Harvest Technology plc launches initial public offering of 40% of issued share capital

Harvest Technology plc, the technology group comprising IT solutions provider PTL Ltd, payment gateway specialist APCO Systems Ltd, and automation and security company APCO Ltd, is launching an initial public offering representing 40 percent of its issued share capital. The shares will be listed on the Malta Stock Exchange.

­­This Equity Issue, the net proceeds of which are expected to amount to €13.2 million, is aimed at fulfilling the aims of Harvest Technology’s parent company 1923 Investments plc as it pursues further growth through acquisitions. This is in line with the scope of 1923 Investments to act as an investment vehicle by embarking upon purchase and sale transaction opportunities.

Harvest Technology’s portfolio of successful businesses delivers impactful, intuitive solutions to customers operating in sectors like banking, aviation, pharmaceuticals, state agencies in Malta and internationally, online gaming, retail, and others. Harvest Technology’s team is composed of 120 industry specialists.

Harvest Technology plc is offering for sale 9.11 million shares at €1.50 per share. The board of directors’ objective is to distribute an annual final dividend to shareholders, amounting to an estimated 4 percent net dividend yield, meaning that cash dividends are intended to be paid out to shareholders relative to the company’s market value at specific points in time. Information and documentation, including the prospectus, are available online.

Application forms will be available from Tuesday 26th November. The closing date is the 12th December 2019.