TIDMBM19
RNS Number : 1939L
Honours PLC
04 September 2019
4 September 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014
FOR DISTRIBUTION ONLY OUTSIDE THE UNITED STATES TO PERSONS OTHER
THAN "U.S. PERSONS" (AS DEFINED IN REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED). NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR
RESIDENT IN, ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT
HONOURS PLC
(the Issuer)
(incorporated with limited liability in England and Wales with
registered number 03702189)
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).
Announcement relating to the implementation of the Remediation
Plan and the total estimated costs of remediation
NOTICE IS HEREBY GIVEN to the Noteholders that:
1) as previously notified to Noteholders in the notices dated 11
June 2019 and 26 June 2019, the Noteholders of each Class of Notes
approved and passed certain extraordinary resolutions (the
Extraordinary Resolutions) in connection with the (i)
implementation of the remediation plan proposed by the Issuer (the
Remediation Plan), and (ii) release and application of the cash
paid by Capita Customer Management Limited (Capita) to the Issuer
in full and final settlement of any claims the Issuer may have
against Capita for certain regulatory breaches, standing to the
credit of a separate account of the Issuer (the Settlement
Account);
2) since the approval and passing of the Extraordinary
Resolutions, the Remediation Plan has been finalised and both
Deloitte LLP (Deloitte) and Link Financial Outsourcing Limited
(LFO) have commenced with the implementation of the Remediation
Plan, which is expected to be completed by the end of October
2019;
3) the Issuer has been advised that, as at 31 August 2019, the
estimated total net impact of remediation on the structure is
currently expected to be approximately GBP3.9m (excluding all
implementation and advisory costs and any historical costs of the
structure), of which approximately GBP2.51m is expected to be in
the way of cash refunds to affected borrowers or the Authority, as
the case may be and GBP1.35m is expected to be in the way of
adjustments to the account balances of affected borrowers;
4) the estimates stated herein are calculated as at 31 August
2019, but will increase as a result of effluxion of time between 31
August 2019 and the actual date on which a particular loan account
is remediated and/or the Authority is paid; and
5) once the remediation plan has been completed, the Issuer will
publish a notice setting out (i) all of the amounts paid out of the
Settlement Account relating to the costs of the remediation,
including all costs relating to the implementation of the
remediation plan and the reimbursement of any historical costs of
the structure, and (ii) the remaining balance of the Settlement
Account. As per the Extraordinary Resolutions, the remaining
balance of the Settlement Account is to be held for a period of 36
months (the Reserve Period) to be used to meet any potential future
liability, costs, claims, expenses or losses to the Honours
structure as a result of any borrower and/or the Authority making
any claim or demand or taking any action against the Issuer and/or
the Purchaser in connection with the Remediation Plan or arising as
a result of the non-compliance issues in relation to the CCA, and
after the Reserve Period to be released down the waterfall in due
course.
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.
For further information, please contact:
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
DISCLAIMER
This Document does not contain or constitute an offer of, or the
solicitation of an offer to buy, securities to any person in the
United States or in any jurisdiction to whom or in which such offer
or solicitation is unlawful. The securities referred to in this
Document may not be offered or sold in the United States absent
registration under the US Securities Act of 1933, as amended (the
Securities Act) or another exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act.
The offer and sale of the securities referred to in this Document
has not been and will not be registered under the Securities Act.
There will be no public offer of the securities in the United
States.
This announcement has been issued through the Companies
Announcement Service of Euronext Dublin
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ISELIFIAATISIIA
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