All i know is that the rights issue must be tanking right now...

All i know is that the rights issue must be tanking right now given the very recent drop back to 65 cents. While i am a holder i dont look on the rights issue favourably. Why seel equity input at this price? Smells like desperation to me.

I hope I am wrong.

On the postive the stock is trading way, WAY below book value and the last results were not that bad. Perhaps the market is pricing in a housing downturn but the reality is even in a downturn, NSW will still need to build accomodation. Rental market is exploding so plenty of tenants to fill newly constructed homes.