BRIERLEY Investments ' offshoot, Australian Consolidated Investments Ltd, has surprised the market with a $242.8 million rights issue at the same time as unveiling a huge slump in annual earnings.

The investment group said the Vox Retail Group and lower royalty payments from Bass Strait slashed its year net profit to $9.77 million in the year to June 30, from $85.42 million previously. No dividend was declared.