Are you able to provide guidance around financial covenants and other compliance obligations relating to finance provided to Pioneer? At the end of December 2024, there was $643k cash and cash equivalents on hand - is this an underlying reason for the raise in December, so that these covenants were met?
Secondly, there is a related party loan of $150k at an interest rate of 8.77%. This is less than the rate of interest payable by Pioneer, which is quoted as "BBSW + 550bps". This is greater than 8.77%. Can you clarify how this is an "arms length" transaction when the company effectively receives less than it loans (when accruing interest) and how this meets good governance structures?
With projected/targetted NPAT for FY26, does this target accomodate or include any expected provisions/benefits from the PWC case? If the PWC case is successful for Pioneer, will this non-recurring item be excluded from the FY26 LTIP NPAT target?
PNC Price at posting:
57.0¢ Sentiment: Hold Disclosure: Held
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