Ann: Response to ASX Query - Half Year Accounts, page-17

Firstly, I agree, a very well worded response from the company. The essence of which is that not all PDP's are the same. PNC only acquire quality ledgers from Tier 1 lenders and they don't buy crap like pay day loans. Then, unlike their competition, they don't slash and burn, they 'nourish and support' with a view to extracting a greater percentage over a longer time frame. Surely this greater percentage of collection entitles the company to value the PDP's at a higher value.  Have a look at slide 13 of the recent presentaton to see the PNC approach and their competitive advantages.

There have now been 10 six monthly results reported by PNC. Surely by now, there is sufficient evidence emerging of that greater percentage collection. Perhaps not for dithering 'Douglas Craig' of PwC who signed off the 1HFY18 and the FY18 results with no qualification, but then he clainms 'insufficient information' in 1HFY19. One 'William P.R. Meston' was the previous PwC auditor and he didn't have a problem.

I just hope we don't have to contend with a professional shorter like Glaucus or Checkmate Research which made a mess of CCP mid last year.

To Keith and the team, make 2H19 a serious one of recovering CASH because the higher the recovery of cash against PDP's the greater their value on the Balance Sheet.