SCHEDULE: Dole plc: Balkan Investment Consolidates Stake

Balkan Investment Unlimited Company and its subsidiary Scott Limited have consolidated their beneficial ownership in Dole plc through internal corporate restructuring, now holding 7.67% of outstanding shares.

Summary

• Balkan Investment Unlimited Company and its wholly-owned subsidiary, Scott Limited, have filed an Amendment No. 1 to Schedule 13D regarding their ownership in Dole plc.
• The amendment reflects internal intra-corporate group sales and purchases of Dole plc's Ordinary Shares, aiming to streamline holdings and centralize legal ownership at Scott Limited.
• On December 18, 2025, subsidiaries of Balkan sold 4,755,505 Ordinary Shares to Balkan, and Balkan subsequently sold 2,231,370 Ordinary Shares (legal and beneficial interest) and 4,755,505 Ordinary Shares (beneficial interest) to Scott Limited.
• Following these transactions, Scott Limited beneficially owns 7,299,375 Ordinary Shares of Dole plc, representing 7.67% of the 95,162,657 Ordinary Shares outstanding as of August 27, 2025.
• Balkan Investment Unlimited Company is deemed to beneficially own the same shares as it is the sole shareholder of Scott Limited.
• The transactions were internal and did not involve open market purchases or sales.
• A Joint Filing Agreement was executed on December 23, 2025, between Balkan and Scott for joint Schedule 13D filings.

Sentiment

Score: 5

Explanation: The filing is neutral, detailing an administrative internal corporate restructuring of shareholdings without indicating any significant positive or negative operational or financial news for Dole plc.

Positives

• Consolidation of ownership within the corporate group simplifies the holding structure.
• The continued significant stake (7.67%) by Balkan Investment Unlimited Company and its subsidiary indicates ongoing investment interest in Dole plc.

Future Outlook

The Reporting Persons intend to continuously review their investment in Dole plc and may acquire additional Ordinary Shares or dispose of existing holdings in the future. Any such actions will depend on factors including share price, the Issuer's business prospects, other investment opportunities, market conditions, and tax considerations.

Management Comments

• "The transactions described in Item 3 were undertaken to streamline intra-corporate group holdings of the Issuer's Ordinary Shares and to centralize legal ownership at Scott."
• "All of the Ordinary Shares reported herein were acquired for investment purposes."

Industry Context

This filing primarily concerns an internal corporate restructuring of shareholdings by a significant investor in Dole plc. It does not provide direct insights into broader industry trends for the agricultural or food sectors, but it confirms continued strategic investment interest in Dole plc by a major shareholder group.

Comparison to Industry Standards

• NA. This filing details an internal ownership restructuring by a specific investment group and does not present financial or operational results that can be directly compared to industry benchmarks or competitors.

Corporate Governance

Legal Proceedings

• The Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• The Reporting Persons have not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws during the last five years.

Related Party Transactions

• On December 18, 2025, Balkan's subsidiaries (Armateur Limited, Jawley Limited, Arnsberg Investment ULC, Chekgate Limited, Firstmore Limited, Staincross Limited) sold 4,755,505 Ordinary Shares to Balkan in consideration for an intercompany loan.
• On December 18, 2025, Balkan sold 2,231,370 Ordinary Shares (legal and beneficial interest) and 4,755,505 Ordinary Shares (beneficial interest) to Scott Limited (Balkan's indirectly wholly-owned subsidiary) in consideration for the issuance of loan note securities to Balkan.
• These transactions were internal sales and purchases among affiliates of the Reporting Persons.

Stakeholder Impact

• Shareholders: The filing clarifies the consolidated beneficial ownership structure of a significant shareholder group (7.67%), providing transparency regarding a major investor's holdings. It does not indicate a change in the overall beneficial ownership percentage of the group, but rather an internal reallocation.
• Management/Board: Carl McCann, a director of the Reporting Persons, is also a director of Dole plc, indicating alignment or representation of this significant shareholder group on the Issuer's board.

Next Steps

• Reporting Persons will continue to review their investment in Dole plc.
• Reporting Persons may acquire or dispose of additional Ordinary Shares or other securities of the Issuer in the future.

Key Dates

Keywords

Dole plc, Balkan Investment Unlimited Company, Scott Limited, Schedule 13D, beneficial ownership, shareholding, corporate restructuring, investment company, SEC filing, ordinary shares