Australia and New Zealand’s leading adventure tourism and leisure company, Skydive the Beach Group (ASX: SKB), has lately come under some pressure owing to the fatal incident at its Mission Beach operation, and the shares of the company slumped about 7.7% on October 16, 2017. The group has been particularly impacted by a triple fatality at its Mission Beach operation on Friday.

SKB confirmed the death of three people following a skydiving accident near the company’s Mission beach dropzone. Among the dead were two skydiving instructors and a very well-respected Mission Beach resident. The Australian Parachute Federation is now conducting an extensive investigation into the cause of the accident and the company is fully assisting it and the authorities. 

As of now, the operations at the Mission beach dropzone have been ceased and are said to recommence shortly post the completion of the investigation. The group has also relocated the existing bookings to its Cairns drozpone.

Basis the recent bump, Perpetual Ltd reduced its substantial holding in the group from 6.84% of voting power to 5.73%.

A few days prior to this incident, SKB had announced for a $20 million takeover of Cairns-based Great Barrier Reef Helicopters and the deal is said to be completed by early November 2017. As a result of the expected boost from the acquisition, SKB had amended its FY18 revenue forecast to $124 million - $129 million. The group already owned Skydive Cairns and Skydive Mission Beach, and had lately completed the acquisition of Raging Thunder Adventures and Reef Magic Cruises.

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