C. An investor purchased two KShs 0.50 par ordinary shares at a market price of Kshs 4 each in Pumwani Ltd on 1 January 2021. On 2 January 2021 Pumwani Ltd offered a 1:2 rights issue (i.e. one new share for every two shares held) at Kshs 3.25 per share. Pumwani reported a net income of KShs 4 million on 31 December 2021. Required: Calculate the theoretical ex-rights price and the capital gain made by the investor for exercising his rights