RNS Number:2048J
Southern Pacific Securities C PLC
25 March 2003





                        Notice of Meeting of Noteholders
      #301,530,000 Class A Mortgage Backed Floating rate Notes due 2039 
      #28,350,000 Class M Mortgage Backed Floating rate Notes due 2039 
     and #20,120,000 Class B Mortgage Backed Floating rate Notes due 2039 
                   issued by Southern Pacific Securities C plc


Please find attached a Notice to Noteholders of the result of a Meeting and 
accompanying letter.

Letter to RNS

                                                                25 March 2003
Dear Sirs

1.  #301,530,000 Class A (with Class A Ordinary Coupons) Mortgage Backed
    Floating Rate Notes due 2039 (ISIN:XS0137988183), Class A Detachable Coupons
    (ISIN:XS0138024590), #28,350,000 Class M Mortgage Backed Floating Rate Notes 
    due 2039 (ISIN:XS0137991138) and #20,120,000 Class B Mortgage Backed 
    Floating Rate Notes due 2039 (ISIN:XS0l37991567) issued by Southern Pacific 
    Securities C PLC (the "Notes")

2.    Noteholders' Meeting

Attached is a Notice to Noteholders notifying them of the result of a Meeting
held on 24 March 2003 (the "Notice"). 

We should be grateful if Euroclear and Clearstream, Luxembourg would arrange for
this Notice to be transmitted without delay to the holders of the Notes. 

With effect from today we also hereby wish to give notice to RNS of this Notice
and  have authorised Clifford Chance to send this notification to you on our
behalf. 

From:  Southern Pacific Securities C Plc




NOTICE TO NOTEHOLDERS OF RESULT OF MEETING



                                   NOTICE


                      To the Holders of the Outstanding

#301,530,000 Class A Mortgage Backed Floating Rate Notes due 2039
(the 'Class A Notes')
 
#28,350,000 Class M Mortgage Backed Floating Rate Notes due 2039
(the 'Class M Notes')
 
and #20,120,000 Class B Mortgage Backed Floating Rate Notes due 2039
(the 'Class B Notes' and together with the Class A Notes and the Class M Notes,
the 'Notes') issued by Southern Pacific Securities C plc (the 'Issuer')


NOTICE IS HEREBY GIVEN to the Holders of the above Notes that, at the Meeting of
such Holders held at the offices of Clifford Chance Limited Liability
Partnership on 24 March 2003 at 2 p.m. onwards (London time), the First and
Second Extraordinary Resolution, set out in the Notice of Meeting previously
notified to Noteholders in accordance with the terms of the Trust Deed for such
Notes was duly passed.



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