I need the answer as soon as possible

The directors of Denetter plc wish to make an equity issue to finance an 8 million expan- sion scheme, which has an expected net present value of 1.1 million, and to re-finance an existing 5 million 15 per cent term loan that is due to mature in five years' time. There is a 350,000 penalty charge for early redemption of this loan. Denetter has obtained approval from its shareholders to suspend their preemptive rights and for the entity to make a 15 million placement of shares which will be at the price of 185 pence per share. Issue costs are estimated to be 4 per cent of gross proceeds. Any surplus funds from the issue will be invested in commercial paper, which is currently yielding 9 per cent per year. Denetter's current capital structure is summarised below: ,000 Ordinary shares (25 pence per share) 8,000 Share premium 11,200 Revenue reserves 23,100 42,300 15% term loan 5,000 11% debenture 1998-2001 9,000 56,300 The entity's current share price is 190 pence, and debenture price 102. Denetter can raise debenture or medium-term bank finance at 10 per cent per year. The stock market may be assumed to be semi-strong form efficient and no information about the proposed uses of funds from the issue has been made available to the public. Taxation may be ignored. Requirements (a) Discuss the factors that Denetter's directors should have considered before deciding which form of financing to use. (5 marks) (b) Explain what is meant by pre-emptive rights, and discuss their advantages and disadvantages. (6 marks) (c) Estimate Denetter's expected share price once full details of the placement, and the uses to which the finance is to be put, are announced. (11 marks) (d) Suggest reasons why the share price might not move to the price that you estimated in (c) above. (3 marks) (Total marks = 25)