The band refers to the collection, which was released on October 10th, as "pretty sketchy" and describes it as "unauthorized." Since the group was signed to the label when those songs were recorded, the label likely owns the masters and is able to legally able release such a collection. This is also speculated to be the reason why the band re-recorded the material for their own compilation.
The band said this about The Hit List:
We've delayed this album a couple of times already 'cos we just wanted to get it right. The old songs are completely re-recorded and re-arranged and they rock like you've never heard them before - like the way that the band has grown since Oz Factor days. Includes our hits like "Seein' Red," "Cailin'" and "She Says" and all of the best stuff from all of our past albums and a couple of new songs including the new single "Shoulda Known Better."