Global ltd., a pharmaceutical company, has concluded that additional equity financing will be needed to expand operations and that the needed funds will be best obtained through a rights issue. Global is planning to raise 30 million to finance its operations while the number of outstanding shares is 4 million. The shares of the company are currently selling for 30 per share. a) If the subscription price is set at 20 per share, how many shares must be sold? b) How many rights will it take to buy one share? c) What is the ex-rights price and the value of a right? d) Show how a shareholder with 500 shares before the offering and no desire (or money) to buy additional shares is not harmed by the rights offer.