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Honye Financial Services Ltd entered an unsecured loan agreement with Tang Investment No 1 Limited on 28 March 2024 for a principal amount of £275,000, bearing an interest rate of 6.25% per annum. The loan has a maturity date of 5 April 2027 and was approved by Honye's directors, excluding Shaun Carew-Wootton. Mr. Carew-Wootton, Honye's non-executive Chairman, is also the director and sole shareholder of Tang Investment No 1 Limited, making this a related party transaction.
| Date | 28 Mar 2024 |
| Time | 10:20:09 |
| Category | Miscellaneous |
| ID | 7080I |
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:
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Honye Financial Services Ltd Shaun Carew-Wootton
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