Accesso Technology PLC’s (LON:ACSO) fundraise gives it the firepower to survive the current theme park lockdowns and cash in when they re-open with new social distancing protocols, says Peel Hunt.
The theme park industry has been discussing recently what measures it needs to introduce to allow them safely to re-open once lockdown restricitions ease.
Virtual queuing, advanced online tickets and contactless payments are all possibilities, says the broker, which would shift accesso’s product set from nice-to-have to essential for a theme park’s survival.
Accesso will raise up to £39mln through the share issues and has set up a new £8mln bank facility.
“Last night’s raise gives us more confidence it will get through the crisis,” said Peel Hunt which has an ‘add’ rating and 265p target price on the shares.
The company said it had sufficient liquidity to support its business until the autumn, but the extra funds will allow it to avoid breaching debt covenants at its June 2020 and September 2020 test dates.