Honours PLC Notice to the Noteholders (9607J)
15 September 2016 - 12:49PM
UK Regulatory
TIDMBM19
RNS Number : 9607J
Honours PLC
15 September 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:
(i) on 16 February 2016 Link Financial Outsourcing Limited
(Link) was appointed to assist the Issuer with preparation and
implementation of a remediation plan;
(ii) the cost associated with migration of the portfolio, the
replacement of the previous Administrator, Capita Customer
Management Limited (Capita), following their resignation, and the
appointment of Link to assist the Issuer with remediation and the
ongoing preparation of the remediation plan, have been contributing
to the increased cost of running the transaction. The cost of the
migration has now been paid except a small sum being paid monthly
until February 2019. The costs agreed to date for the
pre-implementation phase of the remediation have been paid on a
monthly basis with the last instalment paid in July 2016. The
Issuer will confirm the total cost of remediation once the
remediation plan has been finalised and agreed with the FCA;
(iii) the change in Administrator has led to an on-going review
in relation to the way the loan information is collated for
inclusion in the investor reports so that it can be provided on a
consistent basis going forward. This has resulted in an increase in
the value of loans overdue for more than 24 months but the Issuer
believes these changes will allow the transaction to be reported on
a consistent basis going forward;
(iv) following requests received by the Issuer for additional
information it has been proposed that a new stratification table be
included in the investor report to show the loan categories by year
of graduation. The Issuer has requested that the Administrator
looks to develop such a report so that this can be included on a
consistent basis in future investor reports;
(v) the Administrator has informed the Issuer that due to the
number and complexity of the data requests made to the previous
Administrator, Capita, and the interpretation and application of
external advice on the matter, the deadline for the implementation
of the remediation plan will be delayed. Initially it was expected
that the remediation plan would be finalised and implemented before
31 August 2016. Further update as to the delivery and
implementation of the remediation plan will be given to the
Noteholders in due course; and
(vi) Noteholders should note that the provision in the Issuer's
financial statements for the year ended 31 March 2015 for the
remediation exercise of approximately GBP10 million was determined
and provided for based on information and advice available at that
time in accordance with International Financial Reporting
Standards. No cash provision is maintained by the Issuer in respect
of the remediation exercise. In order for the Issuer to consider
all of its options as to the recovery of the cost of remediation
the Issuer needs to have a clear understanding of the quantum at
stake. This can only be determined once the remediation plan is
finalised and the Issuer will notify the Noteholders as soon as it
is possible.
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: 13 September 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
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