Buildmax

This is a stock that I have been talking about for a while but have pretty much sat with egg on my face since making the call.'

Since June the share price has carried on sliding dropping from 50c to as low as 21c. Considering that in September 2007 and the private equity boys at Brait bought in at about 120c this has been a bit of a disappointment.

Anyways a new SENS announcement went out after the close of trade and this one catches my eye:

Buildmax is making a rights offer of 2.31 (two point three one) rights offer shares for every one Buildmax share held at a price of 12.5c per share. Brait and Coronation - two of the better value finders out there - have made an offer to underwrite the deal.

I guess for those who have a longer term investment horizon, this might not be the worst one to sit on....