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LONDON - Honye Financial Services Ltd (the "Company" or "Honye") has released its unaudited interim results for the six-month period ending January 31, 2025. The company has been actively working towards completing a Reverse Takeover (RTO) with Zoyo Capital Limited ("Zoyo"), initially announced on June 9, 2021. Despite experiencing delays due to investor hold-ups, Honye remains committed to finalizing the RTO and has continued to secure funding to support this objective.
During the period, Honye signed a £275,000 loan note with Tang Investment No. 1 Ltd, which was later canceled in April 2025. Additionally, the company entered into an investment agreement with Mr. Abdullah Alnuwaysir ("AA") for £1.5 million, aimed at establishing a long-term partnership and assisting in the procurement of Zoyo. This agreement was later amended, reducing the investment to £1.0 million with the remaining £500,000 allocated as a technology setup fee under a License Agreement with Zoyo.
To provide further working capital and facilitate the completion of the RTO, Honye issued a Convertible Loan Note Instrument of up to £1.5 million on April 4, 2025. Ms. Gu Qian, an ultra-high-net-worth individual based in Asia, subscribed to the first tranche of £500,000. On April 9, 2025, Honye also entered into a Subscription Agreement with Mr. Weng Jianxiong who agreed to invest £2.5 million upon completion of the RTO.
The company’s financial results for the period show a total comprehensive loss of £103,863, which is an improvement from the previous year’s loss of £118,227. Loss per share for the period was 0.42 pence, down from 0.48 pence in the prior year. Honye’s cash and cash equivalents stood at £25,457 as of January 31, 2025, significantly down from £94,284 on July 31, 2024.
Honye’s management remains optimistic about the RTO’s completion and believes the strategic investments and funding arrangements provide a solid financial foundation for the company’s future. This announcement is based on a press release statement and contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation.
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