REG - Honye Financial Svcs - Statement re Financing

Honye Financial ServicesAnnouncement

28/03/2024 10:30

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RNS Number : 7080I  Honye Financial Services Ltd  28 March 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK
LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

28 March 2024

Honye Financial Services Ltd

 (the "Company" or "Honye")

Financing

The Company is pleased to announce that it has entered into a loan agreement
with Tang Investment No 1 Limited (the "Lender").  The principal amount of
the loan is £275,000 (the "Loan"). The Loan is unsecured with interest
accruing on the principal at the rate of 6.25% per annum. The Loan is capable
of repayment at the Company's option and has a maturity date of 5 April
2027.  The proceeds of the Loan shall be used to continue to fund the reverse
takeover transaction announced on 9 June 2021, completion of which the Company
is targeting before the end of H1 this year ("RTO").

Further Details of the Transaction

Shaun Carew-Wootton, non-executive Chairman of the Company, is also director
and sole shareholder of the Lender. The Loan therefore constitutes a related
party transaction for the purposes of DTR 7.3. The Directors (other than Mr
Carew-Wootton) considered and approved the terms of the Loan.

The Company also expects the Lender to make a material investment in the
fundraising to be carried out in connection with the RTO.  The Lender is
principally funded by a consortium of private investors based in Southeast
Asia.

Chairman's comments:

"This financial support from Tang Investment No 1 Limited provides us with a
clear path to completing the RTO. The Company appreciate this demonstration of
confidence in our collective efforts and look forward to announcing completion
of the RTO without further significant delay."

 

A further announcement will be made in due course.

-Ends-

Further information:

 Honye Financial Services Ltd  shaun@rosellecapital.com

 Shaun Carew-Wootton

 

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