Honye Financial Services Limited (LON:HOYE), a London-listed special acquisition company (SPAC), said it is optimistic it will find a fintech investment opportunity but is being cautious due to coronavirus (COVID-19) and Brexit.
“The company has been actively searching for and analysing potential acquisitions but has not, so far, found one which satisfies our criteria. Honye will continue to explore other possibilities and as news of our area of focus has become more widely known, potential opportunities are being brought to the company's attention,” it said alongside its annual results for the year to end July 2020.
The loss for the year was £427,385, which reflected day-to-day administrative expenses and due diligence into prospective targets. At the year-end, the SPAC had cash of £1.575mln.
Honye said the fintech sector had continued to grow and, with it, the number of potential targets and it will seek a 24-month extension if it has not found a target by its two-year anniversary deadline.
“We are optimistic but will approach any prospective companies to invest in or acquire with renewed caution,” it said.
The company listed on the standard market in December 2018.