City: Double tap

WHETHER Glaxo's blockbuster rights is launched or not, there are already enough rights issues in the pipeline to keep the market fully occupied. The latest craze seems to be for the 'double tap' - thecompany with the cheek to raid its shareholders not once, but twice for new money. Last week we had two examples, Asda and Burton Group. Both raised money in distress rights issues less than two years ago and now they are back for more. Within the next fortnight there will be another, Trafalgar House.

Trafs desperately needs to refinance itself after the disasters of the past year, though you wouldn't believe it to watch its share price rise. Phillips & Drew, the company's own stockbroker, has been talking the shares up and up. Those who took its advice could be in for a nasty shock.