Dill owns 5 per cent of the outstanding shares in Pickle Ltd, which has just announced a 1 for 5

rights issue with a subscription price of $1.90. The current cum rights price for Pickle shares is

$2.20. If the number of outstanding shares in Pickle Ltd is 5000, what is the theoretical value of the

right to one new share?

Why can I not solve this question with the "subscription rights formula"? I calculated that the value of 1 subscription right is 0.05, however the correct solution to this question is 0.25. What did I do wrong? What exactly is the difference between a subscription right and a right to one new share? TIA