I am unsure to what purpose CCP will mainly put the $150m...

I am unsure to what purpose CCP will mainly put the $150m raisesd, because, as is usual with capital raisings, certain options are routinely mentioned to give management latitude to be opportunistic. I moot the viewpoint that the capital raising is to support a lurch into acquiring PDLs in the USA , and expanding the capacity there to handle the extra work. This is based on imagination, so take it with a pinch of salt, because I do not know.

This lurch to buy US PDLs may spring from circumstances that had started to show themselves a year ago, but Covid-19 may have created an opportunity to move much faster. I remember reading months ago that CCP was going to reduce the Loan Book to focus on buying PDLs, and I think before Covid-19 was news, CCP wound back its advertising for Wallet Wizard to fund increasingh its PDL carying value.

What may be different now is that the time may be right to change from bidding for PDLs on offer to win-win longer-term arrangements. CCP has a strange way of bidding, it works out a profit it wants to make from a PDL, and it aims to make neither more, nor less. In other words, it neither wants to screw itself, nor screw the PDL suppliers. This thinking pattern puts CCP in a good position to negotiate in the current uncertain times when its valuations are expected to be less accurate than in the past, but it could also suit banks who do not want to sell at the low prices that they can expect to prevail in these uncertain times. Also, the banks now demand that the charged-off debtors be treated in ways that preserve the banks' reputations. CCP does not have to guess these things, it would have had negotiations that inform it of what the banks want from CCP, and what they are prepared to do if CCP comes to the party, and what CCP must bring to the party.

CCP would understand what quid-quo-pro can be negotiated. That is, the funds it must have, the PDL's it will acquire, the provisos in the arrangements, and what CCP must do in the USA to have the collections capacity to handle a significant increase in volume, and how quickly it can build that capacity. This may be a unique point in history when it pays to seize the day, rather than grow at a slower pace that retained earnings can fund.