COLLECTION HOUSE LIMITED(CLH)

The securities of Collection House Limited will be reinstated to Official Quotation as from the commencement of trading on Tuesday, 2 February 2021 following lodgement of its Quarterly Cash flow and Activities Report for the quarter ended 31 December 2020

The company lodges an Appendix 4C - quarterly.

The company has lodged an Appendix 4C Quarterly Cashflow Report for the Quarter Ended 31 December 2020. Operating cashflow was impacted by the Refinancing Transaction which was completed during the quarter. The quarter to 31 December 2020 is seasonally a weaker quarter for the business, and as expected, lower levels of customer activity was observed in the lead up to Christmas. Collection Services revenue was slightly short of plan, as underlying collection activity continued to be impacted by client imposed collection embargoes imposed in response to COVID-19. The company is in the process of finalising its financial results for the six month period to 31 December 2020. Results will be released no later than 26 February 2021.

The securities of the entity will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 1 February 2021, following their failure to lodge the relevant periodic report by the due date.

The suspension of trading in the securities of Collection House Limited will be lifted immediately following the release by CLH of an announcement regarding the completion of the Recapitalisation Process.

The company has successfully completed its recapitalisation process. Total consideration for the PDL portfolio was determined at the transaction cut-off date of 30 September 2020. The purchaser was entitled to cash received from the PDL portfolio between 1 October 2020 and the settlement date of 31 December 2020, net of an adjustment equivalent to an arms-length collection fee. CLH is also entitled to a maximum of $15 million additional consideration from the purchaser, over an eight year period, dependent upon the future performance of the relevant PDL assets.

The company releases the following: Proxy Form, Appendix 4G, Shareholder Questions Form and Corporate Governance Statement.

The company's AGM will be held via a virutal platform at https://web.lumiagm.com/ on Friday, 22 January 2021 commencing at 12:00 noon (Brisbane time).

The company lodges its FY20 Annual Report to Shareholders.

The company releases an Appendix 4E.

The transaction has been an ongoing focus of the company's board and management during an extended period of suspension of trading in the company's shares. The Recapitalisation Process involved engagement with a large number of domestic and international counterparties as the Company sought to refinance its existing asset base and fund future growth. Following completion of the Transaction, the Company has largely eliminated the risk of further adjustment to the accounting value of its PDL assets, substantially reduced its debt level and greatly simplified its business model. The Transaction leaves the Company with a capital-light, high return on equity servicing model, which it believes will create more sustainable and predictable shareholder value over time. The Company has also finalised its FY2020 Annual Report, following completion of the audit process for the financial year ended 30 June 2020. CLH, through its wholly owned subsidiary, Lion Finance Pty Ltd, has entered into an agreement to sell its interest in certain PDL assets to wholly owned subsidiaries of Credit Corp Group Limited. Credit Corp Group Limited will also provide the Company with a term loan facility of $15 million. Interest on the facility is to be capitalised, with the loan expected to be repaid on or before September 2021. CBA and Westpac have agreed to extend to the Company a senior debt facility of approximately $45 million. Immediately after the Transaction, the Company will have a significantly lower level of PDL revenue and a partially reduced cost base which will need to be carefully managed and ultimately offset through growth in revenue. The Company is in discussions with a number of parties around the implementation of a long term partnership to allow it to more efficiently participate in the purchased debt market in Australia and New Zealand. The Transaction provides the Company with a stable capital structure upon which to grow its capability over the coming years.

The company intends to hold its AGM on 22 January 2021. The closing date for receipt of valid nominations from persons wishing to be considered for election as a Director is 8 December 2020.

The company is continuing to agree definitive documentation with the preferred counterparty and its existing lenders. The company cannot release its audited 30 June 2020 financial reports and Annual Report until definitive documentation with the preferred counterparty and senior lenders in respect of the refinancing transaction has been finalised.

The company lodges its Appendix 4C - quarterly.

The company provides an update. The group has traded in line with expectations for the quarter generating net operating cash flow of $21.2 million, up slightly on the previous quarter. The company repaid $14.6 million of the senior secured facility during the quarter, resulting in total repayment of senior debt of $17.4 million since the commencement of the standstill arrangement. CLH is continuing to progress its comprehensive recapitalisation process with the support of its senior lenders and professional advisers. Progress was made, with the company assisting a small number of preferred counterparties with their financial and operational diligence procedures. CLH is currently in the process of negotiating appropriate changes to the standstill arrangements which cease on 30 October 2020. The company has determined that it cannot release its audited 30 June 2020 financial reports until the refinancing transaction is sufficiently advanced so that the impact on the value of its assets at 30 June 2020 and the existing loan facilities with senior lenders can be reliably determined. THe company intends to rely upon the relief granted by ASIC and ASX's class waiver decision to send to shareholders its 30 June 2020 annual report and ny concise report. The company also intends to rely on the no action position for AGM's provided for by ASIC. The company intends to hold its AGM on 22 January 2021.

The company is in advanced discussions with a small number of potential investors to refinance the company's existing senior debt facility. The existing senior lenders have agreed to an extension of the standstill period to 30 October 2020 to afford the company the appropriate time to finalise these negotiations. The company intends to rely upon ASIC Relief to extend the lodgement date for its audited annual accounts and the other documents required to be lodged with ASIC. The company intends to lodge its final audited 30 June 2020 financial report on 30 October 2020. The company believes that the continued suspension of its shares from trading is appropriate, pending announcement of a refinancing transaction and finalisation of the company's financial reports for the year ended 30 June 2020.

The Company has elected to report unaudited preliminary financial results for the year ended 30 June 2020, with final audited results expected to be reported by 30 September 2020 in accordance with ASX requirements. The unaudited preliminary accounting loss for the year ended 30 June 2020 is $44.3 million.

The company lodges an CLH - Appendix 4E.

The company lodges its 30 June 2020 Quarterly Update.

The company lodges its Appendix 4C - quarterly.

S&P Dow Jones Indices Announces June 2020 Quarterly Rebalance of the S&P/ASX Indices. All Ordinaries "“ Effective at the Open on June 22, 2020 - removal - Collection House Limited.

The company releases a Company Update Presentation June 2020.

The company releases an Appendix 4D.

The company has now completed its strategic review and is implementing a comprehensive change programme driven by a desire to respond to the changing operating environment, the outcomes of the Financial Services Royal Commission, and through listening to feedback from clients and external stakeholders. The company is also able to release its 31 December 2019 interim financial report. The company has undertaken a review of the carrying value of the PDL assets. The company has taken a $89.9 million write-down before tax to the accounting value of the PDL book to capture the net present value impact of the adjusted cash collection profile. As for the COVID-19 impacts, the group quickly and efficiently transitioned to remote working arrangements for all of its people with negligible disruption to client service requirements or engagement with cusomers. All customer contact channels have remained open. CLH is continuing to undertake a comprehensive recapitalisation process. CLH currently expects that the voluntary suspension of trading will remain in place until at least 30 September 2020.

CLH is undertaking a comprehensive recapitalisation process with the support and assistance of its lenders and professional advisers. CLH is continuing to review the carrying value of its PDL assets in light of the operational changes, currently under consideration as part of that operational strategy review. CLH continues to work with its auditor to finalise CLH's financial statements for the half year to 31 December 2019 taking into account the impact of the operational changes.

The company has today entered into a standstill agreement with its lenders, Commonwealth Bank of Australia and Westpac Banking Corporation.

CLH has engaged Flagstaff Partners Pty Ltd to act as its advisors in respect of discussions with its lenders and alternative capital providers. CLH continues to consider a range of alternative funding arrangements with a number of credible domestic and international counterparties. CLH is continuing to review the carrying value of its PDL assets in light of the operational changes currently under consideration as part of the operational strategy review. CLH continues to assess, with its auditor, the impact of the above on CLH's financial statements for the half year to 31 December 2019 and CLH's FY20 guidance. CLH is continuing discussions with its lenders in relation to its lending arrangements. CLH requests that the suspension continue until the commencement of trading on 20 April 2020 or until the release of an announcement regarding all of the matters referred to above, whichever is the earlier.

The company issues a response to ASX Query Letter.

The securities of Collection House Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of CLH, pending the release of an announcement regarding review of its operating model and senior lending arrangements.

shares reinstated to quotation following release of the six month's results to 31 December 2005

shares suspended from quotation pending quantification of a number of factors impacting on the six month's results to 31 December 2005 (results are going to be materially different from the previous corresponding period)