Accesso raises £33m to strength balance sheet amid Covid disruption

AIM-listed technology solutions provider Accesso Technology said on Friday that it has raised £32.9m in a placing and subscription to strengthen its balance sheet amid disruption from the Covid-19 pandemic.

Accesso raised £32.3m through the placing of just over 11.1m new ordinary shares and £0.6m through a subscription for a further 212,414 new ordinary shares, both at 290p a share. This is a 13% discount to the closing share price.

The company also has an active open offer to raise £6.2m.

"The directors consider it important that the company's existing shareholders have the opportunity to participate in the fundraising at the issue price and have concluded that the open offer is the most suitable option available to the company and its shareholders," it said.

In a statement announcing the placing a day earlier, Accesso warned that while it had sufficient liquidity to support the business until the autumn of 2020, it would likely breach its debt covenants at its June 2020 and/or September 2020 test dates without a placing.

It said the placing was "essential" to strengthen its financial position "through this period of dislocation".

"On the company's conservative base case assumptions, this additional liquidity will leave the group well placed to navigate the current crisis and capitalise on future growth opportunities, and will also protect the business in the event that its downside scenario materialises."

Accesso also said on Thursday that it had reached agreement with Lloyds regarding an additional facility of £8m under the Coronavirus Large Business Interruption Loan Scheme.