TIDMBM19

RNS Number : 8300W

Honours PLC

23 April 2019

23 April 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

(incorporated with limited liability in England and Wales with registered number 03702189)

Announcement relating to liquidity facility with Danske Bank A/S

NOTICE IS HEREBY GIVEN to the Noteholders that:

   1)   as previously notified to Noteholders in the notice dated 24 October 2018:

a) owing to a clerical error by Honours plc (the Issuer), the renewal request notice in respect of the renewal of the liquidity facility provided by Danske Bank A/S (Danske) since 2006 was not served on Danske within the five day notice period window in October 2018;

b) as a result of this, Danske both refused to extend and asserted that the Issuer could not make a standby drawing because it had not submitted its extension request in time; and

c) Danske however agreed with the Issuer to extend the liquidity facility for a further 6 month period (subject to certain conditions as detailed in the aforementioned notice), and they entered into a deed of amendment to the liquidity facility agreement to effect such extension;

   2)   the liquidity facility with Danske will terminate on 25 April 2019;

3) despite continued efforts, the Issuer has not found (and is unlikely to find) a replacement liquidity provider on or before the 25 April 2019;

4) accordingly, assuming that no replacement liquidity facility provider is found before then, it is likely that on and from 25 April 2019 the Honours structure will no longer benefit from a liquidity facility; and

5) the impact, if any, on the ratings of the Notes remains unclear - whilst the rating agencies have been informed of the situation, they have not given any indication on whether the lack of a liquidity facility will have an impact on the current ratings of the Notes.

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

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April 23, 2019 08:21 ET (12:21 GMT)

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