BioSynth Limited is looking to expand but needs a significant amount of cash to do so. BioSynth management are contemplating a renounceable rights issue. There are currently 4 million shares outstanding with a market value of $25 each. BioSynth Limited needs to raise $15 million and wants you to design a rights issue that will allow the new share price to be no lower than $20 after the rights issue is completed and for there to be no more than 5 million shares outstanding after the issue. Calculate: 1,how many existing shares must be held to obtain the right to one new share 2,the theoretical ex-rights price of the each new share 3,The value of each right