Yacht Lift Malta on Wednesday announced that it has made more changes to its shareholding structure, the third revision in the space of five months.
The most recent changes come following the tragic death of Chris Pullicino, who was set to become shareholder and Director of Finance at the company. Up until his passing, he was set to obtain a 33 per cent stake in the company.
In Wednesday’s announcement, Yacht Lift Malta said that the news of his death is a sad and unexpected event, and the unfortunate circumstance has prompted the reassessment of shareholding.
It also expressed its “deepest condolences” to the family and friends of Mr Pullicino.
The company’s shares will now be equally distributed between Giuseppe Farrugia and Roberta Garzia.
Additionally, further changes to the management team composition were also declared, with Mr Farrugia now set to take on the role of Director of Sales and Finance and Lift Operations. Ms Garzia will become Director of Administration as was shared in the initial announcements.
“These changes will be made to ensure the continued smooth operation of the company during this challenging time,” Yacht Lift Malta stated.
New Yacht Lift Malta Director of Sales and Finance and Lift Operations Giuseppe Farrugia / Yacht Lift Malta
It added that it is “actively working” to meet all necessary regulatory requirements to facilitate the “smooth transition” of these changes. Yacht Lift Malta also said that further updates and developments regarding the transaction will be communicated in a timely manner.
Yacht Lift Malta operates a floating dry dock platform, known as a yacht lift, which was developed and patented by Welcome Inn. It is described as a service that is cheaper and more time-efficient than other services, and enjoys the flexibility of being able to be transported to multiple locations to carry out its services.
New Yacht Lift Malta Director of Administration Roberta Garzia / LinkedIn
The initial adjustments to the shareholding structure were made because Daniel Gatt, Co-Founder of the company, made the decision to relinquish his 50 per cent shareholding of the company.
Yacht Lift Malta had stated that the strategic realignment of ownership, including Mr Pullicino at the time, "reflects the company’s commitment to its future growth and success”. It had added that the appointments demonstrate its “dedication to bolstering its leadership and operational capabilities”.
Aside from Mr Pullicino’s passing, the company has also faced a number of other difficulties since its establishment. The yacht lift came into operation in 2021, and it currently has more than €1.7 million in retained losses, with it forecast to post a €465,000 loss in 2023. Projected revenues of €139,000 are failing to cover €140,000 in finance costs on a 5.5 per cent €2 million bond issue.
However, the latest forecast hinted at a potential turnaround in financial performance, with there set to be a 320 increase in turnover in the final three months of 2023 when compared to the same period in 2022.
