< Mackintosh has 10 million shares outstanding and its shares currently sells for 10 per share. Mackintosh has announced a right issue to raise 30 million. The subscription price is set at 7.5 per share. < (a) Calculate the ex-rights price and the value of a right? (b) Calculate the portfolio value of a shareholder with 500 shares after the right offer, if; < (i) The shareholder sells its right in the market < (ii) The shareholder lets its rights to expire. (c) Comment on the values you have calculated in part (b).