BM19 Honours A1frn29

TIDMBM19

RNS Number : 9797O

Honours PLC

12 February 2016

HONOURS PLC

(the Issuer)

(Incorporated in England and Wales with registered number 03702189 and having its 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, the Administration Agreement with Capita Customer Management Limited (Capita) was terminated on 29 January 2016 and Link Financial Outsourcing Ltd was appointed as the new Administrator of the Loan portfolio on 30 January 2016 pursuant to the terms of a new Administration Agreement entered into on 30 January 2016 between Link, Honours Trustee Limited and the Issuer (the Link Administration Agreement).

NOTICE IS HEREBY GIVEN to the Noteholders that, prior to the Issuer entering into the Link Administration Agreement, Capita informed the Issuer that particular arrears notices sent to borrowers may not have been in compliance with the consumer credit legislation. A review of this matter is still underway and it is deemed probable that an amount will ultimately be repayable to certain of the affected borrowers as a result of such non-compliance. The Issuer is in the process of appointing a party to assist the Issuer with preparation and implementation of a remediation plan. Before the remediation plan is finalised it will be discussed with the Financial Conduct Authority (the FCA).

NOTICE IS HEREBY GIVEN that the Annual Report and Financial Statements for the year ended 2014 were approved and filed at Companies House. Based on the limited available information, the Financial Statements show a provision of approximately GBP10 million for the remediation exercise. The Issuer will discuss the detailed repayment plan with the FCA once the remediation plan has been prepared.

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: 12 February 2016

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange.

This information is provided by RNS

The company news service from the London Stock Exchange

END

ISEAKBDQPBKDQBD

(END) Dow Jones Newswires

February 12, 2016 10:46 ET (15:46 GMT)

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