Honye Fin.serv. Regulatory News (HOYE)

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.

Embargoed for release at 8am on 9 June 2021

9 June 2021

Honye Financial Services Ltd

(the "Company" or "Honye")

Proposed Transaction and Suspension of Listing

Honye, the acquisition vehicle which is seeking opportunities in the financial services and 'FinTech' sectors, is pleased to announce that it has signed a non-legally binding heads of terms ("Heads of Terms") with the shareholders of Zoyo Capital Limited ("Zoyo") which set out the key terms for the proposed acquisition of the entire issued share capital of Zoyo (the "Acquisition"). Although the consideration payable by Honye has not yet been determined, it is anticipated that it will be satisified entirely by the issue of new Honye shares to the Zoyo shareholders. The Company also announces that it intends to carry out a simultaneous fundraising to raise further working capital for the enlarged group.

Zoyo is a London-based FinTech company founded in April 2018 by a team of financial services and technology professionals. Zoyo and its subsidiaries focus on digital customer onboarding and securities broking. Zoyo's principal business is a mobile native securities broking platform, which incorporates its main technologies. Zoyo is an Innovate UK Smart Grants award winner.

Should the Acquisition complete, it would constitute a Reverse Take Over ("RTO") under the Listing Rules and accordingly the Company would apply for the readmission of its shares to the Official List and the Main Market of the London Stock Exchange.

Therefore, at the request of the Company, the FCA has suspended the Company's listing on the standard segment of the Official List and trading on the Main Market of the London Stock Exchange has also been suspended as of 7.30am today, pending the publication of a prospectus providing further detail on Zoyo and the Company as enlarged by the Acquisition, or an announcement that the RTO is not proceeding.

There can be no certainty that the Acquisition will take place and it remains subject to, amongst other things, formal terms being agreed and the completion of legal and financial due diligence.

A further announcement will be made in due course.

-Ends-

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