Honye Financial Services Ltd (LSE:HOYE) remains committed to the reverse takeover of Zoyo Capital, it said in its half-year results statement today.
The investment company has established a wholly-owned subsidiary, Honye Trading Limited to assist with the process. Honye Trading Limited is currently in the final phase of agreeing on contracts with a white label provider, allowing the company to gain beneficial market intelligence prior to launching the Zoyo app following the reverse takeover.
The company is working in parallel with a firm regulated by the Financial Conduct Authority to obtain "Authorised Representative" status for Honye Trading Limited, said Shaun Carew-Wootton, who took over as non-executive chair of the company yesterday after Gareth Edwards resigned from the board.
Until the reverse takeover of Zoyo completes, there won’t be much to report in results statements; the company said it made a loss before tax of £75,430 in the six months to the end of January on zero revenues, compared to a loss of £345,241 the year before.
The company had cash and cash equivalents of £757,947 at the end of the reporting period, down from £1.42mln a year earlier.