TIDMBM19
RNS Number : 3074V
Honours PLC
02 December 2019
2 December 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 completion of the implementation of
the Remediation Plan
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 was finalised and both Deloitte
LLP (Deloitte) and Link Financial Outsourcing Limited (LFO)
commenced with the implementation of the Remediation Plan, which is
now complete;
3) in summary, a total amount of circa GBP5.9 million has been
withdrawn from the Settlement Account in connection with the
implementation of the Remediation Plan and has been applied in
accordance with the Extraordinary Resolutions as follows:
a) circa GBP3.1 million has been refunded by way of cash refunds
to the affected borrowers or by way of adjustments to the account
balances of the affected borrowers (with an additional circa
GBP0.16 million still to be refunded to untraceable affected
borrowers, which amount is currently being held in LFO's separate
trust account for a period of 6 months, whereafter any amounts not
capable of being paid to the relevant affected borrowers will be
transferred by LFO back into the Settlement Account to be utilised
as contemplated in paragraph 4(c) below);
b) GBP1 million has been used to reimburse the structure in
respect of third party costs (including legal and financial
advisory costs) incurred by the structure up to and including 31
March 2019 in connection with (i) dealing with the non-compliance
issues in relation to the CCA, including negotiating and finalising
the settlement with Capita, and (ii) the formulation of the
Remediation Plan (the Historical Costs); and
c) circa GBP1.5 million has been paid in connection with (i)
Deloitte's and LFO's costs relating to the implementation of the
Remediation Plan, and (ii) all third party costs (including,
without limitation, any legal and financial advisory costs)
incurred after 31 March 2019 to date in connection with (i) the
formulation and implementation of the Remediation Plan, and (ii)
the consent solicitation process; and
4) as at the date hereof, the remaining balance in the
Settlement Account is circa GBP2.24 million:
a) circa GBP0.64 million is being held pending Honours obtaining
payment instructions from the Authority in order to be able to pay
to the Authority the cash refund still owing to the Authority;
b) GBP1,500,000 will 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 will be released down the waterfall; and
c) the balance remaining, after deducting the amounts referred
to in paragraphs 4(a) and 4(b) above, being used to pay any amounts
incurred in connection with the implementation of the Remediation
Plan and not yet paid for as described above or otherwise retained
in the Settlement Account and after the Reserve Period released
down the waterfall.
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
ISEKLLBBKLFXFBF
(END) Dow Jones Newswires
December 02, 2019 04:34 ET (09:34 GMT)
Honours A1frn29 (LSE:BM19)
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Honours A1frn29 (LSE:BM19)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
