Rights issue was huge success
The rights issue for Consolidated Infrastructure was a huge success with applications more than twice the number of shares being issued. I suggested shareholders follow their rights and the demand tells us that at these lower price levels (the rights issue was priced at 1 930c), shareholders are keen buyers. The share has lost about a third of its value over the last year and a single-digit price-to-earnings ratio (P/E) makes it very cheap. The new acquisition, to be funded by the cash raised from the rights issue, coupled with existing businesses, makes for a compelling investment at current levels.