Honours PLC Announcement re Liquidity Facility (0808F)

TIDMBM19

RNS Number : 0808F

Honours PLC

24 October 2018

24(th) October 2018

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

As Noteholders will be aware, the transaction currently has the benefit of a liquidity facility provided by Danske Bank A/S ("Danske") which has provided the facility since 2006. Such liquidity facility has to be renewed annually in October each year by Honours submitting a renewal request to Danske within a five day notice period window, which it has done for each of the past 11 years.

Unfortunately, owing to a clerical error by Honours, the renewal request notice in respect of the renewal to be requested this October was not served on Danske within the five day notice period window (although the notice was sent to Danske as soon as the error was noticed - only 7 days after the five day notice period window and 18 days prior to the commitment termination date under the facility (which is 25 October 2018)). As a result of this, Danske both refused to extend and asserted that Honours could not make a standby drawing because it had not submitted its extension request in time.

Danske has however agreed with Honours to extend the liquidity facility by six-months, provided that:

-- Honours waives its right to draw a stand-by drawing even in the event of Danske losing it current short-term ratings;

   --     Legal fees associated with documenting the extension are borne by Honours and 

-- Honours waives any claims it may have or purport to have in respect of the non-renewal of the liquidity facility.

With the approval of the Note Trustee, exercising its discretion to agree to the necessary amendments, Honours and Danske have therefore entered into a deed of amendment effecting such extension on the terms set out above.

Honours will, during this six-month extension period, seek to appoint a replacement liquidity provider and a further announcement will be made in due course.

For further information, please contact:

Honours plc

Third Floor

1 King's Arms Yard

London EC2R 7AF

   Attention:          The Directors 
   Telephone:        [phone] 
   Fax:                  [phone] 
   e-mail:              [e-mail] 
   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

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 [e-mail] or visit www.rns.com.

END

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October 24, 2018 10:19 ET (14:19 GMT)