After reporting great results which we covered last issue, this Brisbane-based travel group announced the acquisition of UK corporate travel company Britannic for $122m. Due to management's distaste for debt, it's raising funds through a 1-for-20 rights issue at $18. This gives current shareholders the opportunity to add to their holding free of brokerage. While we love this company and its management, it is still quite expensive. And with other great companies being sold at bargain basement prices, we can't justify an upgrade from HOLD FOR THE UPSIDE.