Yacht Lift Malta plc has announced that Co-Founder and former CEO Captain Daniel Gatt will be selling his 50 per cent shareholding in the company as it seeks to turn a corner on a difficult first few years.
The new shareholders, it said, have “both financial and technical resources to further invest in the company and take it to its next stage of development.”
They bring with them “a wealth of industry experience and will be instrumental in furthering our operation efficiency and success,” it said.
The team will be composed of Chris Pullicino as Director of Finance, Roberta Garzia as Director of Administration, Daniel Debono as Director of Lift Operations and Giuseppe Farrugia as Director of Sales.
Following the transaction, Mr Farrugia and Mr Debono will control a third of the company each, with the remaining third split between Ms Garzia and Mr Pullicino.
Mr Farrugia was originally an equal shareholder with Captain Gatt. It is not clear whether Mr Farrugia sold a portion of his shareholding or otherwise, given he now owns one third of the company.
Yacht Lift Malta said it is working to fulfil all the necessary regulatory requirements to proceed with the transaction in a timely manner, with further developments to be communicated in due course.
The company is well behind schedule in the publication of the audited accounts for the financial year ended 30th September 2023, due to a delay in the audit process.
It announced that the audited accounts will now be published on 14th August, apologising for the delay and noting that the incoming management has taken steps to ensure that such delays are not repeated.
In a move aimed at strengthening the financial position of the company and demonstrating their commitment to its long-term viability, the shareholders have unconditionally waived all outstanding shareholders’ loans with a value of €689,368.
“The Board want to thank all our stakeholders for their support and believe that these strategic developments will promote stability, growth and long-term value for the company and its bondholders.
Operational Update
Following delays in starting operation in 2021 and a difficult trading environment due to the COVID-19 pandemic in 2021 and 2022, Yacht Lift Malta said it is experiencing a “positive season” in 2023 with “excellent feedback” from clientele and return customers.
“We maintain a healthy number of bookings throughout the summer months and beyond.”
The yacht lift in action.
Yacht Lift Malta operates a floating dry dock platform known as a yacht lift, a “unique and revolutionary” floating dry dock service developed and patented by Welcome Inn, advertised as being cheaper and more time-efficient than other services. It also enjoys the flexibility of being able to be transported to multiple locations in order to carry out its services.
