Ann: Annual Report to shareholders, page-22

'Keith highlighted earlier our largest investment to date in high quality PDPs.
As noted this purchasing result has been driven by market conditions where price expectations have continued normalising for Pioneer. Pioneer, as a differentiated purchaser, has been consistently rewarded in the prices and volume we invest at. Our investment out-flows are serviced with free cash flow generated by PDP liquidations as well as proceeds from our extended financing facilities. Importantly, as is evident on slide 5, the financial year has seen our operating cash in-flow increase by 82%, reflecting the growth in liquidations and the operational excellence in executing on this positive growth tangent.
The Company extended its senior financier purchasing facilities during the
year by $20 million on terms that are unchanged and now has a cash advance facility of $120 million with borrowings drawn of $87.8 million and the remaining capacity of $32.2 million as at 30 June.
In March 2018 Pioneer strengthened the balance sheet further by raising $40million under a Medium Term Notes issue. The issue was oversubscribed and as Keith noted, was the first of its kind in Australia for a business of our type.
This has diversified our funding options and increased the tenor of our funding in a manner that is complementary to the assets we own.'