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If a company offers a one for five bonus issue and the current share price cum-bonus is $7.5, the theoretical value of each share ex-bonus

If a company offers a one for five bonus issue and the current share price cum-bonus is $7.5, the theoretical value of each share ex-bonus is 6.25. How to get this number? And a similar question. In a one for nine bonus issue,if the cum-bonus price was $10, then the theoretical ex-bonus price would be $9. Why it is wrong?

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