Melo Hili moves his shares in tech company

Businessman Melo Hili has moved his controlling stake in Malta Stock Exchange-listed Harvest Technology into a fund structure, according to a company announcement.

The transaction transferred 14,687,188 ordinary shares from 1923 Investments Limited to Slingshot Global SICAV plc, acting on behalf of its sub-fund, Slingshot Global Fund.

The transferred shares represent approximately 64.47% of Harvest’s issued share capital. Following the transaction, 1923 Investments reported that it no longer held any voting rights in the technology company.

The accompanying disclosures identify Carmelo Hili, known as Melo Hili, as the ultimate controlling person behind the receiving structure. The transfer therefore changes the vehicle through which the controlling stake is held, while leaving ultimate control with Hili.

No explanation has been given for this move.

Slingshot’s notification records a total holding of 14,998,467 shares, equivalent to 65.84% of Harvest’s voting rights. This exceeds the transferred block by 311,279 shares.

The announcement does not explain that difference. Separate transaction disclosures on Harvest’s website show that Slingshot had already purchased Harvest shares on the stock exchange before the transfer.

The new ownership chain runs from Hili through Slingshot Capital Limited to Slingshot Global SICAV, which holds the Harvest stake for its sub-fund.

No transaction price or consideration was disclosed. The €0.50 figure quoted in the announcement is the nominal value of each share, rather than the price paid.

The announcement gives no commercial explanation for the restructuring and discloses no accompanying change to Harvest’s operations, dividend policy or stock exchange listing.

It concerns a transfer of existing shares, with no new share issue or capital injection into Harvest announced.

For minority shareholders, the immediate effect is a change in the direct majority shareholder.

The filing does not announce an offer to acquire their shares or set out any further plans for the listed company following completion of the ownership transfer.