what does nil take up mean?, page-4

Announcing the rights issue only to have the share price drop is unusual - usually someone has an interest in keeping the share price up to get the issue away.

Maybe in this rights issue there is no benefit in increasing the number of shares on issue? So a rights issue just to be able to say that, yes, existing shareholders were permitted to partake of this opportunity, which in retrospect, they should have.

What will the (proposed/illstarred) joining of Westinghouse Solar and CBD look like in terms of issued shares and who holds them?

And does CBD management actually know how to run a solar business in the USA where the model (leased solar on residences and commercial, all under local permitting) is so different to Australia (house owner owned, centralized standardized permitting)? Presumably Westinghouse has been looking to its knitting and kept improving its asset - the mounting system. Without continually reducing racking system cost Westinghouse would be on a short slide to nowhere.