	adsteam rights issue to raise mln dlrs the adelaide steamship co ltd adsa s adsteam said its one for five rights issue at dlrs a share will raise mln dlrs for general working capital and investment both in australia and overseas the group announced the issue with its first half ings and said in a statement that the rights issue will be followed by a one for four bonus issue adsteam s equity accounted net ings rose to mln dlrs in the half ended december from mln a year earlier and interim dividend to cents from adsteam shares eased to dlrs from an opening and yesterday s close of on the issue announcement the issue will be underwritten by morgan grenfell australia ltd and mccaughan dyson ltd apart from the shares to be taken up by adsteam s associate and largest shareholder department store retailer david jones ltd new shares will not rank for the interim dividend but will rank equally thereafter adsteam said it expects to maintain an annual dividend rate of cents on capital enlarged to about mln shares by both issues from mln adsteam said its diverse industrial interests generally performed well and its results as the ultimate holding company and beneficiary reflected this solid performance david jones owned pct by adsteam ed the largest associates net of mln dlrs in the half against mln a year earlier adsteam s figures show wholly owned and joint venture companies also did well apart from timber building supplies and real estate which returned below budget profits due to the housing downturn adsteam said it sees as a year of reconstruction and consolidation with the capital base boosted by the issue reuter 
