TIDMBM19

RNS Number : 8324R

Honours PLC

14 December 2016

HONOURS PLC

(the Issuer)

(Incorporated in England and Wales with registered number 03702189 and having its registered office at Third Floor, 1 King's Arms Yard, London EC2R 7AF)

NOTICE

To the holders of those of the:

GBP291,950,000 Class A1 Asset Backed Floating Rate Notes due 2029 (ISIN: XS0273149962)

GBP54,200,000 Class A2 Asset Backed Floating Rate Notes due 2029

(ISIN: XS0273152677)

GBP33,350,000 Class B Asset Backed Floating Rate Notes due 2029 (ISIN: XS0273153998)

GBP18,000,000 Class C Asset Backed Floating Rate Notes due 2029 (ISIN: XS0273156587)

GBP11,950,000 Class D Asset Backed Floating Rate Notes due 2029 (ISIN: XS0273158443)

GBP8,750,000 Class E Asset Backed Floating Rate Notes due 2029 (ISIN: XS0273159250)

of the Issuer presently outstanding

(the Noteholders and the Notes respectively).

NOTICE IS HEREBY GIVEN to the Noteholders that:

1) on 28 November 2016, S&P placed on Creditwatch negative their ratings on the Notes and on 9 December 2016, S&P suspended all of their ratings on the Notes stating that they had requested the most recent annual repayment cohort performance data (the Data) to resolve the Creditwatch negative placement and that this Data had not been supplied to it;

2) as far as the Issuer is aware, this Data has not been requested by or provided to S&P for a number of years (and was not provided to S&P by the previous servicer, Capita Customer Management Limited (Capita));

3) the new servicer, Link Financial Outsourcing Limited (Link) was therefore not aware at the time it was appointed as servicer that this Data would be required by S&P and until late November 2016 the Issuer had not directly received a request from S&P for this Data to be produced and was not provided with the underlying information from Capita at the time of the transfer of the servicing to Link in January 2016 in order for Link to be able to readily produce the Data so requested by S&P;

4) accordingly, in order for Link to produce this Data, it will need to obtain the relevant historical information from Capita and it is currently liaising with Capita in order to obtain the relevant information; and

5) assuming this information is forthcoming Link should be in a position to generate the requested Data in the new year.

Capitalised terms in this notice shall, except where the context otherwise requires and save where otherwise defined herein, bear the meanings ascribed to them in the Transaction Master Definitions and Framework Deed between, inter alios, the Issuer and the Security Trustee dated 10 November 2006, copies of which are available for inspection during usual business hours at the offices of the Issuer set out below.

This Notice is given by:

Honours PLC,

Third Floor,

1 King's Arms Yard,

London EC2R 7AF

   Attention:          The Directors 
   Telephone:        +44 (0) 20 7397 3600 
   Fax:                  +44 (0) 20 7397 3601 
   e-mail:              Transactionteam@wilmingtontrust.com 
   Ref:                  Honours PLC

Dated: 14 December 2016

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 14, 2016 05:16 ET (10:16 GMT)

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