Amcor Inc is currently trading at $5 per share with 2.2 billion shares on issue. It announces a 2 for 6 renounceable rights issue with a subscription price of $3 per share. Mike owns 0.8% of Amcor and decides to sell the rights and keep the sales proceeds. What is the change to Mikes wealth and voting power in comparison to the scenario where Mike exercises the rights? (Assume all rights are exercised and ignore other pricing factors; round to the nearest 2 digits)

Group of answer choices

Mikes wealth will be reduced by $3.52 million, whereas his voting power will remain the same.

None of the other statements is correct.

More than one of the other statements is correct.

Both Mikes wealth and voting power will remain the same.

Mikes wealth will remain the same, whereas his voting power will decrease.