Im needed it in 20 min plz

Brum plc is planning to raise some additional equity capital to fund a reduction in its level of debt. Over the last two years the company has recorded losses and these losses have been funded by short term borrowing. A rights issue will allow the company to repay its debts and remove the various restrictions on its policies imposed by its bank. The current share price is 1.60 and the company has 900 million shares outstanding. It is intended to raise 480 million. The subscription price for the rights issue will be set at a discount of 25 per cent to the current market price for the share. a) Set out the terms for the proposed issue, calculate the theoretical ex-rights price and determine the expected value of a right. (10 1/3 marks) b) Demonstrate that in principle an investor owning 180 shares will be equally well off from exercising the rights and selling the rights. (10 marks) c) "Even though rights issues were initially introduced to protect the interests of shareholders the typical market reaction to the announcement of a rights issue is negative. Explain and discuss. (8 marks)