital. This will achieve, across the portfolio, an overall return which is evaluated and managed in terms of a return multiple to the acquisition investment.
Pioneer’s contractual obligation in accepting the offer of the customer contracts from the vendor is to service the forward flow arrangement for the agreed term at the agreed price as referenced above.
PricewaterhouseCoopers are the Company’s auditors.
In accordance with the Corporations Act 2001 (Cth), an audit engagement partner must be rotated after 5 successive financial years.  The Company was admitted to the Official List of the ASX Limited on 1 May 2014 and as such rotation of the current audit partner will be required in 2019.