As a result of a recession Dafen plc has recorded losses over the last three years and has been forced to increase its borrowing. The board of directors has decided that the company cannot increase its debt-equity ratio further and it has been decided to reduce its level of debt. On this basis it has decided to undertake a rights issue to raise 200 million. The companys shares are trading at 4.00 and it is proposed to make the rights issue at a discount of 20 per cent to this price. The company has 250 million shares outstanding. Assume the investor chooses to sell their rights. How many shares in the company does the investor hold after the shares have gone ex-rights?