Yacht Lift Malta plc’s shareholders have made a fresh €250,000 injection into the company to make sure that it has a “strong financial base,” it announced on Monday.
The company operates a floating dry dock platform, known as a yacht lift, developed and patented by Welcome Inn. It is described as a service that is cheaper and more time-efficient than other solutions on the market, and enjoys the flexibility of being able to be transported to multiple locations to carry out its services.
Over recent months, Yacht Lift Malta has faced a number of issues, particularly after it had announced changes in its shareholding structure, paving the way for former CEO and Co-Founder Daniel Gatt to exit the company. He had made the decision to relinquish his 50 per cent shareholding of the company. Daniel Debono had expressed a desire to acquire 33 per cent of the shareholding, yet some weeks later, the company revealed that he would no longer be proceeding with the transfer.
Further changes were then announced. However, just a few days later, Chris Pullicino, who was set to become Director of Finance and a shareholder of the company, tragically passed away, adding further uncertainty about Yacht Lift Malta’s future.
This prompted the company to make further revisions to its shareholding structure in December, with the shares now equally distributed between Giuseppe Farrugia and Roberta Garzia, the two individuals who were set to be shareholders alongside Mr Pullicino. Mr Farrugia has now been named Director of Sales and Finance and Lift Operations, while Ms Garzia has become Director of Administration.
The announcement of the new injection of funds revealed that discussions “remain underway” between the parties on how to proceed with the share ownership transfer.
In the meantime, the existing shareholders have inserted the funds in a bid to “ensure that the venture has a strong financial base to support its operation and to reiterate their firm financial commitment to the operation,” the statement read.
Since it came into operation in 2021, the company generated more than €1.7 million in retained losses.
Following Mr Pullicino’s passing, Yacht Lift Malta has also had to change its accounting service provider, prompting significant delays in its financial reporting process.
Last February, it announced that the publication of its financial information would be delayed until Monday 15th April 2024. However, another announcement released on Monday stated that the issuing of its annual financial statements, financial sustainability forecasts, and the annual financial statements of Yacht Lift Operations Limited, would be delayed further.
“The Board would like to inform the market that, whilst it has been working with the auditors to complete the publication of the financials, the company has experienced delays in the finalisation of the audit,” the statement read.
It added that the company is “putting significant effort” into resolving the matter within the shortest timeframe possible, and it will then publish the financial statements thereafter.
Yacht Lift Malta stated that further updates to the market on the matter will be provided in a timely manner.
