ARIGHTS issue queue as long as your arm is building up, keen to exploit a buoyant stock market as the economy pulls out of recession. Who's going to be first through the gate? If the rumours are true, it will be Trafalgar House, now with new management and a supportive 15 per cent shareholder in Hongkong Land. Trafalgar is perilously close to breaking its banking covenants after a disastrous year. Its choice is to sell assets or raise fresh equity.