CDW rights issue approved

CDW International, a textile dyeing firm, has gained shareholder approval for a proposed $200.3 million rights issue and a 10-for-one share consolidation.

The issue will be on the basis of five for 10 unconsolidated shares, representing one consolidated share. The rights issue would be at $1.17 a share, a discount of 5.6 per cent to the current share price, if the consolidation had occurred already.